Debt

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City Makes Progress on Reducing Debt

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The City’s goal is to be a financially sound city that maintains a fiscally responsible level of debt. The City is working very hard toward its strategic goal to be a high-performing organization by reducing its debt balance. City Council is united in paying down the debt, and the City has made significant progress. 

The City’s total debt has decreased about $257 million from its peak – about 24.7 percent - since 2010. The City’s long-term debt has been reduced as a result of principal payments and refinancing, when appropriate; from a high of more than $1.042 billion debt in FY 2009-10 to a projected $756 million for FY 2018-19 based upon budgeted principal payments. This will represent nearly a 27.5 percent reduction in debt over the ten-year planning horizon.

Long-term Debt Trends

Fiscal Years Governmental Activities Business-Type Activities Totals
2020P $365,500,000 $359,245,000 $724,745,000
2019B $383,980,000 $372,110,000 $756,080,000
2018 $401,605,000 $384,380,000 $785,985,000
2017 $389,849,000 $430,461,000 $820,310,000
2016 $415,492,000 $444,485,000 $859,977,000
2015 $447,507,000 $459,325,000

$906,832,000

2014 $472,507,000 $473,516,000 $946,023,000
2013 $470,314,000 $487,460,000 $957,774,000
2012 $498,250,000 $482,982,000 $981,232,000
2011 $525,810,000 $489,246,000 $1,015,056,000
2010 $549,570,000 $492,746,000 $1,042,316,000

2019 Bond Ratings

Bond Fitch Moody's Standard & Poor's
General Obligation No rating Aa3 AA- 
Utility (Water & Sewer) A+ No rating AA-
Special Assessment No rating No rating AA-
Sales Tax No rating
No rating A+
Public Service Tax No rating
No rating AA-
star halfBond Rating Scale