Rockwall City Notes

ROCKWALL (January 13, 2014

City’s financial rating upgraded

The City of Rockwall’s financial outlook is strong and stable according to Standard & Poor’s Ratings Services recent report, leading the financial firm to raise the city’s general obligation debt rate from “AA-” to “AA+.”

Mary Smith, Rockwall’s Assistant City Manager and Finance Director, explained that when the city sells bonds for capital projects, the financial ratings affect its ability to sell debt and the interest rate on the debt.

“A higher rating generally equates to lower interest rates,”  Smith said.

The report from Standard and Poor’s Ratings Services of the city’s general obligation debt showed that Rockwall’s economy is “very strong…” Factors cited for the decision included:

• A projected per capita effective buying income at 156% of the national level;
• The primarily residential property tax base has experienced continued growth over the past several years, with current assessed value of $3.7 billion in fiscal 2013 – a 14% increase over fiscal 2012;
• A “very strong” fund balance that is currently 41% of operating expenditures;
• Strong access to external liquidity;
• Strong management practices.

Winter storm cleanup

Republic Waste, the City ofRockwall’s trash pick-up company, expects the remaining debris from the Dec. 7 winter storm, mostly tree limbs, to be cleared away by the end of this month.

The company reported to council members Jan. 6 that to date 931 tons of debris had been removed, amounting to 233 loads. Normal pick-up of bulk trash is 85 tons or 21 loads, according to the company.

Republic Waste provided the additional service at no cost to the city.

Main Street board reappointment

 Michael Adrian was reappointed to the Main Street Advisory Board by Rockwall council members at their Jan. 6 regular meeting.

The Main Street Advisory Board has awarded several façade and sign grants that allow merchants in historic downtown to improve the exterior of their buildings.

For more information on the Main Street Program, call Bethany Golden at 972-772-6400 or visit the Main Streetwebsite at mainstreet.rockwall.com.

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  city of rockwall, main street board, Rockwall, winter storm cleanup