Troy Again Receives “AAA” Bond Rating for its GO Bonds

The City of Troy has received once again an impressive “AAA” bond rating from Standard & Poor’s on its General Obligation (GO) Bonds.

Standard & Poor’s Summary Report notes a stable outlook reflecting the expectation that, given the new tax limitations that will suppress future property tax revenue growth, management will exert strong fiscal controls to protect its financial position.  Troy’s financial performance remains strong and the City’s participation in the diverse Oakland County economy supports the outlook.

Tom Darling, Director of Financial Services referred to Standard & Poor’s Summary Report that detailed positive aspects of Troy’s economy, “Troy has a deep and diverse local employment and tax bases, which contribute to low unemployment rates and a relatively low tax rate, very high wealth and income levels, strong financial operations guided by sound policies and moderate debt burden.

“Our conservative budgeting practices are the main reason for the positive actual result. Even if projected reserves are utilized, the City would still maintain very strong reserves,” Darling added. 

Mayor Slater compliments City Manager Brian Kischnick, Financial Services Director Tom Darling, and the City of Troy employees for their exemplary skill and management of our financial assets of the City of Troy.  “We are proud to receive the Standard & Poor’s AAA designation on our General Obligation Bonds,” Mayor Slater said.