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Bond upgrade signals city’s stability, growth

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Receiving its third bond rating upgrade in little more than a year, the City of Glendale continues to improve its fiscal health and build its financial strength, rapidly closing the cash crunch that had previously brought it to the brink of bankruptcy. According to Moody’s Investors Services, as well as Standard and Poor’s Rating Services previously, Glendale has earned its stable outlook from both international rating agencies by means of its conservative budgeting and increasing reserves.

While the actual number may seem insignificant to some, it speaks volumes to the commitment and effort that has resulted in three consecutive upgrades under the collective guidance of the mayor, council and city administrators. As opinions remain diverse among councilmembers, their cohesive force has rendered measureable results for the city as a whole, as well as tangible benefits to the constituents they serve. That, coupled with the discipline, focus and foresight routinely provided by top city management, has produced a promising municipal balance sheet that both business and residents can take stock in today, as they strategically plan for tomorrow.

Every winning team has its all-stars and a number of our top officials should be duly commended for their commitment to the city and service to its citizens.

City Manager Kevin Phelps, Assistant City Manager Tom Duensing and Budget and Finance Director Vicki Rios lead a professional lineup second to none. Collaborating with a demanding, engaged and informed mayor and council, Glendale’s economic future is looking ever brighter. Though the job is far from finished, the considerable strides made by this consortium are indisputable.

With a steadily increasing tax base from a recovering housing market, seven new business locations and six major expansions, equating to nearly 1,400 jobs in the last year alone, and the fact the economic development department has sold every square foot of available office space within the city as well, Glendale’s continued growth is ensured by the escalating demand of the local market and is protected by the prudent financial policies of its elected and professional leadership.