E and A Rejection of City Credit Protection 02-09-17

Publication Date: 02/09/2017
Document Type: Meeting Materials
Sponsor: Board of Estimate and Apportionment

Summary
On behalf of the taxpayers of the city, the Comptroller requests the Board of Estimate and Apportionment to assert and acknowledge the importance to safeguard and protect the credit of the City of St. Louis. Moody's and other credit rating agencies have credited the City of St. Louis with having good financial management over the years, but also have cited our revenue flexibility and debt profile as weak. Therefore acting with a measure of prudence and responsibility, the honorable Board exercises due diligence with the following:

Pursuant to the Charter of the City of St. Louis, Article XV, Sec. 2, and notwithstanding anything to the contrary, given the nature of the City's fiscal issues in FY2016-17, the current oversight of the city's credit, its recent change, the current economic times, the volume and velocity of the current redevelopment projects, be it resolved  by the Board of Estimate and Apportionment that the Comptroller is given discretion in the financing of current redevelopment projects to take the necessary actions to preserve the city's credit.

Mayor Slay: No
Comptroller Green: Yes
President Reed: No