The Federal reviews Aviationcame under public libraries recounts fire last year for lax safety inspection procedures at several airlines.(Reporting by John Crawley; Editing by Cynthia Osterman) U.S.. AUSTIN, Texas–(Business Wire)–Fitch Ratings has assigned an ‘AAA’ rating to Plano, Texas’ (the city) $37.7million general obligation (GO) refunding and improvement bonds, series 2009,and $6.2 million tax notes, series 2009. Fitch also affirms its ‘AAA’ rating onthe city’s outstanding debt, comprising $312.8 million GO bonds, $3.5 millioncombination tax and revenue certificates of obligation, and $26.4 million in taxnotes The Rating Outlook is Stable Scheduled to sell competitively on Jan. 26, 2009, the bonds and notes are directobligations of the city, payable from an ad valorem tax levied on all taxableproperty in the city, subject to a $2.50 per $100 taxable assessed valuation(TAV) limitation. Bond proceeds will finance park, recreational, and publicsafety facilities, street improvements, and refund a portion of the city’soutstanding debt for interest savings, as well as pay issuance costs.
Noteproceeds will finance the acquisition and installation of communicationsequipment for city personnel . The ‘AAA’ rating reflects Plano’s consistently favorable financial performance,historically strong and diversified local and area economies, moderately lowdirect debt levels with very rapid repayment, and high wealth levels storytime cd Storytime Live . Fitchbelieves strong, proactive financial and administrative stewardship has enabledPlano to maintain a sound financial position while meeting the challengesassociated with the transition from a rapidly growing city to a more maturecommunity public library . As Plano approaches residential build-out, city officials will lookto the commercial and retail sectors for additional growth and resulting taxbase expansion area library . While non-residential construction activity remains strong,Fitch believes a prolonged recession would apply additional financial pressureto the city. Conservative budgeting and forecasting practices have been a hallmark of thecity’s financial management, and this approach has led to actual results thattypically outperform budget projections. Audited fiscal 2008 results werecomparable to prior years and reserve levels remained very healthy.
Theunreserved fund balance at year-end was more than $35 million or almost 17% ofexpenditures and transfers out . Reserves comfortably exceeded both the city’sformal fund balance goal (30-day minimum) and internal target (12%-15%) library . Theliquidity position also was favorable, with cash and investments representingmore than two months of operating expenses community library . For fiscal 2009, city officialsproactively closed a preliminary $17 million budget gap that allowed for abalanced budget while meeting its formal fund balance goal storytime library . It is reported thatexpenditures are tracking generally as anticipated in fiscal 2009, althoughadditional cost savings measures are being examined in light of potential budgetgaps for fiscal 2010 and 2011 under conservative growth assumptions.
Growth in sales tax revenues has historically been solid at an average annualincrease of more than 6% over the last five fiscal years; however, like manyother cities in the currently turbulent economy, Plano experienced a slowdown insales tax revenues during fiscal 2008 that led to fairly flat final results fromthe prior year . For fiscal 2009, a 3% decline in sales tax revenues was budgetedfrom the prior year’s level, and while city officials report a small decline inyear-to-date sales tax revenues, they still remain on target for the year’sbudget library live . Fitch views the ongoing retail development in the city as critical tomaintaining growth in this important revenue source storytime activities Storytime Live – ticketmaster Storytime Live tickets – thegarden . Sales tax revenues are thesecond largest general fund revenue source behind property taxes, providingclose to one-third of total operating revenues in fiscal 2008 Storytime Live Storytime Live tickets .
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