12/12/2005
Media Contact:
Steve Campbell, [317] 327-3622
Jo Lynn Garing, [317] 327-3690 |
 |
Worldwide rating agency recognizes Indy Works as key to city, county's future health
INDIANAPOLIS - Standard & Poor's (S&P) Ratings Service, the world's foremost provider of independent credit ratings, risk evaluation, investment research, data, and valuations, last week cited Indianapolis Works as a key part of keeping Indianapolis and Marion County on solid financial ground.
On Indianapolis, S&P affirmed the city's "AAA" credit rating based in part on a portion of Indianapolis Works passing into law, as well as other budget adjustments made by the city leading to a balanced 2006 budget.
A "AAA rating" means lower bills for taxpayers on capital projects and improvements and reflects the city's solid economy.
On Marion County, S&P kept Marion County at 'AA' rating, and cited Indianapolis Works - which allowed the Mayor to take control of the county's budget - as a significant consideration in not downgrading its rating.
"A downgrade has been avoided based on the city's Indianapolis Works plan that has allowed the city to take control of the county's budget and implement improved monitoring the county's expenses," the S&P report read in part.
The report also said that Indianapolis Works "should help the city manage the cost pressures that the county has been under, and help to reduce some administrative costs."
The report also found:
• The city's proposed fiscal 2006 budget is 2% lower than the $543 million budget passed in 2005.
• There continues to be ongoing growth in the economy and tax base through both new projects and redevelopment.
• The low cost of doing business and low cost of living combined with average wealth and income levels have contributed to the county's economic base.
• The county's tax base continues to grow, with assessed value reaching more than $39 billion in 2004.
• Building permits increased by 13.8% from 2003 to $1.68 billion in 2004.
"These ratings from S&P show that continuing our quest for government reform is the way to go," Mayor Bart Peterson said. "They also show that we still face serious financial challenges, and that the status quo is no longer acceptable. My administration, from top to bottom, will continue to find innovative and creative ways to save taxpayers dollars and deliver world-class services."
|
