Coralville council to review report on bond rating strategies

Consultant trying to help city recover from poor bond ratings

Gregg Hennigan
Published: January 27 2014 | 7:20 am - Updated: 29 March 2014 | 2:43 am in

The Coralville City Council will receive a report Tuesday from a consultant trying to help the city improve its poor bond rating.

Barry Fick of Minnesota-based Springsted Inc. has spent recent months reviewing the city’s finances and policies and has developed a plan that includes recommendations dealing with debt, economic development, tax increment financing and more.

The council will discuss the report at a work session that starts at 6 p.m. at City Hall, 1512 Seventh St.

Coralville’s main rating with Moody’s Investors Service has dropped six notches since April 2012. The ratings agency marked the city down for its high level of debt and its financial involvement in what Moody's considers non-essential government purposes, including a hotel, golf club, performing arts center and brewery.

City officials have taken issue with Moody’s downgrades, and part of Fick’s plan is to, in his words, “help educate outside parties on the financial condition of the city.”

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