Manitowoc Mayor Justin Nickels
Manitowoc Mayor Justin Nickels is highlighting some points in the city’s latest credit rating report.
He tells Seehafer News that the annual rating came back to the same as last year with a stable outlook for future years.
For taxpayers, Nickels says it’s important to know that local elected officials are effectively and responsibly managing your money.
He stated, “Although state law provides the city with little revenue flexibility, management has built and retained very strong reserves through careful fiscal planning and budgetary oversight.”
The city estimates a surplus of $678,000 in fiscal year 2023 and has adopted a balanced budget for fiscal year 2024.
He finishes by saying, “Historically, stable budgetary performance comes through conservative budgeting practices, and in the city’s view, Manitowoc has a very strong capacity to pay principal and interest.”
