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Councilmember Todd Gloria

Councilmember Todd Gloria released a statement in response to Moody's affirming the City of San Diego's credit ratings. Gloria commented that the affirmed ratings demonstrate the city's sustained financial strength, which resulted from implemented reforms and continued fiscal discipline. As Chair of the Budget Committee, Gloria proposed and approved increasing the city's reserve fund in response to rating agency feedback. Moody's attributed the city's rating to a strong and improving financial position marked by growing reserves and policy targets.

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Councilmember Todd Gloria

Councilmember Todd Gloria released a statement in response to Moody's affirming the City of San Diego's credit ratings. Gloria commented that the affirmed ratings demonstrate the city's sustained financial strength, which resulted from implemented reforms and continued fiscal discipline. As Chair of the Budget Committee, Gloria proposed and approved increasing the city's reserve fund in response to rating agency feedback. Moody's attributed the city's rating to a strong and improving financial position marked by growing reserves and policy targets.

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News from

Councilmember Todd Gloria


District Three
STATEMENT
For immediate release: February 16, 2016

Contact: Adrian Granda 619-847-8338

Councilmember Gloria Comments on Affirmed Bond Rating


SAN DIEGO, CA (February 16, 2016) Councilmember Todd Gloria today released the following
comment in response to Moodys Investors Service affirming the Aa2 issuer rating and A1 lease
revenue bond ratings on the City of San Diego.
The Citys affirmed ratings demonstrate San Diegos sustained financial strength which are a
direct result of implemented reforms and continued fiscal discipline. As Chair of the Budget
and Government Efficiency Committee, I proposed and the Council approved increasing the
Citys General Fund Stability Reserve in response to feedback from rating agencies, said
Councilmember Gloria. I appreciate that Moodys attributes the Citys Aa2 rating to a strong
and improving financial position marked by growing reserves and policy targets and will
continue to support policies to ensure the Citys fiscal health remains strong.
Councilmember Gloria is currently serving in his sixth year as the Chair of San Diegos Budget and
Government Efficiency Committee. Moodys noted "strong fiscal management with closely monitored
budgets" as one of the City's strengths and a reason for reaffirming its credit rating. The report
highlights expected continued strength in the Citys tax base citing the lowest unemployment rate in
nine years, ongoing strength in the local economy, and strong median housing sales prices.
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