LIMA — The City of Lima maintained its investment grade credit rating of A1 as assigned by Moody’s Investors Service.
According to Moody’s, the City of Lima has been able to keep healthy fund balances and a low debt burden due to prudent management of government funds. Ratings can go as high as AAA.
The reasons behind a less than perfect rating include less than ideal growth in tax incomes thanks to the city’s low wages compared to national wage patterns and the State of Ohio’s underfunded pension system, which asks local governmental agencies to pick up a higher percentage of funding as less income tax money is funneled from the state.
Finance Director Steven Cleaves said the rating is good news for the City of Lima and is a sign of a healthy budget going forward, especially in regards to how the city handled the financial downturn caused by 2008’s recession.
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