Finance awards and recognition
In the spotlight for outstanding work and reporting
Bloomington's Finance Department has received a great deal of recognition for its fiscal
responsibility and for the high quality of its fiscal communications, which are
consistently ranked among the best in the nation.
In the news:
City maintains top bond ratings for October 17, 2011 bond sales
The City of Bloomington was again assigned top ratings for their October 2011 bond sales by all three rating services, ranking with an elite few cities nationwide that hold three triple-A bond ratings. The City maintains its Aaa from Moody's, AAA from Standard & Poor's and AAA from Fitch Ratings, the highest bond ratings awarded by those agencies.
Bloomington's triple-A ratings
Bloomington is one of only 31 cities out of more than 19,000 municipal governments in the U.S. that have achieved triple-A ratings from all three agencies. Our city is currently one of two cities in Minnesota to hold all three highest ratings. That puts us in a pretty unique class.
According to the agencies, Bloomington's triple-A status reflects the City's:
- Conservative fiscal management.
- Diverse economic base rooted in substantial hospitality, manufacturing, service and trade
industries.
- Central location in the growing Twin Cities area.
- Low unemployment rates that fall below state and national averages.
- Continued success of the Mall of America tax increment district.
- Significant flexibility in maintaining its strong financial position.
- Manageable debt burden.
The City's excellent bond ratings communicates to businesses and individuals that Bloomington
is a healthy community. It signals current and potential investors that our financial future is
strong and ensures Bloomington's interest costs will remain as low as possible.
A senior fixed-income researcher from Nuveen Investment recently commented in the July 8, 2011 edition of Finance & Commerce on the value of a Triple AAA rated community that reflects Bloomington's approach to strategic decision making. He said, "AAA ratings are reserved for organizations that do just about everything right, just about all the time. Gimmicks and one-time fixes aren't indicative of true AAA issuers."
The achievement of three triple-A bond ratings doesn't happen overnight. The hard work of the
current City Council and staff, as well as previous Councils and staff going back several
decades, has paid off. The benefit of our strong financial position will be a great savings to
everyone.
Government Finance Officers Association of the United States and Canada (GFOA) Awards
City receives Budget Presentation Award for 15th year
On July 27, 2011, the Government Finance Officers Association of the United States and Canada (GFOA) announced that the City of Bloomington had received its Distinguished Budget Presentation Award for its 2011 budget.
The award represents a significant achievement, reflecting the Finance Department's commitment to meeting the highest principles of governmental budgeting.
This is the 15th year the City has received the Distinguished Budget Presentation Award.
Financial reporting honors
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GFOA Distinguished Budget Presentation Award
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GFOA Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report
(CAFR)
- 2009
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2008
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2007
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2006
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2005
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2004
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2003
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2002
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2001
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2000
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1999
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1998
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1997
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1996
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1995
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1992
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1991
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1990
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1989
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1988
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1985
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1984
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1983
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1982
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1981
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GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR)
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For more information contact:
Lori Economy-Scholler, Chief Financial Officer
1800 W. Old Shakopee Road, Bloomington, MN 55431-3027
PH: 952-563-8790; FAX: 952-563-8789
E-mail: finance@ci.bloomington.mn.us
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