The city’s debt is down and reserves are up council heard Monday night.
Consolidated financial statements ending Dec. 31, 2010 state the city’s debt is $169.9 million, that’s down from $182.1 million in 2009.
While that’s a $12.2 million decrease, the report states that the municipal debt is expected to increase over the next year because of borrowing for the city’s water system, an $11.5 million debenture in 2012 to be paid by EMS and $6 million for the waterfront that was approved in 2008.
The city’s reserves are up to $108.8 million from $94.4 million in 2009. Its Standard and Poor’s credit rating remained at A+ stable.
