The City of Lodi is pleased to report that Fitch Ratings has upgraded its outlook for the City's $21.7 million in outstanding 2002 General Fund debt, while maintaining the AA- rating.
In a press release issued today, Fitch Ratings took note of the City's "prudent financial management" in boosting the outlook for the AA- rating to "stable" from "negative."
"While it has faced significant pressures during the economic downturn, including general fund revenue declines, tax base erosion, and above-average unemployment, the city has successfully improved its general fund financial position and maintained its low debt profile," stated a Fitch Ratings press release on the City of Lodi.
Fitch also noted the opening of Costco, the scheduled spring 2012 opening of Home Depot, benefits to the City from the Lodi Energy Center and the salary and benefit concessions of City employees as factors in the strong rating and improved outlook.
"There are some good things happening in our community, and it's rewarding when others recognize it," City Manager Konradt Bartlam said.
The 2002 General Fund Certificates of Participation (COPs) were issued to provide funds to construct a new police station and refinance COPs previously issued to pay for the Hutchins Street Square renovations and Downtown and Cherokee Lane improvements.