Mayor Katjana Ballantyne is proud to announce that her financial management reforms in City Hall earned Somerville her first triple A bond rating, which was just renewed for the third year in a row. This is an historic achievement. Mayor Katjana's financial leadership has reduced our cost to borrow, so she has been able to tackle many large infrastructure projects that are long overdue.
Mayor Ballantyne revolutionized the budgeting process by building a budgeting team, adding 7 finance director/managers to control city spending in major departments throughout the city. She established Somerville’s very first Free Cash Policy, and she includes disciplined short and long term forecasting in her budgeting analyses.
"Somerville’s new bond rating is a testament to the hard work and dedication of my administrations' financial discipline, and it is great news for our community. Higher ratings and reduced borrowing costs making my critical investments in our schools, roads, and sewer reconstruction more affordable,” said Mayor Ballantyne. “Our first-time perfect credit and triple A rating highlights the success of my financial management reforms, and provides a strong foundation for our community's future. My administration will continue to prioritize fiscal responsibility and investment in projects that build progress for all."
