JAMESTOWN – The city of Jamestown continues to operate on sound financial footing.
That’s according to a recent bond rating from Standards and Poor. Jamestown mayor Sam Teresi says the city will continue to operate with a grade A- classification from the S&P Rating Services, which also said the city had a stable outlook. The A- designation was initially given to the city in October 2013 after it operated at various B classification levels since 1982.
During Monday night’s city council work session, Teresi said the rating is significant because it indicates the financial strength and stability of the city in the eyes of investors. He said it also directly impacts the ability of the city to borrow funding and also pay it back at a reasonable interest rate.
Teresi acknowledged several individuals who’ve the city maintain the rating, including past and present council members and department heads – including city comptroller Joe Bellitto, director of finances Jim Olson and director of development Vince DeJoy.
The Grad A designation is the third highest rating that can be designated from S&P. A ration of Aaa is the highest rating, which the city held between July 1950 and September 1970.
Jamestown Mayor Sam Teresi
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