FOR IMMEDIATE RELEASE

December 4, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

Mayor Miro Weinberger Statement on Gun Violence

“Last session, the Legislature proved that meaningful, common sense gun violence reform that keeps guns out of the hands of dangerous people is possible in Vermont. There were three mass shootings in our country on May 16, 2015, the date the Legislature adjourned. Those shootings and the more than 200 mass shootings since that date, including the tragic shooting last summer in Barre, show that we all have more work to do to protect Vermonters and Americans. The wide range of mass shootings nationwide has proven that catastrophic gun violence can happen anywhere, at any time, in towns and cities of all sizes. The City of Burlington will be reissuing its call for the Legislature to take action on the gun violence charter changes overwhelmingly supported by Burlingtonians on Town Meeting Day 2014 or to take other meaningful steps to keep guns out of the hands of criminals, drug traffickers, terrorists, and the seriously mentally ill.”

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FOR IMMEDIATE RELEASE

December 3, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

City Releases Draft Development Agreement with
Project Partners on Former Burlington College Land
Twelve Acres of Parkland to be Preserved;
Enables Creation of Affordable, Senior, and Workforce Housing

Burlington, VT – Mayor Miro Weinberger today announced that a development agreement on the future of the former Burlington College land has been reached between project partners, which include Vermont Land Trust (VLT), Champlain Housing Trust (CHT), property owner BC Community Housing (BCCH), and the City of Burlington. This agreement reflects a collaborative planning process regarding the future of this land and its possible uses, including conservation, public access, and much-needed housing, and the agreement codifies the conceptual plan that was presented last summer.

The major principles of the development agreement include:

• The City, in partnership with VLT, will acquire 12 acres of the property as City parkland, including Texaco Beach, space for enlarged community gardens, the existing path from North Avenue to the bike path, the wooded bluff overlooking Lake Champlain, and a large playfield. The future park will be purchased for $2,000,000 using a portion of the City’s dedicated land conservation acquisition fund and leveraging other conservation financing to be secured by VLT. The City also will waive $300,000 of park impact fees, and the builder will complete site improvements in the new park as part of the agreement. This parcel, valued at $2.9 million by an independent appraisal, includes protection and expansion of community gardens, natural corridors, and the beach. 
• CHT will purchase property for a deeply discounted price in order to enable the development of affordable housing.
  
  • 160 units of affordable housing will satisfy the project’s inclusionary zoning requirements for multi-family rental units (25%).
  • Multiple partners are working with CHT, including Cathedral Square, to develop affordable senior housing on-site.
  • Additional workforce housing is conceptualized, targeting households with incomes between 80% and 120% of median income, approximately 80 units of for sale property.
• Zoning changes are required to make the conceptual site plan possible.
  
  • Current zoning allows for increased height and density closest to Lake Champlain; new zoning should move density and height towards North Avenue and away from the lake.
  • To maximize open space, the majority of parking is moved under buildings; a reduction in the parking minimum from 2 spaces per unit to 1.5 eliminates extra surface parking, preserves green space, and helps reduce stormwater runoff.
  • Phasing of inclusionary zoning needs to be addressed to support CHT’s efforts to build affordable housing.
  • Current zoning allows for 840 units across the property; new zoning should allow for no more than 770 (including affordable) units on the remaining 15.65 acre development parcel and six acre college parcel.

“I am pleased that the concepts announced by the project partners last summer have now been converted into a multi-party agreement that, when completed, will achieve many of the City’s long-defined goals for this important property,” said Mayor Weinberger. “The agreement responds to goals expressed by citizens in balancing substantial new public waterfront park space with the creation of much needed homes, and I look forward to the City’s continued engagement as this project is refined and becomes a reality.”

“Access to the outdoors and the lake is so important to City residents, especially underserved residents in the Old North End. The Vermont Land Trust is gratified to actively support the City’s effort to create a new urban park, especially in the context of also helping fill the need for affordable, workforce, and market-rate housing,” said Gil Livingston, VLT President.

"This development agreement represents a significant opportunity to provide much needed housing to a wide range of households and incomes while preserving open space. Champlain Housing Trust looks forward to working closely with the City, the developer, and with our partners Housing Vermont and Cathedral Square to accomplish these goals," said Michael Monte, CHT Chief Operations & Financial Officer.

This development agreement is the result of months of significant discussions by the project partners, including the initial public process on the conceptual site framework. The City’s work on this project has been led by Parks, Recreation & Waterfront Director Jesse Bridges. The development agreement is expected to be reviewed by the Board of Finance on December 14, 2015 and then appear on the City Council’s December 21, 2015 meeting agenda for approval. Approval of the development agreement is only one step in the process by which the proposed project can be built. The project will also require a zoning amendment process and full land use permitting.

*Please see attached documents:

• Former Burlington College Property Development Agreement with Exhibits
• Former Burlington College Property – 12 Acres Appraisal
• City and VLT Parkland Agreement Draft

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FOR IMMEDIATE RELEASE

December 2, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

City Invites Public Input on Criteria for Sale of Burlington Telecom

The City of Burlington and the Burlington community have a significant investment in Burlington Telecom’s success and interests in ensuring affordable, effective, and responsive fiber optic services for its residents. To that end, the City is engaged in a public process with the residents of Burlington to determine criteria by which the City should be guided in a future transaction involving the ownership of Burlington Telecom.  We invite you to join the discussion and share your thoughts at the next public meeting:

Wednesday, December 9
City Hall, Contois Auditorium
5:30 – 7:00 pm

A survey that allows respondents to rank the relative importance of different community goals in connection with Burlington Telecom is available on the City’s website at http://www.btcriteria.com/.

Minutes from prior public meetings soliciting input on sale criteria are available here: http://www.burlingtontelecom.net/burlington-telecom-advisory-board/.

Interested participants may also tune in to live broadcast from Channel 17: https://www.cctv.org/tags/burlington-telecom-advisory-board.

Further background and details are available in the attached information sheet provided by the City Attorney’s Office. These public meetings and survey are intended to gather feedback from the Burlington community to inform the Burlington Telecom Advisory Board (BTAB). Your comments will be considered as the BTAB creates a recommendation regarding these criteria to be presented to the City Council for review and approval. The current schedule, which is subject to change, is for the BTAB to hold a public meeting in early January to review the draft recommendation, which will then be presented (as revised based on public comments) to the City Council for approval at its January 25, 2016 meeting.

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FOR IMMEDIATE RELEASE

November 23, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

City Celebrates Opening of Rebuilt Northern Waterfront
Waterfront Access North Represents First Major New Waterfront Public Infrastructure Investment in 20 Years;
New Skatepark, Enhanced Bike Path, Improved Lake Protection,
Infrastructure Extension & Enhancement to Serve New, Future Uses of the Waterfront

Burlington, VT – Mayor Miro Weinberger today was joined by Senator Patrick Leahy, Governor Peter Shumlin, other State and City officials, waterfront stakeholders, and community members to celebrate the opening of the northern waterfront. The celebration marks the conclusion and ribbon-cutting of Waterfront Access North (WAN), the first major new waterfront public infrastructure investment since the creation of Waterfront Park in the early 1990s, and stands as a major step in the decades-long effort to reclaim the waterfront from its post-industrial history and convert it to modern use. Further, the extension and improvement of Lake Street and public utilities will support new uses of the northern waterfront.

Construction of the WAN project began in August 2014 and includes the following key improvements:

• Realignment, widening, and rebuilding of the decayed and disjointed section of the Burlington bike path immediately north of Waterfront Park to better accommodate path users and other activities on the northern waterfront;
• Creation of a new, world-class skatepark;
• Remediation of environmental issues related to the site’s historic industrial use;
• Undergrounding overhead power lines; and
• Implementation of stormwater measures to provide new environmental protections for Lake Champlain, including the creation of gravel wetlands.

Project lays the foundation for new use of the northern waterfront and access to Urban Reserve
In addition, by extending Lake Street and building other road, sidewalk, and utilities infrastructure, WAN supports the future construction of the Town Meeting Day 2014 voter-approved Public Investment Action Plan projects – a new Lake Champlain Community Sailing Center facility, New Moran, and the Burlington Harbor Marina. The Lake Street extension connects the City’s road system to the southern boundary of the Urban Reserve, thereby enhancing its public access and future use.

“For well over 100 years, the bustling Burlington waterfront connected Vermont’s goods and people to the world and fueled the City’s growth,” said Mayor Miro Weinberger. “In the 1980s, after long decades of decline, the community began the process of transitioning from a post-industrial lake shore to a 21^st Century waterfront. Today we celebrate another major step in the journey towards restoring the greatness and relevance of the full length of the Burlington waterfront. On behalf of current and future generations of Burlingtonians, thank you to the hundreds of people who worked for nearly a decade to make the rebirth of the northern waterfront a reality.”

“The Burlington waterfront has played leading roles in our commerce and culture and way of life throughout Vermont’s history, and today we mark the opening of the next chapter,” said Senator Patrick Leahy. “The improvements we celebrate today set the stage for continued revitalization of this tremendous asset. I look forward to continuing to work with the Mayor and the people of Burlington as they shape the waterfront into a space where all Vermonters are able to enjoy our ‘Great Lake.’”

"This is great news for Burlington and our entire state,” said Governor Peter Shumlin. “Burlington is home to one of the best waterfronts in America, and this investment will make it better and more accessible for Vermonters and tourists alike. It's good for jobs, the economy, and our state's unrivaled quality of life."

Senator Bernie Sanders, who was unable to attend the ribbon-cutting, shared the following thoughts:  “I am very pleased that the City has completed another important step to reclaim Burlington’s waterfront for the people of Vermont, an effort that I am proud began while I was Mayor of Burlington. We have come a very long way since then – when the downtown waterfront was filled with oil tanks, railyards, and abandoned buildings. I am also very pleased that federal economic stimulus funds paid for a large share of this project – that effort is still paying dividends, upgrading infrastructure and creating jobs right here in Vermont.”

Congressman Peter Welch, who also was unable to attend the event, stated: “Congratulations to Mayor Weinberger and the citizens of Burlington for another important milestone in the development of the City’s waterfront. These infrastructure improvements are good news for bike path users, skaters, and sailors and will help the City realize its vision of access for all to the Lake Champlain waterfront.”

WAN represents a $9.1 million investment in Burlington’s waterfront. More than 20 different funding sources large and small, including contributions from Burton Snowboards and individual community members toward the skatepark, made up the total project funding sources. 

Of the $9.1 million, $3.9 million came from tax increment financing (TIF) funds, voted for by Burlingtonians in 2012 and 2014 and generated from waterfront TIF district revenues. Approximately $4 million of the project was paid for by federal funding sources, supported by the members of Vermont’s federal delegation. The Chittenden County Regional Planning Commission contributed just under $100,000 in EPA brownfields assessment grant funding to the City, toward cleanup planning and soil assessment during redevelopment on the Waterfront North parcel. Only $329,000 was paid for by non-TIF, local property taxes, including $150,000 from the Penny for Parks fund. 

SD Ireland Companies was the WAN project general contractor. For more information regarding the WAN project budget, please see the attached summary.

What is next for the waterfront?
Construction along the northern waterfront is anticipated to continue in the upcoming years. The Burlington Parks, Recreation & Waterfront Department (BPRW) is leading the effort to rebuild the entire eight mile long Burlington bike path. BPRW anticipates constructing the path from WAN to North Beach in the 2016 construction season. The Community Sailing Center, Burlington Harbor Marina, ECHO Leahy Center for Lake Champlain, and New Moran also are actively pursuing waterfront investments as authorized by the voters on Town Meeting Day 2014.

* Please see the attached documents, including:
Waterfront Access North sources and uses budget summary
Waterfront Access North site plan
Skatepark rendering

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ADVISORY

November 18, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

Kauffman Foundation, CEDO, Main Street Landing Invite Burlington Community
to Attend Seminar with Presentation Coach Nathan Gold

As part of Global Entrepreneurship Week, the Ewing Marion Kauffman Foundation, in partnership with the City’s Community & Economic Development Office (CEDO) and Main Street Landing, will present an all-day event to learn from internationally known presentation and pitch coach Nathan Gold on Friday, November 20. Attendees will have the opportunity to attend a talk in the morning on “Mastering Q&A for Your Pitch,” followed by one-on-one coaching in a group setting, a final talk on advanced networking, and a reception.

MASTERING Q&A FOR YOUR PITCH
Friday, November 20, 2015
Main Street Landing Film House, 60 Lake Street
Presented by the Kauffman Foundation, in partnership with CEDO and Main Street Landing

AGENDA
10:00 – 11:30 am:  Mastering Q&A workshop
1:00 – 5:00 pm:  One-on-one coaching in group setting. To participate, please sign up at https://nathangold.eventbrite.com – pre-registration is required!  
5:15 – 6:30 pm:  “Advanced Networking for Business” talk, followed by a reception

Mr. Gold is an internationally known presentation and pitch coach who helps individuals prepare for high-stakes presentations. Mr. Gold will present a workshop that will help attendees be more persuasive and credible during their pitch Q&A. During Friday’s workshop, Mr. Gold will be conducting live one-on-one presentation skills sessions for entrepreneurs and/or small founding teams who want to invigorate and improve their pitches to investors and customers. 

Sessions are limited to 15 entrepreneurs and/or small founding teams of five or less people. Advanced registration is required, and space will be filled on a first-come, first-served basis. Each entrepreneur or founding team should be prepared to deliver the opening remarks they use with investors or customers (with slides, if applicable), and/or provide their answer to the question, “What does your company/product/service do?” Each participant will receive individual direction and customized feedback from Mr. Gold, as well as observe and listen to the pitches and feedback with other participants.

This event will be open to the public to observe, and a reception will follow. Interested individuals can learn more about Mr. Gold and his dynamic approach at www.democoach.com.

The City announced in October an 18-month engagement and partnership with the Kauffman Foundation to improve conditions for entrepreneurs in Burlington. In collaboration with CEDO and other community partners, the Kauffman Foundation will bring a combination of up to $500,000 in Burlington-specific grants, technical assistance and research to strengthen the City’s capacity to support entrepreneurs. Friday’s event with Mr. Gold is separate from these grants, but is an example of the Kauffman Foundation bringing access to its network and sponsoring opportunities to the Burlington community.

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The Vermont State Police, City of Burlington Fire Department, City of Burlington Police Department, South Burlington Fire Department, Essex Fire Department, Morristown Police Department, Colchester Police Department,  University of Vermont Police Department, U.S. Marshals, and Burlington Electric Department are teaming up for  “Operation Fire Cuffs.”  This will be a joint effort to collect toys for the children at the Vermont Children's Hospital, located at the University of Vermont Medical Center. 

This is the 5th annual event, which hopefully will carry on for years to come. Last year’s event was a huge success, and this year the goal is to collect even more toys.  

The date for this great event will be on Wednesday, December 16, 2015 at 1:00 pm.  Presents will be delivered to the University of Vermont Children’s Hospital by members of the above named agencies and Santa.

If you are willing to donate a toy, we would prefer they be unwrapped.  Any donated toys will be accepted; however the hospital has identified some specific areas of needed toys.  The needed toys include the following: 

Infants:  Rattles and mobiles
Toddlers:  Musical toys, pop-up toys, stand & walk toys, large blocks, stacking toys, and trains
School Age:  Legos, art kits (jewelry making, painting, etc.) and athletic gear (balls, clothes, etc.)
Tweens:  Nail polish, body lotion, and journals
Gift cards:  iTunes, Walmart, Kmart, Best Buy, Hannaford, Chili’s, etc.

Donations are asked to be dropped off by December 15, 2015. Drop-off locations in Burlington include Central Fire Station at 136 South Winooski Avenue and Fire Station #5 at 20 Ferguson Avenue.

Thank you very much for helping make this a special Christmas for these children.

If you would like to participate or need more information, please contact:
Senior Firefighter Phil Edgerley (802) 865-7205 or pedgerly@burlingtonvt.gov
Corporal Wade Lebreque (802) 658-7204 or wlabreque@bpdvt.org

FOR IMMEDIATE RELEASE – November 13, 2015

Contact:  DPW Director Chapin Spencer, 802-863-9094
                 BBA Director Kelly Devine, 802-863-1175
                 UVM TPS Director Jim Barr, 802-656-8686

Mobile Payments for Parking Coming to All City & UVM Meters
Public Comment on Residential Parking Plan Extended to Nov. 24th
 

Burlington, VT-- Starting Friday, November 27, downtown parkers will be able to pay for any on-street meter with their cell phone.  It’s easy – just download the Parkmobile app, enter the zone number shown on the meter, and enter your desired length of stay.  To make life even easier, you can opt-in to receive a notification 15 minutes before your parking session is set to expire.  Parking sessions can be extended by phone as long as the parking session has not hit the maximum stay for the particular meter.    A toll free number (1-877-727-5010) is also posted on signage to make on-street payments for those without a smartphone.

“The mobile payments service is another important step in modernizing and improving the experience of parking in the City,” said Mayor Miro Weinberger.  “Vermonters should know this holiday season that visiting downtown Burlington has never been easier.”

“One of the main requests we’ve heard over and over again is for more ways to pay; both from our downtown customers and local businesses.  Few people carry coins these days and while the city has installed nearly 300 credit-card accepting smart meters in the downtown core, 75% of the City’s meters still only accept coins.  Offering pay by phone options for all meters is a major step in making the parking experience more convenient,” said Kelly Devine, Executive Director of the Burlington Business Association. 

The City has partnered with Parkmobile (www.Parkmobile.com) for a one year trial to demonstrate the technology.  In order to have all 1,200 meters with the instructional stickers on them by the November 27^th launch date, stickers with mobile payment information will start appearing on meters in mid-November.  The City will use the information and feedback gained during the pilot period to determine its long range plan for mobile payments implementation.  Much of the cost of this service will be covered by a $0.35 convenience fee that the user will pay for each transaction.  The University of Vermont is also partnering with Parkmobile to offer the service at their meters which will launch later this year. 

“The City and University worked together to pilot the same service so the public can enjoy the convenience of using the same payment method downtown and on the hill.  New technologies offer new ways for the University and City to collaborate,” said Jim Barr, Director of UVM’s Transportation and Parking Services.  

UPDATE TO PUBLIC COMMENT PERIOD FOR PARKING PLANS: Three draft parking and transportation plans are available for public comment and can be viewed at www.ParkBurlington.com.  These plans are the culmination of a year-long process engaging residents, visitors, businesses, and other stakeholders in evaluating how the City can better manage parking downtown and in residential neighborhoods.

The public comment period for the Residential Parking Management Plan has been extended to November 24^th to accommodate the upcoming advisory committee meeting and updates to the current draft plan.  The public comment period for the other plans conclude on November 15^th as originally noticed.

Downtown Parking & Transportation Plan:  This draft plan recommends revisions to the way public and private parking is managed in the downtown and waterfront areas.  Public comment will be incorporated into a final draft plan that will be posted at www.ParkBurlington.com by late November.  The final draft of the Downtown Parking & Transportation Plan will be presented to the City Council for their acceptance in December.

Residential Parking Management Plan:  This draft plan recommends revisions to the Residential Parking Program and proposes additional strategies to manage parking in residential areas with high parking demand.  The October version is being further revised to remove the commuter permit pilot concept and incorporate other changes requested by public comment already received.  The plan’s advisory committee will meet November 17, 5:30 pm at Burlington Electric Department (585 Pine Street) to review the latest draft of the plan.  The final draft of the Downtown Parking & Transportation Plan is expected to be presented to the Public Works Commission for their acceptance in December.

Transportation Demand Management Action Plan:  This draft plan recommends strategies to help City staff and other downtown commuters get to work other ways than driving solo – to help free up spaces for others who come or live downtown. 

“These three parking and transportation plans work together to help meet Burlington’s future parking and transportation needs.  The livability and vitality of the Queen City depend on future improvements to the efficiency and convenience of all modes – whether walking, biking, driving, carsharing, or taking transit,” said Public Works Director Chapin Spencer. 

A detailed timeline for the completion of the parking and transportation plans can be reviewed at www.ParkBurlington.com.

It is important to note that major recommendations of these plans will require additional public process before going into effect.  Adjustments to parking rates and policies will require approval by the DPW Commission, the City Council, or the Vermont Legislature, and these bodies will provide additional opportunity for public comment prior to enacting these changes. 

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FOR IMMEDIATE RELEASE

November 13, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

Mayor Miro Weinberger Statement on North Avenue Co-op Announcement
of Successful Closing with Farrington Family on Mobile Home Park

“Congratulations to the residents of the North Avenue Co-op for succeeding in their difficult, ambitious goal of owning the park and taking responsibility for its future,” said Mayor Miro Weinberger. “Resident ownership of the park is also a great outcome for Burlington, as it preserves more than 100 affordable homes and will lead to the improvement of the park’s infrastructure and the protection of the neighborhood’s open space. Yesterday’s closing culminates a year of sustained and comprehensive effort by park residents, Co-op board members, City Councilors, City staff, and many local, state, and national non-profit organizations. The City is proud to have played a supportive role in this important effort and congratulates and thanks the many critical partners in this success, including the Cooperative Development Institute of ROC USA, and CVOEO.”

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FOR IMMEDIATE RELEASE

November 10, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

Moody’s Investors Service Improves BED’s Credit Rating
Recognizes Renewable, Reliable Power and Efficiency; Proactive Strategic Planning;
Improved Financial Metrics

Burlington, VT – Moody’s Investors Service yesterday upgraded the Burlington Electric Department’s credit rating to Baa1 from Baa2, citing BED’s renewable and reliable power supply, energy efficiency measures, and proactive strategic planning by BED management as important factors for the boost.

The Moody’s report notes:

• “The rating upgrade takes into consideration the improved financial record of Burlington Electric Department; competitive rates; the shift to a more diverse power supply mix; and the strengthening local economy.”
• “A positive factor in the rating is the proactive stance of management in its strategic planning regarding the evolving power industry. A focus on efficiency programs; renewable energy supply and positioning the utility organization through improved operations factor into our view about BED.”
• “The stable outlook reflects the improving trend of BED’s financial position that is reflected in the utility’s financial forecasts showing continued improvement in financial metrics.”
   

“This credit rating upgrade validates BED’s efforts to source renewable power, expand efficiency programs, and restructure the organization to succeed in the changing utility landscape,” said Mayor Miro Weinberger. “The upgrade – which will lower BED borrowing costs in the future – also demonstrates that the Administration and City Council’s focus on strong municipal finances is generating real financial savings for Burlington residents, institutions, and businesses, and underscores the importance of continuing these efforts. Congratulations to General Manager Neale Lunderville and the entire BED team for their string of recent successes.”

“Strong financial management is part of BED’s continued commitment to the customers we serve,” said Lunderville, BED General Manager. “As this upgrade demonstrates, Moody’s understands the importance of adapting to a changing energy market. Our ability to lead the green energy revolution depends on a solid financial foundation.”

“It takes a great team – from City Hall to frontline staff – to achieve an upgrade from Moody’s,” Lunderville added. “I want to offer special praise to Daryl Santerre, BED’s Chief Financial Officer, for his unwavering focus on lifting our credit rating, and to the Burlington Electric Commission for their continuous attention to improving our financials.”

The recent history of BED’s credit ratings and outlooks follows:

*Moody’s Investors Service BED Rating Update attached.

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FOR IMMEDIATE RELEASE

October 29, 2015
Contact:  Jennifer Kaulius
                 802.324.2505

Moody’s Investors Service Reaffirms Burlington’s Credit Rating and Outlook
Cites City’s Improved Financial Position and Sound Approach

Burlington, VT – Moody’s Investors Service (Moody’s) has published a new Ratings Report which reaffirms Burlington’s credit rating outlook as “positive” and maintains the City’s credit rating as “Baa2.” Moody’s indicated that one of the events that could lead to a ratings increase for the City includes the audited confirmation of fiscal 2015 surplus (audit is expected to be completed by the end of 2015).  

“This positive report from Moody’s is an indication that the long-term effort to rebuild Burlington’s finances is continuing to progress,” said Mayor Weinberger. “As a result of the collaborative work of the Administration, the City Council, and the public, the City’s finances have been stabilized, and a strong foundation for future improvements has been created.”  

Ratings Report highlights include:

• “The Baa2 rating reflects an improved financial position, although audited reserves and liquidity remain narrow. The rating also incorporates the dismissal of the Burlington Telecom (BT) lawsuit through a settlement agreement that is favorable to the city…The positive outlook reflects a trend of balanced financial operations in fiscal 2013 and 2014, as well as an expected surplus in fiscal 2015 (unaudited). The liquidity also continues to improve, and the city has not issued tax anticipation notes since fiscal 2013. Additionally, the dismissal of the BT lawsuit and favorable settlement reduces the risks related to the enterprise. The settlement has also allowed the city to address the large nonspendable advances to BT from the General Fund.”
• “The city's financial position continues to improve. Management expects fiscal 2015 audited results to reflect the city's third consecutive surplus, which should increase available General Fund balance (committed, assigned and unassigned) to approximately $4.8 million, or roughly 8.6% of revenues.”
• “The city improved its financial position through the issuance of deficit financing bonds* in fiscal 2013, conservative budgeting and proactive revenue and expenditure enhancements which are expected to result in balanced operations over the near term.”
• “The city's management team since 2012 continues to show commitment to addressing the city's financial pressure with a sound approach and fiscal responsibility which we expect will be aided by the recent adoption of a formal fund balance policy and multi-year capital plan.”

* The deficit financing bond is referred to locally as the Fiscal Stability Bond.
* Moody’s Investors Service Ratings Report from October 23, 2015 is attached.
 

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