Mayor Ganim and the City of Bridgeport Finance Department Announce Major Financial Ratings Upgrade and Award

September 18, 2024

Bridgeport, CT-The City of Bridgeport is pleased to announce that Standard and Poor's (S&P) national rating agency has just raised the City's financial credit rating to an A+ level. This rating upgrade follows credit rating upgrades by Fitch Investors Service and Moody's in 2023. This is the first time in over thirty years that the City's financial ratings have been raised to A+ by multiple national credit rating agencies.

In addition, the City also recently received a Certificate of Achievement for Financial Reporting from the national Government Finance Officers Association.

The S&P rating report states, this A+ rating "reflects our view of the City's very consistent historical record of maintaining balanced operations and incrementally improving reserves for nearly a decade while navigating economic and state challenges." S & P further states, "management has implemented proactive budget oversight to stay on a planned path to rebuild reserves."

The Fitch rating report states, "The rating incorporates the City's continued improvement to its unrestricted general fund reserve levels and the City's financial resilience."

The GFOA Award states, "This Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management."

Based upon unaudited results as of June 30, 2024, the City is expecting to end the 2024 Fiscal Year with a general fund surplus, with overall Fund Balance "rainy day funds" projected to be about 8.5% of the annual budget as of June 30, 2024. The Fiscal Year 2025 Budget approved with a minimal 1% increase from the previous fiscal year. This adopted budget kept taxes stable, with no change, allowing lower interest rates along with the city refinancing to save City budgets over a million dollars over the next few years.

Mayor Ganim says, "We are so pleased by the City's upgrades in national ratings and the recognition by credit rating agencies of the City's good management work and solid financial results. For nearly a decade, the City has been able to manage a balanced budget while allowing us to hold the line on taxes each year. I want to thank all of our City officials, City Council, and Finance Director Ken Flatto for their efforts to attain these awards and recognitions."

Finance Director Flatto added, "The City thanks all our departmental members for working so hard to achieve solid financial results and also thanks to our State delegation and state leaders for helping the City with enough state aid to help sustain essential service operations for citizens and schools."

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