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City of Maitland - Press Releases
Press Releases
Fitch Ratings Assigns Maitland, Florida Implied GO Bonds 'AA'
Maitland, FL. --(February 14, 2002) -- Fitch Ratings has assigned an 'AA' implied general obligation bond rating to the City of Maitland, FL. The rating reflects the city's strong financial planning, management and operations, above-average wealth indicators, stable, largely commercial tax base, and low direct debt. No debt issuance is planned, as all future capital needs are expected to be funded on a pay-as-you-go basis. Population growth has been strong but is expected to stabilize as the city moves closer to build-out and annexation opportunities are fully implemented.

The City of Maitland is northeast of Orlando, in Orange County. Although there is a large residential component to the economy, 59% of taxable assessed value is non-residential. Business parks in the western section of the city make up most of the commercial activity. Orange County's income levels are comparable to state and U.S. averages. Although no recent income data is available for Maitland, above-average wealth levels are evidenced by a high market value per capita of $136,599 and residential market value of $187,309 per property. Varied employment opportunities derive from the city's own job base, reportedly about twice the city's population of 12,019 and from other establishments in and around the City of Orlando.

Financial management and operations are strong, with a high level of planning and reporting for a small community. The annual budget includes detailed revenue and expenditure projections the upcoming three years, and reports on established performance measurements. Reporting is updated with quarterly reports to the Mayor and city council. A very high-unreserved general fund balance (62% in fiscal 2000) includes a number of designations specified by financial policies that are included in the budget document. About 19% of fiscal 2002 budgeted expenditures are for capital projects. Low tax rates provide additional flexibility.

Capital planning is also very strong, and the city has only a minimal amount of debt outstanding. The only public debt is $398,000 in self-supported water and sewer system revenue bonds. An outstanding $4 million, 15-year bank loan funded a number of general government projects.

Overlapping debt of Orange County and the school system bring overall debt levels to the moderate range. A five-year capital improvement plan provides a thorough analysis of spending needs and funding sources, and is funded entirely on a pay-as-you-go basis.

Contact:        Amy R. Laskey, Fitch Ratings 1-212-908-0568, New York.

Tonya Elliott, City of Maitland, 1-407-539-0320.

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