Page 8 THE EVERETT ADVOCATE – FRIDAY, JANUARY 28, 2022 City receives AA+ rating from Standard & Poor’s E By Christopher Roberson verett continues to be financially solvent as the city was recently awarded an AA+ long-term rating and a shortterm rating of SP-1 from Standard & Poor’s (S&P) Global Ratings. According to S&P, SP-1 is the highest attainable shortterm rating. The AA+ rating, which the city has received in prior years, is the second-highest long-term rating. “I am proud of the ratings that the city of Everett earned from S&P,” said Mayor Carlo DeMaria. “The rating assignments and affirmation show our strong financial stability during these unprecedented times. These ratings confirm our continued strong economic position.” After reviewing Everett’s financials in October 2020, S&P announced that the city’s figures were “better than expected.” The agency also noted that during the past three years Everett has established a “record of robust financial performance and fund balance levels.” “The stable outlook reflects our view of the city’s very strong reserves, conservative budgeting and strong financial management, which we expect will provide an adequate cushion to absorb unexpected revenue decreases or economic stagnation due to an uncertain economic recovery or COVID-19-related events,” said S&P representatives. According to city records and annual reports from Hilltop Securities, the city's Free Cash Account increased dramatically from $3.5 million in 2011 to $10.6 million in 2020. Everett's Free Cash balance reached its peak of $14.3 million in 2019. The city's Stabilization Account held a balance of $9.2 million in 2011. That balance peaked at $21.1 million in 2017 before sliding back to $9.5 million in 2020. In addition, DeMaria announced that the city has selected Raymond James & Associates, Inc. for a $13.4 million 20-year tax-exempt bond issue Volunteers make the difference at Bread of Life H undreds of volunteers make a big difference in the lives of local families struggling to put food on the table. With a staff of just 16 employees, Bread of Life volunteers enabled the organization during 2021 to provide groceries to 37,700 households that included 107,800 adults, children and seniors. All told, BOL distributed 83,700 bags of groceries; delivered 10,500 grocery orders to senior citizens, disabled residents and COVID-quarantined households; distributed 3,036 nutrition backpacks to students in Everett public schools; and provided 47,400 prepared meals through its evening meal program. Bread of Life is always seeking more volunteers who are interested in connecting with the community. It also welcomes high school and college students who need community service hours. Volunteer opportunities include: Make valentine cards for our families and drop off at 109 Madison St., Malden by Feb. 4th. Monday through Friday: 12-5 pm unloading food deliveries, sorting foods, shelving, cleaning, bagging groceries, etc. in the food pantry warehouse at 109 Madison St., Malden. Thursdays: 8:30-11:30 am bagging groceries for Everett Mobile Market at 109 Madison St., Malden. Thursdays: 3-5 pm distributing groceries for Everett Mobile Market at the Lafayette School, 117 Edith St., Everett. Mondays: 10 am-12 pm, deliver backpacks to Everett public schools, or assist coordinator in making the deliveries. To volunteer, call 781-397-0404 or see www.breadoflifemalden.org/volunteer and a $10.4 million 20-year taxable bond issue. The company offers an average interest rate of 1.637 percent on the tax-exempt bonds and an average interest rate of 2.568 percent on the taxable bonds. Dedicated volunteers are shown working at Bread of Life.
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