Columbus, Ohio; Tax Secured, General Obligation May 03
- ID: 2085153
- May 2003
- Region: Ohio
- Standard & Poors
The 'AAA' rating on Columbus, Ohio's unlimited- and limited-tax GO refunding bonds, series 2003A and B, respectively, reflects the city's: Strong and consistent economic and tax base expansion; Buildup of large reserves in the general fund and special revenue funds, which is now helping mitigate against weak income tax collections and the drawdown of these reserves; Moderate tax-supported debt burden; and Well-managed capital improvement program, which continues to address ongoing capital needs while maintaining strong debt service coverage levels. Columbus built up its general fund reserves through the 1990s when annual average growth in income tax receipts exceeded 5%. Income taxes fund 65% of the city's operating budget. Income taxes grew slightly more than 3% in 2001 and, for the...
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Action: New Rating
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