MAYOR DOMENIC J. SARNO, CHIEF ADMINISTRATIVE AND FINANCIAL OFFICER LEE C. ERDMANN AND SPRINGFIELD’S SENIOR FINANCE TEAM TRAVEL TO BOSTON FOR MEETINGS WITH STATE GOVERNMENT OFFICIALS
See the presentation Springfield's Finance Team made to the Massachusetts Senate Ways & Means Chairman
May 5, 2010 - Mayor Domenic J. Sarno and City Officials traveled to Boston on Wednesday to meet with State Officials. Springfield was invited to visit Senate Ways & Means Committee Chairman Steven C. Panagiotakos to provide him with an overview of the successes that Springfield has had over the past few years and how the City will continue to effectively manage under local governance. The visit focussed on the tools that the City has implemented through the State’s municipal partnership legislation and the City’s self-identified management efficiencies.
Additionally, City officials spoke before the Municipal Finance Oversight Board (MFOB) regarding the additional debt issuance for Qualified School Construction Bonds that were recently approved by the Springfield City Council. The MFOB, under the Division of Local Services, is the board that approves Municipal debt issuances to ensure that the City is issuing debt within its legislative limits and in a fiscally responsible manner. All municipalities must utilize the MFOB. Members of the MFOB include; the attorney general, state treasurer, state auditor and DLS director of accounts, or their designees.
The Mayor was accompanied by Lee C. Erdmann (Chief Administrative and Financial Officer), Timothy J. Plante (Director of Finance) and LeeAnn Pasquini (Budget Director).
The City also recently received positive news from Moody’s that Springfield’s bond rating status went from Baa2 to A2/Stable Outlook based on a global scale recalibration that bond rating agencies recently implemented.