The Council received exciting news last week that one of the major credit rating agencies feels our city’s financial position is stronger than ever and has increased our bond rating another level — a move that will save District taxpayers millions of dollars over the next decade.
Fitch’s Ratings, one of the firms I meet with every year as Chairman of the Council’s Committee on Finance and Revenue, raised its rating of our bonds from AA- to AA. What this means is that when we issue General Obligation bonds to fund infrastructure projects or school modernizations, it will cost the District less money. Because of the work we have done over the last 15 years to bring the city out of the Control Board era, Fitch, in line with the other major ratings agencies, has continued to express confidence in our financial position and the Council’s work.
Since 1999, when I took over the Finance Committee, the city’s bond rating has improved from BB+ to AA, an 8 level increase. Additional reasons Fitch cited for the increase were solid reserve balances, well managed pension and other post-employment (OPEB) obligations, the multi-year expenditure and revenue forecasts, and proactive budget monitoring. I see improving the District’s financial position as one of my chief concerns as your councilmember. Because of this financial stewardship, I can continue to push for better, smarter and more cost-efficient city services to move the District forward.
I would also like to take a moment to congratulate The Georgetowner on its 60th anniversary of providing information, support and a constant sense of community to all of us in and around Georgetown. It’s an honor for me to be a part of its rich history by writing this column every two weeks. Because of The Georgetowner’s trusted reputation in the community and loyal readership, I always feel that this column is one of the best opportunities to share my perspective on what is happening in our community and in the District’s government with my friends, neighbors and constituents.
I am a devoted reader of The Georgetowner and have several articles from over the years hanging in my office. In 1995, the publication did a profile of me, when I was a relatively new councilmember, headlined, “Evans: Coming of Age on the City Council.” That article always reminds me of how much the city has grown in the past 20 years and how important The Georgetowner has been as a thoughtful, informative resource throughout my career on the Council.
I want to wish Sonya Bernhardt, Robert Devaney and the entire team at The Georgetowner congratulations on 60 years of publication. I look forward to continuing to read the newsmagazine for another 60 years!
