Standard and Poor’s (S&P) and Moody’s investor services have reaffirmed the City of Falls Church’s high bond rating marks of AA and AA1, respectively, the City announced today. The S&P report declares the City’s financial management policies to be “strong under its Financial Management Assessment methodology, indicating practices are strong, well-embedded and likely sustainable.”
Falls Church Mayor Nader Baroukh stated the “positive affirmation…reflects the City’s careful financial planning and solid financial management practices, especially during the recent economic downturn, crediting “the City Council’s decision to dedicate revenues for fund balance restoration” in the last two annual budget cycles. “This indicates the City is in a good position to move forward as the economy continues to recover,” he said. According to Council members Ira Kaylin and Johannah Barry, members of the Council’s Finance and Budget Committee members, the “rating affirmation…reflects our citizens’ willingness and ability to support the City. Though difficult to measure, citizen support is one of the most important factors in determining our rating.”
The AA and AA1 ratings (in the available range between AAA and C) are considered especially high given the small size of the jurisdiction.