The City of West Hollywood’s “exceptional financial profile characterized by very strong reserve levels” was cited by Moody’s Investors Service as a rationale for upgrading the city’s bond issuer rating to Aa1 from Aa2. High issuer ratings allow the city to access some of the lowest interest rates available in the market and these ratings also make the city’s bonds more popular with investors.
“To receive recognition in the form of a rating upgrade from Moody’s is a great way to end the year,” said West Hollywood Mayor John Heilman. “The City of West Hollywood is very proud of our sound fiscal management policies. The city continuously strives to support our businesses and invest in our community. This is a testament to our staff who work hard every day to make sure that West Hollywood continues to be a wonderful place to live, work and play.”
According to Moody’s, the Aa1 issuer rating incorporates such factors as the city’s large tax base, above-average socioeconomic profile, stable and strong financial profile and strong financial management.
The City of West Hollywood has consistently received high marks for sound general and fiscal management policies. The city recovered more quickly from the Great Recession of 2008 than most cities in the nation and receives top ratings from agencies.
During the past several years, the city’s revenues have steadily increased and have now surpassed pre-recession revenue levels. The fiscal year 2017-2018 General Fund budget is approximately $95 million, which includes $2.3 million in capital project expenditures.
For more than two decades, the city has consistently been awarded with a Certificate of Achievement for Excellence in Financial Reporting and an Award of Financial Reporting Achievement by the Government Finance Officers Association (GFOA) for its Comprehensive Annual Financial Report (CAFR), which is a set of detailed financial statements accompanied by a thorough presentation of the city’s financial condition.
