Melbourne gets clean bill of financial health
The City of Melbourne has secured its 11th consecutive AAA/A-1+ rating from ratings agency Standard & Poor’s, the highest possible level.
In a statement, Standard and Poor’s said that the City of Melbourne displays excellent financial management and has a strong balance sheet, a predictable and supportive institutional framework, and strong budgetary flexibility and performance.
“The ratings affirmation reflects our opinion of the council’s strong management team and very strong financial position which provides it with flexibility to withstand adverse economic conditions.
“The Standard & Poor’s rating is an independent measure that affirms the City of Melbourne’s strong financial position and underlines Council’s economic responsibility,” Melbourne’s Lord Mayor Robert Doyle said.
“It is this economic management that allowed council to propose a record $481 million draft 2012/13 budget that will deliver vital infrastructure and services for a growing population.”