An annual report to the Burlington City Council indicates the city has saved taxpayers $44 million.
Mayor Miro Weinberger, a Democrat, released the annual Fiscal Health Report in advance of its presentation to the city council.
An improved Moody’s credit rating has made it much cheaper for the city to borrow money substantially reducing bond costs. The credit rating also improved due to an increase and stabilization of the city’s Unassigned Fund Balance or Rainy-Day Fund.
Chief Administrative Officer Katherine Schad says due to strict financial management the city is in “a strong position to continue high levels of capital investment.”
