Sarasota's Finance Department Honored with Prestigious Award

The following is a news release from the city of Sarasota: 

The same week the City of Sarasota learned its General Obligation Bonds and Non-ad Valorem Obligations ratings were affirmed, the Finance Department also was awarded a prestigious professional award.

First, Moody’s affirmed the Aa2 rating on the City’s General Obligation Bonds as well as the Aa3 rating on the City’s Non-ad Valorem Obligations.  Reasons stated by Moody’s for the affirmations include:

• The City’s relatively strong financial position is expected to remain healthy
• Management’s awareness of pension liability and meaningful efforts to address it
• The City’s strong reserve levels has allowed significant financial flexibility
• The City’s “aggressive responses” during the economic downtown (including  workforce reductions and program cuts)

“The affirmation of the City’s bond rating reflects the City’s commitment to fiscal sustainability and the willingness of the Commission to address the tough fiscal issues head on during one of the most challenging economic periods in recent memory,” said Finance Director John Lege.

At the same time, the Government Finance Officers Association of the United States and Canada honored the Finance Department with the Certificate of Achievement for Excellence in Financial Reporting for its 2012 Comprehensive Annual Financial Report. 

“The award is the highest form of recognition within governmental accounting and financial reporting,” said City Manager Tom Barwin.  “This is the 32nd consecutive year the City of Sarasota has been honored with this award, which speaks highly to our legacy of high quality fiscal management and talented dedicated staff.”

Nearly 17,000 government finance professionals are served by the Government Finance Officers Association.

For more information contact Finance Director John Lege:  941-954-4185.