Global credit rating agency Standard & Poors has again reaffirmed the City of Melbourne’s AAA credit rating. AAA is the highest rating assigned by Standard & Poors. Melbourne Acting Lord Mayor, Gary Singer, welcomed the endorsement confirming that the city is well managed and a fiscally responsible organisation.
“Melbourne is experiencing extraordinary growth, with more and more people coming to the city to work, live and play,” Councillor Singer said. “Clearly, Council is in a strong financial position to continue to deliver services and projects. As we enjoy the legacies of Commonwealth Games investment like Northbank and an improved Bourke Street Mall, the coming financial year provides for $72 million on new works and projects and $33 million on roads and infrastructure. Community services spending increases to over $17 million, with an extra 11 per cent for family and children’s services.”
Chair of the Council’s Finance Committee, Councillor Brian Shanahan said he also welcomed the AAA rating.
“The City of Melbourne is a Council that engages in sound financial management,” Councillor Shanahan said. “Sound management allows us to have the many important projects expected in a world class capital city such as Melbourne. It provides us with confidence and demonstrates that the City of Melbourne is a well managed and leading corporation.”
