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Fiscal Responsibility - Russ Stephenson for Raleigh

Prudent Stewardship

The Raleigh City Council has adopted fiscally conservative policies and budgets that have allowed the city to continuously maintain a AAA bond rating since 1973, demonstrating the Council’s commitment to maintaining the highest standards of fiscal conservatism and credit-worthiness. Raleigh refinanced its public utility debt this year, saving rate payers $8 million.

Resilience

Moody’s Investors Service ranked Raleigh as 1 of 34 ‘Successful US Cities’ that weathered the Great Recession by demonstrating “inherent economic strength and effective financial management.”

Making Growth Pay for Growth

Most of the City’s debt is associated with capital improvements to enterprise fund services such as water and sewer utilities and solid waste services. It is important that enterprise fund debt is repaid from business related charges and not from general revenues such as property taxes. 

Foresight

In addition to maintaining a conservative debt ratio, Council maintains a conservative reserve ‘savings’ account of at least 14% of each year’s revenues.

Learn more about fiscal responsibility in the 2016 Citizen’s Annual Financial Report.