In issuing the credit rating, Standard and Poor’s stated that Rocklin’ financial position has been and remains strong. They further pointed out that they predict a stable outlook for Rocklin. The information released by Standard and Poor’s indicates that the City of Rocklin does not have general obligation debt outstanding. While Rocklin is not a frequent user of general obligation debt, a high credit rating provides a safety net for instances when the City may have to borrow funds due to unforeseen emergencies or short term cash flow issues.
Mayor Peter Hill reacted to the credit upgrade by stating: “this credit rating upgrade is a direct result of our conservative fiscal management practices over time and credit should be given to our City Treasurer and Finance Officer, Kim Sarkovich, and her staff for their diligence in pursuing the credit rating upgrade and their careful handling of our financial resources.”
AA credit ratings for cities of similar size to Rocklin are unusual. City Manager, Carlos Urrutia, stated that he was particularly pleased that even in the middle of the worst economic crisis effecting cities in recent memory, the City of Rocklin has managed to remain in a financially sound position. He further stated that while the City was facing significant reductions in revenues, careful fiscal management and thriftiness in the past are helping the City weather the financial storm. The City Manager added that he expects to continue to see a drop in revenues at least for the rest of 2009 and into 2010 and that Rocklin is prepared to deal with the shortfall.
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