Keeping the City on Solid Financial Footing While Providing Efficient Services
I have had many opportunities to bring my background in financial services to bear in my role as your Third Ward City Council member, as a steward of best financial practices and as chair of the Audit committee and member of the Ways and Means/Budget Committee, to ensure adequate financial oversight.
Good News in Challenging Times
In September of 2012, all three national bond-rating agencies gave the City of Minneapolis their highest possible bond rating, AAA. This is a tremendous achievement given the recovering economy and the reduction of state aid to the City. (The City of Minneapolis contributes more to the state budget than any other city, and yet it has received less funding back for the last decade.)
During my time representing you, the City Council and its financial committees earned that AAA rating by making tough financial decisions:
- We paid down debt,
- We reduced our spending, and
- We reformed the City’s closed pensions. In 2011, the last pension was merged with the state’s PERA system and in 2012 we retired all of our pension debt!
As a former senior financial advisor for a national investment company, I understand the complexity of the issues and the importance of making tough decisions at the right time.
What The Bond Rating Agencies Had to Say
Moody’s praised the City’s “well-managed financial operations.”
Fitch said that Minneapolis “benefits from conservative financial management resulting in stable finance performance,” and that “management has prudently dealt with potential budgetary challenges.” It also noted that our “broad and diverse economy continues to show resilience.”
A Sound Financial Future
I will continue to advocate that our state legislature restore state aid that was taken from Minneapolis in previous legislative sessions. These dollars will help us continue to make needed investments in transportation and development of our Mississippi Riverfront, two areas in which we are well on the way to becoming the envy of the nation.
Regardless of what happens at the state level, I am committed to ensuring our City stays on a solid financial footing with stable property taxes. I have a proven record of keeping us on track and will continue to do so.