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Daily Commercial, The (Leesburg, FL)
November 29, 2009
Clermont gets AA rating
Author: ROXANNE BROWN
CLERMONT -- Standard and Poor's Rating Services has given the city a "AA" score for the
proposed refinancing of its water and sewer utility bonds. It's been approximately two weeks
since Clermont learned that it aced its first financial rating and officials still are pumped.
"We're very excited about it. It's an indication of the financial stability of Clermont," Assistant
City Manager Darren Gray. "You can see it as an excellent credit score."
According to a press release, Standard & Poor's report credits Clermont for its responsible
budget reserves and for keeping water and sewer rates low. High marks were also awarded for
the city's increasingly diversified utility customers, an indicator that Clermont has been able to
attract substantial commercial and professional development to pay for utilities and help balance
its tax base.
"Good management of public funds is a top priority for any government," City Manager Wayne
Saunders said.
Gray said one way Clermont has managed to save money over the years is by refusing to borrow.
Gray said Clermont has a hefty reserve, eliminating the need for loans or resulting debt.
Clermont is considered the biggest city in Lake County, with approximately 25,000 residents,
18,000 of which Clermont provides with water and sewer service.
As a result of the rating, Clermont may be able to save more than $1.5 million after it refinances
about $16.9 million to take advantage of lower interest rates that may now be available.
"Like many household and businesses, Clermont has cut back their budget, but we're still
financially strong as a city," Gray said. "And that's what we strive to maintain, especially in these
economic times."
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