Mayor Roy West: Beaumont budget audited, city holds AA3 rating
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Mayor Roy West highlighted the city's fiscal position, saying the budget has been independently audited and the city's bond rating remained strong.
"Our budget has been audited by an independent audit firm and it is sound," Mayor Roy West said. He added that "our most recent bond rating here in 2024 is a AA3 with stability, which indicates that the bond is considered to be of high quality and very low credit risk." The mayor compared Moody's bond ratings to an individual's credit score when explaining the meaning of the rating.
West said he would address the budget in more detail in a future presentation but described Beaumont as being in "good financial shape." He did not provide the audit firm name, audit results, or the dollar figures in the audited financial statements in this address.
"Our budget has been audited by an independent audit firm and it is sound," Mayor Roy West said. He added that "our most recent bond rating here in 2024 is a AA3 with stability, which indicates that the bond is considered to be of high quality and very low credit risk." The mayor compared Moody's bond ratings to an individual's credit score when explaining the meaning of the rating.
West said he would address the budget in more detail in a future presentation but described Beaumont as being in "good financial shape." He did not provide the audit firm name, audit results, or the dollar figures in the audited financial statements in this address.
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