Lynn bond rating receives boost

LYNN – The city is in good financial health, Standard & Poor’s Ratings Services stated this week in announcing its decision to boost Lynn’s bond rating from A to A+.”The ?A+’ ratings reflect our assessment of Lynn’s adequate economy, strong budgetary flexibility, strong budgetary performance, very strong liquidity, adequate management conditions, and strong debt and contingent liabilities position,” Standard & Poor’s stated.City Acting Chief Financial Officer Peter Caron said anyone conducting business with the city or interested in its finances examines bond ratings.”It’s a positive outlook on the city’s financial health and its long-term prognosis,” Caron said.In determining the rating, Standard & Poor’s noted the upgrade “…reflects our view that Lynn will maintain at least strong budgetary flexibility, performance and liquidity,” according to the rating statement.Standard & Poor’s describes itself as “the world’s leading provider” of independent credit risk and financial benchmark information. The bond rating upgrade announcement comes as Caron and city elected officials evaluate other good financial news for the city, including new growth.With more development taking place in the city this year compared to previous years, new growth – tax dollars paid to the city above projections initially set by city budget makers – is exceeding $1 million, Caron said.He said the city is also seeing additional excise tax revenue on motor vehicles compared to previous years.”We’ve seen people replacing seven- or eight-year-old cars with new cars,” he said.City Councilor at large Daniel Cahill said councilors want to work with Mayor Judith Flanagan Kennedy on a variety of city priorities in 2014, including tax dollar spending. Cahill, a contender for the council presidency, praised Kennedy’s decision to spend $200,000 on new pickup trucks to expand the Public Works Department snow clearing fleet.”This ensures we get critical services to residents,” he said.