The ‘AAA’ ratings reflect the metro government’s low long-term liabilities, strong revenue and expenditure frameworks, and Fitch Ratings’ expectation that the metro government will maintain a high level of financial flexibility throughout economic cycles.
More than half of the budget’s General Fund dollars are allocated to public safety agencies, including $2 million for outreach and violence prevention programs.
- Strong Budget – The 2018-19 budget continues to build on our strategic investments in public safety, affordable housing and public infrastructure improvements. More than half of the budget’s General Fund dollars are allocated to public safety agencies, including $2 million for outreach and violence prevention programs. The capital spending plan invests $12 million in the Affordable Housing Trust Fund and Louisville CARES, $22 million in street improvements, and funds the completion of the third of three new regional libraries and a new animal shelter. Louisville’s strong economy, partnerships with community organizations such as the Zoo Foundation and Olmsted Parks Conservancy, and other management strengths made this future-focused budget plan possible, despite pressures from a pension funding requirement and increased employer healthcare costs.
- Sustained Financial Strength – Citing Louisville’s strong economy, sound management, and budgetary flexibility, the nationally recognized credit rating services Fitch Ratings, Inc. and Moody’s Investors Service again granted Louisville Metro positive bond ratings. Fitch assigned and affirmed its highest rating of AAA, and Moody’s affirmed its Aa1 rating. Metro’s rainy day fund was increased by $500,000 in FY18, bringing the funding level to a new historical high of $69.4 million.
- Continued Excellence in Financial Reporting – Metro received its eighth consecutive “Certificate of Achievement for Excellence in Financial Reporting” for its Comprehensive Annual Financial Report from the Government Finance Officers Association of the U.S. and Canada. The association also presented Metro’s fifth consecutive “Distinguished Budget Presentation Award” for the 2017-2018 budget.