A couple quick notes about tonight's Council meeting. I informed the Council that we have been successful in improving our City's credit rating. We have gone from a Baa to an A+ rating. This is a momentous achievement for Isanti. One of the reasons for this stated by Standard & Poor's is our "very strong financial operations, as evidenced by a high general fund balance reserve and positive operating results." It was also explained tonight that our low tax rate, strong fiscal discipline and excellent economic development all played a major role in our improved credit rating.
One more independent indication that we have been doing the right thing the last two years. I have worked so hard to improve the financial conditions of this City and tonight the Council, Citizens and Taxpayers were able to see some of the fruits of our labor. This was important as we sold the bonds to pay for the recent street improvement project today. We saved $27,000 just in interest expense from this one project.
I also informed the Council that the Finance Committee will be meeting to develop a plan of action in case the state cuts part or all of our $514,121 in LGA or tax revenues fall due to unpaid property taxes. The State cut funds several years ago to balance the their budget. I have discussed the upcoming state deficit and what it could mean for Isanti Taxpayers if it balances its budget on the backs of local government. We are in a good position to weather this financial storm due to our strong fiscal discipline in cutting cost and building healthy reserves.
About Me
- George
- I have served the City of Isanti as Mayor since 2007. We have accomplished great things together and I look forward to building on our success. United, we move forward to a better future. You may contact me at 763-442-8749 or e-mail me at george@georgewimmer.com.
4 comments:
Great job George! I dread what would happen to Isanti if you had lost the election. Thank you for all you do for us.
Will the city be hurt by the state deficit?
You are on the right track, but more certainly needs to be done. Before the ink was dry on the state's forcasted shortfall for the biennium, it got worse. Delinquent property taxes were bad this fall, they will be much worse in May. The City has some really good employees but I'm afraid you and the council will need to take a hard look at what the essential positions are and cut down even further. The comment "Will the city be hurt by the state deficit" can be answered by a very resounding YES. We are headed into a very, very financially painful year for families, businesses, schools, government... everyone.
There will be tough decisions to make but we have been working through the ravages of foreclosures and failed developers for 2 years.
We have eliminated 3 positions in the last year and half and cut other expenses along with improved the return on our investments and lowered our bond expense by an improved credit rating.
We have healthy cash reserves but will continue to make City government leaner. I have no fear of the issues we face for they are challenges to be conquered.
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