Coral Gables is now one of only three cities in Florida − and the only one in Miami-Dade County − with three 'AAA' bond ratings. Fitch Ratings has joined Standard & Poor's and Moody's in assigning our City with a 'AAA' bond rating.
The announcement was made by Mayor Jim Cason at yesterday's City Commission meeting. Conservative fiscal management, responsible debt policy, and a strong but diverse economic base are some of the key factors that contributed to the very positive ratings.
According to Fitch Ratings, Coral Gables' 'AAA' "reflects the strength of its financial reserves, broad budgetary flexibility and prudent management that support an expectation for stable financial performance through economic cycles. Coral Gables' economic resource base is robust and underpins its credit strengths, particularly the affordability of longterm liabilities and favorable revenue growth prospects."
The city has a fiscal 2017 general fund budget totaling $147 million, the principal funding source for which is ad valorem property taxes estimated at $76 million or 52%. Fiscal 2017 budgeted property tax revenues are a 22% increase from fiscal 2013 actual collections on the strength of an improved tax base as the city has lowered its millage rate by about 2% over this period.