San Ramon Valley Fire receives high credit rating

Rating shows SRVFPD's ability to meet financial commitments, report says

The San Ramon Valley Fire Protection District last month received Moody's Investment Service's Aa1 issuer credit rating, the highest rating given by the financial services company that provides credit ratings for countries, corporations, government agencies and public finance issuers.

The Aa1 rating shows the fire district's capability to meet financial commitments.

"We are very pleased to have received this affirmation", said Ken Campo, interim chief financial officer. "We have worked diligently over the past year to balance the budget and implement cost savings that will enable the district to continue its high level of service to the community."

According to Moody's report, the SRVFPD can successfully balance its financial operations and pay down its unfunded liabilities despite increasing fixed costs.

In addition, the report shows how the district can work collaboratively with management and employees to agree on cost-saving measures, which include increased employee contributions to retirement and health costs. It also mentions the district's growing revenue base and "prudent level of reserves."

The overall report of the fire district's finances is of high-quality, but Moody's did note the district has some obstacles to overcome in regard to pension costs and retiree medical obligations.

"The Fire District's Board of Directors, along with management and labor, will continue to work cooperatively to address the liabilities of the district," said fire board Finance Committee chair, director H. Jay Kerr. "Current projections show the district's ability to maintain a balanced budget, increase reserves and significantly pay down our retiree medical liability, while still maintaining an excellent level of service for the foreseeable future."


There are no comments yet. Please share yours below.

Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: *

Choose a category: *

Since this is the first comment on this story a new topic will also be started in Town Square! Please choose a category that best describes this story.

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields

Another bad idea from the air board
By Tim Hunt | 19 comments | 1,206 views

Exchange Club Meeting on First Amendment
By Roz Rogoff | 0 comments | 579 views