The City of New Britain recently has received a "A" rating from the Fitch Group Reporting Service.
The "A" rating reflects New Britain's adequate reserve levels that provide the city with a modest amount of financial flexibility. The Fitch Group Report also stated the city's financial operations are stable and reserve levels provide a modest amount of flexibility. Fiscal 2008 ended with a $2.3 million general fund surplus and fiscal 2009 is expected to end with a $500,000 surplus.
The fiscal 2010 budget declined by approximately $2.5 million, or 1.2%, as officials limited spending across all departments to mitigate a challenging revenue-raising environment.
"This is truly good news for the City of New Britain" said Mayor Timothy Stewart. "It proves that the efforts we have made in recent years to control spending and to improve the City's financial situation are showing real results. The Fitch Ratings is one of three nationally recognized rating organizations designated by the U.S. SEC Commission together with Moody's and S&P. |
