Fitch Ratings has affirmed Aurora's "AAA" bond rating, the highest possible, following a detailed review which employed a stricter methodology in the rating process than in previous years. Aurora’s conservative budgeting and control of expenditures contributed to the high rating and "stable outlook."
Primary Fitch analyst Michael D’Arcy attributed "a high degree of financial resilience to Aurora," with its "historically strong control over expenditures." In addition, Fitch noted as a basis for its rating "cautious budgeting" and "high reserve levels, which provide a buffer against periodic fluctuations in income taxes."
The rating went on to state, "Aurora’s budgetary management during the present economic expansion has been superior, with seven operating surpluses from 2009 through 2015 as steady growth in income tax receipts outstripped expenditure growth."
Mayor Ann Womer Benjamin credited her financial team, led by Finance Director Tim Clymer, for continuing to chart a course of careful spending, secure reserves, and conservative planning which resulted in Fitch affirming Aurora’s AAA rating.
"Tim shares my view that the stability and security of Aurora ultimately depend on a stable financial base, and he has worked hard with me to maintain our strong financial outlook. While we are able to undertake needed infrastructure projects, we keep a keen eye on revenues and the economy," Womer Benjamin said. "Our residents depend on our commitment to strong fiscal management, and we are proud that Fitch has again recognized our efforts despite its heightened scrutiny."
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Ann Womer Benjamin
Mayor of Aurora, Ohio