Page 4 THE EVERETT ADVOCATE – FRiDAy, NOVEmbER 10, 2023 S&P Global Assigns Everett’s Long-Term Bond Rating to One of its Highest Levels S&P also affi rmed the outlook on the City’s existing debt is stable EVERETT, MA – Mayor Carlo DeMaria is pleased to announce that Standard & Poor’s (S&P) Global Ratings assigned its ‘AA+’ long-term rating to the City of Everett’s $7.205 million RON’S OIL Call For PRICE MELROSE, MA 02176 NEW CUSTOMER’S WELCOME ACCEPTING VISA, MASTERCARD & DISCOVER (781) 397-1930 OR (781) 662-8884 100 GALLON MINIMUM 10% Off Senior Discount! SNOW BLOWER SALES, SERVICE & REPAIRS Pickup/Delivery Available 1039 BROADWAY, REVERE WWW.BIKERSOUTFITTER.COM series 2023 general obligation (GO) municipal purpose loan bonds for the seventh year in a row. At the same time, S&P affi rmed its ‘AA+’ long-term rating on the City’s existing debt, which means the outlook is stable. S&P cited the city’s strong management, strong budgetary performance with operating surpluses, very strong budgetary flexibility, very strong liquidity, and low overall net debt. S&P also highlighted the DeMaria administration’s formal fi ve-year, long-term capital and operating projections; and regular reporting on city fi nances with budget-to-actuals submitted to city council monthly and investment statements shared quarterly. According to S&P, the City’s credit profi le is supported by its stable fi nancial performance, leading to steady reserves, which is expected to continue over the next two fiscal years. Preliminary estimates for FY2023 indicate year-end surplus results of about $4.5 milOur 51st Anniversary Dan - 1972 We Sell Cigars & Accessories! ALL MAJOR BRANDS Singles * Tins * Bundles * Boxes * Travel Humidors * Desk Top Humidors * Many Types of Lighters * Ash Trays * Juuls * Vapes * Glass Pipes * Rewards Program * CBD Infused Products * GIFTS UNDER $30 - GIFT CERTIFICATES SMOKER’S DELIGHT! 15 HANDMADE CIGARS! Four-Year-Old Tobacco * 100% Long Filler * Cellophane $49.95 NEW STORE HOURS: Sun. - Wed.: 9AM - 6PM / Thurs. - Sat. 9AM - 7PM R.Y.O. TOBACCO & TUBES ON SALE! WE MAKE HOUSE KEYS! -------------------To All Our Veterans THANK YOU! TH U! Green Label Cigar Sale! Buy 2 Cigars, Get One FREE! THANKSGIVING DAY HOURS: 9AM-2PM A.B.C. CIGAR 170 REVERE ST., REVERE (781) 289-4959 Chris 2023 lion given strong revenue performance, particularly in building permits and meals and rooms taxes. The City’s local economy just north of Boston continues to experience various residential, commercial and mixeduse development. One example S&P attributed to this is Encore Boston Harbor casino, a casino and hotel that has been in operation since 2019, plans to expand its operations to adjacent property has been fully approved locally and is going through the State process. Besides the casino, S&P also cited that additional recent residential and mixed-use development has aided further tax base expansion. There are many approved buildings under construction, but some of the recent developments completed and occupied include the following: The newly opened St. Therese, adding affordable housing for Everett’s seniors with 77 units of rental housing for low- and extremely-low-income (30&AMI – 60% AMI) older adults, with a 70% local preference. The development also includes a ground fl oor health center, operated by East Boston Neighborhood Health Center, providing comprehensive care and support for seniors. The 600, a fully occupied redeveloped property on Broadway containing 85 units (13 of which are deed-restricted affordable) of housing. 319 Broadway, formerly the site of a dilapidated funeral home, was redeveloped into a fully-occupied 20-unit (3 of which are deed-restricted affordable) residential building. The rating also refl ects their opinion on the City’s: Growing tax base that directly contributes to the greater Boston economy and is poised for further long-term development; Forward-looking financial management supported by fi ve-year operational and capital planning, along with a strong institutional framework score; Trend of steady fi nancial performance supported by a predictable revenue profi le composed of property tax, state aid and PILOT payments; fund balance levels have also remained consistent over the past three years. They expect the city’s economy will likely remain strong throughout the two-year outlook period. The long-term rating refl ects the strong economy, with access to a broad and diverse metropolitan statistical area. In addition to strong management with good fi nancial policies and practices, strong budgetary performance and strong institutional framework score. “The state of our city is strong, and I am proud and honored that Standard and Poor’s Global Ratings has given us one of their highest ratings,” said Mayor DeMaria. “These ratings ensure that we will save hundreds of thousands of dollars in borrowing costs; saving our residents critical funds and allowing us to reinvest into city services, which are critical to our community. Everett continues to be a great place to invest right now.”
5 Publizr Home