“This rating is a testament to the outstanding work of the City’s financial experts,” Mayor Lionel Rivera said in a statement.
“They and the City Council have made very difficult cuts in the past couple of years,” he said. “Our responsible fiscal actions are acknowledged by this outstanding rating.”
Rivera noted that the city’s reserve fund is now about $29.7 million, or 13.3 percent of the 2011 general fund budget.
“This means the new mayor and Council will be able to begin their work under positive circumstances,” he said.
Terri Velasquez, the city’s financial and administrative services director, said that “key elements” considered by rating agencies include the city’s economic stability, strong unreserved general fund balances, good financial policies and practices, and low debt and lease burdens.