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Brewton Mayor Yank Lovelace revealed some good economic news for the city during Monday’s meeting of the council.
Based on a ratings report from S&P Global Ratings of the Standard & Poors Financial Services, LLC, the city of Brewton’s finances were accessed a rating of AA+ — a rating near the top of the AAA – D rating system.
“I am pleased to share some exciting news regarding our municipality’s financial rating,” Lovelace said. “We were recently awarded an AA+ credit rating from S&P, which is a significant achievement. S&P Global is a credit rating agency that issues credit ratings for the debt of governments and governmental agencies.”
Lovelace expressed how the rating shows the city and the workers continue to be dedicated to being strong fiduciary stewards of the finances of the city.
“The AA+ rating reflects S&Ps assessment of our city’s strong financial management practices,” Lovelace said. “It indicates that we have a very strong capacity to meet our financial commitments. The rating enhances our credibility and attractiveness to banks and lenders. Achieving this rating is the result of hard work and dedication from all of our employees. It validates our efforts to maintain transparency and manage our resources effectively. We are proud of this accomplishment and will continue to uphold these standards.”
Lovelace also expressed his appreciation to City Clerk Brooke Hartin for her work and knowledge of the city’s finances.
“I was most impressed with the city clerk’s ability to answer questions on our finances,” Lovelace said.
In other business Monday, the council:
• delayed further discussions on establishing fees billable to insurance companies for fire department services within the city limits. The ordinance will be considered at a future meeting of the council;
• appointed Cheryl Barton as the voting delegate for the Alabama League of Municipalities Convention with Councilors Feast Broughton and David Jennings to serve as alternate voting delegates for the city.