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City of Hollister receives S&P Global ‘A’ rating

Wednesday, March 20, 2024 at 12:00 AM

The city of Hollister has received an “A” issuer credit rating (ICR) from S&P Global, which was previously graded as an “A-.”

An upgrade in the city’s rating reflects S&P Global’s view of stronger reserves following consecutive years of operating surpluses, with the expectation Hollister will likely continue to see balanced or better operating results in coming years.

According to a summary sheet provided by S&P Global, with sales taxes growing by double digits in consecutive years coming out of the COVID pandemic, Hollister has seen a series of large budget surpluses which have enabled the city to build its general fund available reserve balance to 51% of expenditures at the end of 2023. Furthermore, current projections show an additional surplus of several hundred thousand dollars for fiscal year 2024, and the preliminary fiscal year 2025 budget, structured for a general fund surplus of more than $500,000.

The full article is available at bransontrilakesnews.com.

(Story by Chris Carlson, bransontrilakesnews.com)

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