Updates on Financial Developments
August 7, 2015
MAYOR MOORE UPDATES ON FINANCIAL DEVELOPLMENTS
Highlights Three Developments Which Improved City Finances
FOR IMMEDIATE RELEASE
QUINCY, IL – Mayor Kyle Moore announced three developments which improved the City of Quincy’s finances
At a press conference at City Hall, Mayor Kyle Moore announced today that the City’s bond rating was upgraded by Standard & Poor’s. The City of Quincy was rated an A+ by S&P, but financial policies proposed by the Mayor and adopted by the City Council in the last two years led to Standard & Poor’s upgrade to an AA- raiting. In the last two years the City Council adopted a 5 Year Capital Plan, a 5 Year Operating Cash Balance Projection and a Fund Reserve Policy. Last month, the City of Quincy refinanced it’s 2005 General Obligaiton Bonds, saving $222,000. According to Bernardi Securities, the upgrade in the city’s bond rating saved $22,000, close to 10% of the proceeds.
The Mayor then gave a 6 month update on the City of Quincy’s Health Clinic. In January, the City of Quincy partnered with Quincy Medical Group to open a health clinic for city employees. In the first 6 months of operation, the Health Clinic saved the City of Quincy $167,000. If savings continue, the City could save $200,000 a year, which would equate to $600,000 in savings over the life of the contract.
The Mayor also announced phase 2 of storm cleanup has been completed and contrasted the city’s current financial outlook from when he was sworn in. The current city budget projected close to $4 million in reserves, compared to $1.2 million in the fiscal year 2014 budget.
The Mayor commented, “In a little over two years the City Council and Administration have implemented financial policies which have improved our credit rating by the nation’s leading bond agency, partnered with Quincy Medical Group to open a health clinic for our employees that added to our benefit package and saved money for taxpayers and took a proactive approach to budgeting which put the city in a position to weather one of the worst storms in our city’s history.”