FOR IMMEDIATE RELEASE

September 26, 2017
Contact:  Katie Vane
                  802.734.0617

 

Mayor Weinberger and City Council President Knodell Statement on Council Deliberations Regarding Potential Fourth BT Proposal

 

Burlington, VT – Mayor Miro Weinberger and City Council President Jane Knodell today released the following statement on the Council deliberations regarding the potential fourth BT proposal.

 

“After extended consultation with the City’s attorneys and Council discussion, there was a strong Council consensus that the City should explore whether the possible conflict of interest with the fourth bid could be resolved. If so, the fourth bidder will be encouraged to promptly submit a final LOI. Together we will be pursuing this outcome immediately.”

 

# # #

Press Release Date: 
09/26/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

September 25, 2017
Contact:  Katie Vane
                  802.734.0617

 

Mayor Weinberger Statement Regarding Future of Memorial Auditorium
 

Burlington, VT – Mayor Weinberger today released the following statement regarding the future of Memorial Auditorium.

 

“Memorial Auditorium has been vacant for approximately nine months, and I understand that there is great interest in knowing the City’s future plans for this important building.

 

“In our history, Memorial Auditorium has served as a valuable assembly space, and as we pursue its revitalization and adaptive re-use, we should prioritize how the building will continue to serve that vital function for our community. I look forward to beginning a robust process in late fall to determine the building’s future. This process will build upon planBTV: Downtown and Waterfront community planning efforts, and is expected to culminate in a City Council-approved competitive RFP/RFQ process. As part of that process, the City will seriously explore a proposal that continues the historic use of the building as a publicly-owned and operated assembly space. Further, I expect the City to evaluate all proposals on the quality and availability of their proposed public assembly space, how well they preserve the historic building, how the proposed projects will activate this important gateway to our City, and other to be determined criteria.”

 

# # #

Press Release Date: 
09/25/2017
City Department: 
Mayor's Office

OFFICE OF MAYOR MIRO WEINBERGER
149 Church Street | Burlington, VT 05401 | 802.865.7272

FOR IMMEDIATE RELEASE

September 20, 2017
Contact:  Katie Vane
                  802.734.0617

 

Statements on City Sharing Letters of Intent and Details Regarding Burlington Telecom Finalists

 

Burlington, VT – Mayor Miro Weinberger released the following statement today regarding the recently shared Letters of Intent and details regarding the Burlington Telecom finalists.

 

“I appreciate the hard work that the three finalist bidders have put into the proposals the City has shared today, and thank them for their willingness to participate in this transparent, extended, and competitive process.  While I will defer weighing in on the merits of the specific proposals until after the final City Council executive session next week, my review of the proposals leads me to conclude that we are on track to secure an outstanding resolution to the Burlington Telecom issues that have challenged the City for a decade.  As long as the City gets the final steps of the process right, the days of Burlington residents and businesses being held back by a broadband monopoly are behind us for good, we will ensure excellent, affordable, high-speed internet service for Burlington residents and businesses, and we will close the book on the financial challenges that I promised to resolve as a candidate for office in 2012.” 

 

Burlington Telecom Advisory Board (BTAB) Chair David Provost released the following statement:

 

“Years of hard work by community member volunteers on the BTAB, the Mayor and many on the City Council have put us in a place few thought we would ever reach when the magnitude of BT’s financial crisis became clear in 2009 – with an opportunity to recoup a substantial portion of the money taxpayers lost years ago, preserve for the long run the new BT’s ability to compete against Comcast or any other monopoly, finish the build out of our City so Burlington residents have an opportunity to enjoy the service it provides, and commit substantial new revenues to support the local tech economy, and to possibly retain a local voice through an equity stake in the ‘new’ BT.

 

“As we enter this final phase of the selection process of a buyer, I am excited for the community to meet the buyers and hear from them on their plans for BT and their commitment to this wonderful resource.  I look forward to hearing from the community about the three finalists as we share the details of their proposals. As I have noted before, the BTAB has unanimously expressed serious concerns about the sustainability of KBTL’s financing plan and lack of operating experience and the reason for that concern is finally public today. In 2010, the Burlington Telecom Blue Ribbon committee – which I chaired  – made it clear that BT could not succeed if it was overleveraged. A proposal that requires the assumption of $10 million of debt at 14 percent interest is not something I can recommend that the City Council advance.”

 

The Letters of Intent are now posted on the BT website, https://www.burlingtontelecom.com/settlement/. Members of the public can share their feedback for the Mayor and City Council to consider at BTfeedback@burlingtonvt.gov.

 

* See City of Burlington Summary of Burlington Telecom Proposals

 

# # #

Press Release Date: 
09/20/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

September 11, 2017
Contact:  Katie Vane
                   802.734.0617

 

Mayor Weinberger Statement on Teacher-School District Contract Discussions
 

Burlington, VT – Mayor Weinberger released the following statement today regarding the Burlington teacher labor dispute:

 

“Though the City is not a party in the negotiations between the Burlington Education Association and the Burlington School District, I have been following the discussions closely for months and have reached out to both parties. We have outstanding educators and dedicated school board members, and I urge both groups to continue to work hard and creatively toward a solution for the benefit of our youth and community.”

 

 

# # #

Press Release Date: 
09/11/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

September 1, 2017
Contact:  Katie Vane
                  802.734.0617

 

City and New Moran, Inc. Cease Moran Redevelopment Effort
City Releases Initial Demolition Report, Outlines Next Steps

 

Burlington, VT – Mayor Weinberger today announced that the City of Burlington and New Moran, Inc. (NMI) have agreed to cease discussions regarding a redevelopment of the Moran Plant, as the two sides have been unable to reach agreement on a term sheet that would have defined the City’s granting of Tax Increment Financing (TIF) funds and a long-term lease of the building and site to NMI. In addition, the Community and Economic Development Office (CEDO) released today an unredacted version of its March 2017 Demolition Report, which provides an initial outline of the costs and uncertainties associated with different demolition scenarios, and which had previously been withheld because of its potential impact on the term sheet negotiations.

 

The 2014 TIF ballot measure authorizing the City to work with NMI articulated two possible outcomes: either the New Moran team would succeed in a final attempt at a visionary and ambitious re-purposing of the space, or the City would be authorized to resolve the decades of uncertainty regarding the northern waterfront by utilizing the TIF funds for demolition and stabilization of the Moran Plant site. With the inability to reach agreement around the most recent term sheet discussion and detailed analysis of the proposal’s risks to the City, the City will now turn its attention to creating a Site Resolution Plan that will explore a range of demolition and reuse options for the Moran site.  The Mayor has invited the leaders of the NMI effort to serve as advisors to the City during the creation of new plan. 

 

“In 2014, as part of a broad community effort to breathe new life into our northern waterfront, we made a commitment to the voters to resolve the future of the Moran Plant,” said Mayor Weinberger. “The New Moran team brought passion, dedication, and an exciting vision for Moran. The team galvanized hundreds of community members who dedicated their time over four years to try and help our community resolve a challenge that had eluded the City for 30 years. Since long before I was Mayor, I have admired the Moran building, and I am grateful to the New Moran team and the many who shouldered this effort to restore it, and I share the disappointment that we could not find a way forward. We worked hard with the New Moran team, who brought focus, commitment, and every capacity they could to bear on this challenge, but ultimately we could not find a way forward that adequately protected the City from financial risk. It has now been more than three and a half years since the public vote, and it is time to turn the page on this effort and find a reuse of the site that expands and complements the major progress on the northern waterfront that we have enjoyed over the past five years. I am confident that today’s decision to shift our focus away from the long-standing goal of full Moran redevelopment, though difficult, will open up new, creative options for the site that will finally allow the public to fully reclaim the northern waterfront from its post-industrial past.”

 

“Our team came together around the vision of a redeveloped Moran Plant and the vibrant year-round energy it would create on the waterfront,” said Tad Cooke on behalf of New Moran. “Our work since has been possible thanks to the tremendous generosity of a top-notch professional team, diverse partners, selfless volunteers and hundreds of charitable supporters. Together, we built a once in a generation opportunity for Burlington – and we are deeply disappointed we could not reach common ground with the City. Over the months ahead, we will be working to thank the many community members who contributed to the project.”

 

Next Steps
The 2014 ballot measure was clear that, after three decades of failed efforts, the NMI effort would be the City’s last attempt at an ambitious redevelopment of the former coal burning plant. If that challenging effort failed, the City would turn its attention towards demolition and reuse of the site. 

 

Now that the City has ceased its efforts with NMI, the City, through the CEDO office, will create a Site Resolution Plan with the goal of using the TIF funding held in reserve since the 2014 vote to secure the best possible outcome for the public in a way that complements progress on the northern waterfront over the last five years. The Site Resolution Plan, which is expected to be completed in fall of 2018, will consider:

 

  • All applicable land use and environmental regulations
  • Options for the future reuse of the site
  • Based on these options, the scope of the demolition

 

It is critical that the reuse of the site be determined before the building is removed for cost reasons, and because the City’s reuse options will be limited if the site sits vacant for more than twelve months. CEDO’s estimates are that the costs will range from $3 million to $10 million depending in part on how much of the structure’s foundation is removed.

 

History of the NMI Moran Plant project negotiations

Following the public vote in March 2014, the City signed a Memorandum of Understanding (MOU) with New Moran, Inc. in August 2014, giving the nonprofit company the exclusive opportunity to redevelop the Moran Plant. The New Moran team helped ignite a passion for waterfront activity, much of which was also authorized by the 2014 vote. These other projects include the new Skate Park (opened in November 2015), the Waterfront Access North project (completed in 2016), the new Community Sailing Center (scheduled to open by October 2017), the rehabilitation of Waterfront Park (completed in 2015), the renovation and enhancement of the corresponding stretch of the Burlington Bike Path (completed in 2015), the construction of a new marina (through permitting and slated to begin construction in the fall of 2017) and improvements to ECHO Leahy Center for Lake Champlain scheduled to be completed in the fall of 2018.

 

For two years following the 2014 vote, NMI worked through a variety of scenarios ranging in estimated cost from $15 million to $34 million, but was unable to establish the feasibility of a project to the satisfaction of the City. In July 2016, the Mayor announced plans to withdraw from and dissolve the August 2014 MOU, and that decision was ratified by the Council the following month. The City released a request for qualifications regarding the Moran Plant in the fall of 2016. NMI was the only respondent to that request, with a submission in December 2016 that included Hemisphere Development, a nationally recognized Brownfield redevelopment partner, and significantly reduced the cost of the project while honing in on innovative uses for the space. Following a review of that NMI submission, the City entered into negotiations with NMI. The two parties worked diligently to attempt to agree upon terms for the project to move forward. Ultimately, the City and NMI were unable to reach agreement around the most recent term sheet discussion and financial risk analysis, resulting in today’s announcement.

 

*The Moran Team will be available for comment after Labor Day weekend, starting Wednesday, September 6, 2017.

 

*Please see CEDO Moran Plant Demolition Report

 

# # #

Press Release Date: 
09/01/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

September 1, 2017
Contact:  Gillian Nanton, CEDO Assistant Director of Sustainability, Housing, and Economic Development

gnanton@burlingtonvt.gov, 802-865-7179

Diana Colangelo, CEDO Projects and Policy Specialist

dcolangelo@burlingtonvt.gov

 

City of Burlington Launches New Online Business Tool for Startups
Business Portal Will Make It Easy for Entrepreneurs to Apply for City Permits and Find Helpful Resources All in One Place

 

Burlington, VT – Today, the City of Burlington Community and Economic Development Office (CEDO) launched a new online business portal designed to make it easier for businesses to get started in the Queen City.  For the first time, entrepreneurs can visit our “Startup in a Day” website (https://business.burlingtonvt.gov), answer questions based on their business type, and be provided with a customized list of the permit applications they’ll need to start their business.  Before this innovative new tool, entrepreneurs would have to visit each City department individually to understand and apply for permits. The user-friendly portal will save business owners time and energy, letting them focus on what really matters—growing their business. 

 

“The new online business portal offers startups a simple tool to help navigate the City’s permitting process,” said Mayor Miro Weinberger.  “I am excited that the City can now serve its small businesses in this way and encourage new and innovative startups. Thank you to our CEDO team, especially our departing Projects and Policy Specialist Diana Colangelo, for their hard work to launch a program that will help us continue to achieve our goal of streamlining City services to better serve our residents.”

 

Funded by the Small Business Administration’s “Startup in a Day” prize competition, Burlington was awarded one of 25 prizes to cities across the country to help streamline and consolidate all of the processes required to start a business. In addition to easily being able to access City permit forms and send questions directly to pertinent staff, entrepreneurs can also visit a “Resource Center” that includes information on state- and federal-level requirements, business planning, financing, and a host of other resources.

 

“CEDO is excited to have worked with the Department of Innovation and Technology and our permitting staff to develop this new online tool for startups,” said CEDO Director Noelle MacKay. “Navigating permitting can be a daunting, frustrating process. With this new website, entrepreneurs just have to answer a series of questions, and they’ll have the necessary City permit applications at their fingertips.”     

 

This website was launched after extensive testing with business owners. Their input provided invaluable suggestions that helped improve the final project.

 

“I am impressed,” said Michael Metz, Generator Board Member. “The business portal is intuitive and easy to follow. I thought it great that you had links to just about everything you mentioned as a resource to consider.  I feel this is an important asset for the city and will help us.”

 

Here’s what business owners who have tested the portal have to say:

 

“The business portal is great! Super helpful. The process was totally straightforward, and the resource center was also helpful and robust. I think this portal will make gathering the necessary paperwork painless for starting a new businesses.” – Travis Bragg, Burlington entrepreneur

 

“The site worked great for me. It's great having all this info in one place. I had no problem navigating at all, and the design is clean and concise.” – Peter, Shinjuku Station

 

Visit https://business.burlingtonvt.gov to access the online business portal.

 

# # #

Press Release Date: 
09/01/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

August 31, 2017
Contact:  Katie Vane
                  802.734.0617

 

Mayor Appoints Beth Anderson Interim Chief Administrative Officer
Expected to Serve through Creation of FY19 Budget

 

Burlington, VT – Mayor Miro Weinberger today announced the appointment of Beth Anderson as the interim Chief Administrative Officer (CAO).  Anderson has served as Burlington’s Chief Innovation Officer (CIO) since May 2015.  Weinberger has asked the City Council to approve the appointment at its September 18, 2017 meeting, with Beth serving as Acting CAO until that time. If confirmed, Anderson is expected to serve as interim CAO through the Fiscal Year 2019 Budget process, which will conclude by June 30, 2018. The City expects to resume its search for a permanent CAO later in the current fiscal year.

 

“Beth has distinguished herself as an innovative leader and effective manager,” said Mayor Weinberger.  “Her service as CIO has dramatically improved the City’s IT capacities, saved taxpayer dollars, and delivered better, data-driven public outcomes. I expect her to play a pivotal transitional role in the Clerk-Treasurer’s Office that will allow the next permanent CAO to build on the Department’s record of success. I am grateful to Beth for her willingness to assume these additional responsibilities while maintaining many of her CIO responsibilities.”

 

Anderson was appointed the City’s first-ever CIO, leading the newly-created Innovation & Technology Department in May 2015.  As CIO, Anderson is responsible for managing the City’s information technology (IT) operations, as well as coordinating data-driven innovation and using performance metrics to facilitate the City’s continuous improvement efforts. She has earned a reputation as an innovative thinker, excellent collaborator, and skillful manager with a strong financial background.

 

“It is an honor to be asked by Mayor Weinberger to lead the Clerk-Treasurer’s Office,” said Anderson.  “It’s exciting to be part of building on the Department’s successes in stabilizing and strengthening the City’s finances.”

 

The Mayor noted: “This is a vital position for Burlington, and I am grateful Beth’s willingness to step into the role in an interim capacity gives the City increased flexibility to choose the right candidate for the position.”

 

*Please view Beth Anderson’s curriculum vitae here

 

 

# # #

Press Release Date: 
08/31/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

August 22, 2017
Contact:  Brian Lowe
                  802.735.3983

 

Mayor Weinberger Appoints Cindi Wight as New Director to Lead Parks, Recreation, & Waterfront Department

 

Burlington, VT – Mayor Miro Weinberger today announced the appointment of Cindi Wight as the new director of the Burlington Parks, Recreation, & Waterfront Department (BPRW). Cindi brings over 24 years of experience, including four years as the Superintendent (Director) of the Rutland Recreation & Parks Department, where she oversees all aspects of the department, including budgeting, long-range planning, grant writing, and community partnerships. Cindi was selected as a member of the American Academy of Parks & Recreation for Administrators in 2015, and under her leadership, Rutland Recreation & Parks’ park and theatre projects have gained state and national attention for their creative approaches to expanding services that benefit all community members. Mayor Weinberger has asked the City Council to confirm the appointment at its August 28, 2017 meeting.

 

“Cindi Wight comes to the Department of Parks, Recreation, and Waterfront in a period of new Park building, capital investment, and programmatic expansion,” said Mayor Miro Weinberger.  “Cindi’s commitment to the Parks & Recreation profession, understanding of Vermont, and record of effective leadership makes her the right person to lead the department at this exciting time.”

 

“I am excited for the privilege of leading the amazing BPRW team,” said Cindi Wight. “I look forward to building on the current momentum and continuing to make Burlington a great place to live, work and play!”

 

Personal Background

Cindi grew up in LeRoy, NY where her parents still reside. Cindi has been married to Keith Wight from Newry, ME for 26 years. They have three college-age children, and Cindi and Keith plan to relocate to Burlington. 

 

Cindi graduated from Bates College with a degree in Psychology and was offered a position as the first director for the San Juan Island Park & Recreation District. After spending several years working as the Recreation & Parks Director in the San Juan Island District in Washington State, Cindi served briefly as the Middlebury Parks & Recreation Program supervisor before relocating to Rutland to begin work in the Rutland Recreation & Parks Department.

 

Over time, she has developed a reputation as a careful listener who seeks out community input for important departmental decisions. She states in her cover letter: “I strongly believe in municipal parks and recreation and that we have the opportunity to improve our communities through people, parks & programs.”

 

Cindi has also demonstrated a strong commitment to community engagement. While Superintendent (Director) of the Rutland Recreation & Parks Department she went above and beyond what was required in her role, participating in Project Vision (a celebrated effort to assist Rutland residents struggling with addiction) and the Parks Rx Advisory Board. She also served for 14 years on the Schools Tapestry Advisory Board, as well as contributing at different times to the Killington Valley Marketing Committee and the Rutland Amateur Hockey Association Board. She has also proven herself to be a skilled manager and administrator of staff, budgets, and significant capital projects.

 

Record of Collaboration, Strong Leadership, and Innovation

Cindi Wight is well-prepared to take the helm of this vital city institution. Her management style has fostered an ethic of community input and mindfulness within her staff, supporting new ideas and initiatives through collaboration and dialogue. Her success is evident in her superb track record as Superintendent of the Rutland Recreation & Parks Department, where she managed the bond vote process for a new city pool that eventually passed with over 70 percent in favor. This would not have been possible without Cindi’s consistent engagement with a wide range of stakeholders and city residents—a skill which will prove valuable in Burlington.

 

Cindi has made a career-long commitment to staying up-to-date on the best practices within the Parks and Recreation profession, and to learning directly from some of her most motivated and creative peers across the country. In addition to her selection to the American Academy for Parks & Recreation Administrators, she was also appointed to chair the Academy’s Externship Committee this year and has been serving as a member of the National Recreation & Park Association since 2011.

 

A Period of Expansion and Improvement in DPRW

Cindi will lead a department that has enjoyed years of success and progress and is focused on achieving important new milestones in the years ahead.  These highlights and goals include:

 

  • The Department has opened and upgraded numerous parks in recent years and this era of historic parks expansion will continue in the years ahead.  Recent successes include the creation of a new park and lake access improvements in the Urban Reserve, the completion of Phase 1 of the Bike Path Rehabilitation, the construction of the A_Dog Williams Skatepark, and the acquisition of 12 acres of new parkland from the former Burlington College property. Over the next few years, the City will improve this new park, complete a new waterfront park by the skatepark, complete the rebuilding of the Bike Path, and renovate City Hall Park.

 

  • Burlingtonians can also look forward to benefiting from the new Old North End Community Center at the St. Joe’s School building, which will be coordinated and staffed by BPRW alongside community partners like the Association of Africans Living in Vermont (AALV) and the Champlain Housing Trust (CHT). The community center will focus on intergenerational programming of all types, and will combine opportunities for active recreation in the gym with teen and adult learning in the classrooms, along with community space for meetings and festivities. It will also host BPRW’s expanded senior programming through the Champlain Senior Center beginning on November 1, 2017.

 

Search Process and Next Steps

The national search for the new BPRW Director was conducted by an eight-person committee that reviewed dozens of applications from across the country in June and July and ultimately recommended three finalists out of more than 50 candidates to the Mayor at the end of July.

 

Those finalists participated in an additional process that involved meeting community stakeholders, including AALV, the Burlington Business Association, CHT, members of the City’s Diversity and Equity Core Team, members of the City’s Parks Commission, City Department Heads, the BPRW Leadership Team, and the Mayor. If confirmed by the Council on August 28, Cindi will begin her service to the City on October 1, 2017.

 

Please see documents below for more information, including:

 

  • Memorandum from Mayor Miro Weinberger to City Council Members requesting approval of the appointment of Cindi Wight as Director of the Department of Parks, Recreation, & Waterfront

 

 

# # #

 

Press Release Date: 
08/28/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

August 21, 2017
Contact: Gene Richards, Director of Aviation

  802.343.9909

  Brian Lowe, Mayor’s Office

  802.735.3983

 

Fitch Improves Burlington International Airport Outlook to Positive

Tracks similar to Moody’s Outlook Improvement in March 2017; Affirms Airport’s “BBB-” Credit Rating; Highlights Strength of New Airline Agreement, Manageable Cost per Enplanement, and Strengthening Fiscal Profile

Burlington, VT – On Friday, August 18, Fitch Ratings revised the Burlington International Airport’s outlook to positive and affirmed the Airport’s BBB- credit rating (please see the complete ratings table below). In their report, Fitch states that “Positive Outlook reflects an improving fiscal profile demonstrated in recent years which should continue under a recently implemented airline agreement with strong cost recovery mechanisms…” The report also notes the strengthening liquidity position of the Airport, the stable debt coverage, manageable four year $85.9 million infrastructure plan, and conservative debt structure.

 

“Fitch has now joined Moody’s and the country’s major airlines in expressing confidence that the airport is heading in the right direction,” said Mayor Miro Weinberger. “After a number of important and hard-earned management achievements, the airport is strong and well-positioned to continue to drive the region’s economic growth.”

 

“The extraordinary team effort to accomplish unprecedented financial and infrastructure improvements has been reflected in the positive rating outlook by both Moody’s Investors Service and Fitch Ratings,” said Gene Richards, Burlington International Airport’s Director of Aviation. “With the guidance of the City of Burlington, I am extremely satisfied with the progress that the Airport has made and I am pleased to see this well-deserved improved outlook.” 

 

The Fitch report focuses on the new Airline Agreement, which began in Fiscal Year 2017 and will extend for five years. The Airline Agreement is intended to maintain a debt-service coverage ratio (DSCR) of 1.5x into the future, with excess net revenues shared among air carriers. This arrangement, along with a well-received four-year capital improvement plan and a conservative debt structure, provide the basis for the revision of the outlook to positive. The full report is included below.

 

Earlier this year, Moody’s Investors Service Credit Report from March 2017 noted that the Airport achieved its strongest financial position of the last five years in Fiscal Year 2016, ending with 230 days’ cash on hand and 1.59x DSCR, the ratio of net revenues available (which is operating net revenues less operating expenses) to pay for debt principal and interest.  The Fitch report calculates days cash on hand (DCOH) while excluding car rental customer facility charge (CFC) revenue account funds and puts DCOH in August at 191 days.  Fitch also notes the modest growth in airline revenues (5.2 percent) in 2016 and enplanements (up 1 percent) over the first 11 months YTD of the City’s FY17 (which covered July 1, 2016 – June 30, 2017).

 

Fitch also noted the resolution of a long-standing tax settlement discussion between Burlington and South Burlington, which will save the Airport roughly $800,000 annually going forward, and summarized their action stating:

 

“The rating is further supported by BTV’s implementation of an airline agreement with strengthened cost recovery terms which reduces the effects of traffic volatility, limited airport capital needs without borrowings for funding, an increased liquidity position, and stabilizing debt service coverage ratios (DSCR) and leverage.”

 

Fitch's BTV Ratings History

Date

Action

Rating

Action

Outlook

8/18/2017

Affirmed

BBB-

Revised

Positive

7/29/2016

Affirmed

BBB-

Affirmed

Stable

7/22/2015

Affirmed

BBB-

Affirmed

Stable

11/13/2014

Affirmed

BBB-

Affirmed

Stable

5/30/2014

Affirmed

BBB-

Revised

Stable

11/15/2012

Downgraded

BBB-

Affirmed

Negative

3/23/2012

Affirmed

BBB

Affirmed

Negative

3/23/2011

Downgraded

BBB

Revised

Negative

1/12/2009

Affirmed

BBB+

Affirmed

Stable

11/1/2005

Affirmed

BBB+

Affirmed

Stable

 

 

*Please see the attached Fitch Rating Report

 

Press Release Date: 
08/21/2017
City Department: 
Mayor's Office

FOR IMMEDIATE RELEASE

August 11, 2017
Contact:  Katie Vane
                  802.734.0617

Burlington Clerk/Treasurer’s Office Honored with Highest Recognition in Governmental Accounting and Financial Reporting
For the First Time Receives the Certificate of Achievement for Excellence in Financial Reporting

Burlington, VT – Mayor Weinberger today announced that the City of Burlington has been awarded the Certificate of Achievement for Excellence in Financial Reporting for the comprehensive annual financial report (CAFR) by the Government Finance Officers Association of the United States and Canada (GFOA). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.  This is the first time in Burlington’s history the City has achieved such an award. St. Albans is the only other Vermont city to achieve this award (in 2016), and Burlington is being added to the list for calendar year 2017.

 

The CAFR confirms the City’s goal of fiscal responsibility to Burlington taxpayers and ratepayers. It showcases the City’s commitment to ensure professional stewardship of revenues and expenses, as well as the City’s focus on reliability, timeliness, transparency, and accuracy of its financial reporting.

 

“Being recognized by the GFOA is a significant accomplishment for the City of Burlington, and is a true testament to the talent and commitment of the accounting, finance, and the management team,” said City of Burlington Director of Financial Operations Rich Goodwin.

 

“The diligent work of the Clerk-Treasurer’s office team, as well as the commitment of staff throughout the City, led to this award and recognition,” said Mayor Miro Weinberger. “This is another indication of the growing strength of our City’s financial management, and an important marker for those evaluating the City’s credit rating.”

 

Receiving the CAFR can contribute to the City achieving a higher credit rating. Credit rating increases can result in the City borrowing at lower, more advantageous interest rates that help reduce taxpayer costs. The CAFR is also a signal for City underwriters and the buyers of Burlington bonds about the strength of investments in the City, helping to continue a strong market for City bonds.

 

It is also a common practice that Moody’s recognizes and lists CAFR awards on rating reports, as it demonstrates strong financial management and a commitment to meeting the standards set by the GFOA. The City’s Moody’s credit rating has steadily increased over the past five years, with the City achieving an A3 rating and positive outlook in Moody’s April 12, 2017 report.

 

GFOA and the Certificate of Achievement for Excellence in Financial Reporting

 

The Government Finance Officers Association, which provides the Certificate of Achievement for Excellence in Financial Reporting, is a major professional association servicing the needs of nearly 19,000 appointed and elected local, state, and provincial-level government officials and other finance practitioners. The mission of GFOA is to promote excellence in state and local government reporting.

 

The CAFR is judged by an impartial panel that is charged with identifying entities that meet strict criteria set forth by the program, such as demonstrating a constructive “spirit of disclosure” by clearly communicating a city’s financial story and motivating potential users and user groups to read the CAFR. The national professional organization awards its annual Certificate of Achievement for Excellence in Financial Reporting to government organizations exceeding the minimum requirements of generally accepted accounting principles in annual financial reports. The certificate also recognizes success in achieving transparency and disclosure in financial reporting.

 

# # #

Press Release Date: 
08/11/2017
City Department: 
Mayor's Office

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