Sarasota city finances retain rating

SARASOTA — Moody's has reaffirmed the city of Sarasota's “relatively strong financial position.”

The credit rating agency affirmed the Aa2 rating on the city's general obligation bonds and the Aa3 rating on the city's non-ad valorem obligations, according to a release. In addition to the financial position, Moody's reasons for the ranking include: management's awareness of pension liability and meaningful efforts to address it; strong reserve levels that allow for significant financial flexibility; and the city's “aggressive responses” during the economic downtown, including workforce reductions and program cuts.

“The affirmation of the city's bond rating reflects the city's commitment to fiscal sustainability and the willingness of the commission to address the tough fiscal issues head on during one of the most challenging economic periods in recent memory,” Finance Director John Lege says in the release.

Sarasota city officials also announced that its finance department received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. The reward was for its 2012 Comprehensive Annual Financial Report.