For 2017, the City of Worcester received its highest-ever municipal bond rating from Fitch Ratings, a global independent credit rating agency. The agency upgraded the City's municipal bond rating to AA, up from AA-.
The City Administration submits the budget to the City Council within 170 days after the council organizes in early January. The City Council then holds a series of public hearings to solicit citizen participation regarding budget requests. The City Council has jurisdiction to make reductions, but cannot increase the proposed budget without the recommendation of the City Manager.
Creating and adhering to a long-term financial plan allows the City to make strategic, forward-looking decisions come budget time. With strong principles to guide us, we are able to plan for the City's financial future with a degree of certainty we would not otherwise enjoy.