Manitowoc Mayor Justin Nickels
According to Manitowoc Mayor Justin Nickels, the City of Manitowoc is sitting in a much better position financially than they were when he took office a decade ago. We reported yesterday that Standard and Poor’s upgraded the credit rating of the City of Manitowoc from an A+ to a AA-. Mayor Nickels explained what exactly that means. “Much like your own credit score for your own personal finances, the city has a credit rating,” he explained. “If we have a good credit score, we can borrow money with less interest.” Which means the citizens will also pay less.
When Mayor Nickels was voted into office back in 2009, the City’s finances were not in a good place, sitting at $76 million in the hole, and only $16,000 sitting in reserve. The debt is now down to about $51 million, and the City now has around $5 million in the bank, which is 25% of the City’s net revenue. Nickels said that the City will no longer focus on adding to that account, and will instead take the money that they are no longer putting into the savings account and to put it the roads, parks, and other things that will increase the quality of life in Manitowoc.
When asked what caused the turnaround, Nickels claimed some responsibility, but put a majority of the praise on the City Employees, saying that they “got very creative” when cut had to be made, and were able to make it happen.
