The nationally recognized credit rating agency Fitch notified the City of Yorkville recently that their bond rating was upgraded.
The city saw an improved rating moving from A-plus to AA-minus.
Finance Director Rob Fredrickson said the improved credit rating affirms the city’s effort to demonstrate financial soundness in local municipal governing.
“We go out for bonding, we should expect to get a better rate of interest,” he said.
Fredrickson said that’s good news for the city should they feel a need to go after funds for various capital projects. This new rating means that the city could save money, he said.
Fredrickson said the city’s recent upgrade in bond rating can be attributed to one of a number of different factors. The credit rating agency aims to look at the big picture, not just one or two facets of a city’s governing, he said.
“They judge us obviously on financials of the city—the financial results, the management, just kind of the business climate of the city and in general, different parameters like that,” Fredrickson said.
Fredrickson said taxpayers should rest assured they are in good hands, and that their best interests are kept in mind.
“It’s also a compliment that the city is strong and financially stable,” he said.
Mayor Gary Golinski said from a financial standpoint, he likes what he’s seeing and hopes the city can continue this trend in moving forward.
“(It’s the) highest bond rating the city’s ever had,” he said. We’re doing something right, gentleman and ladies. Let’s keep this up.”