Contact: Office of Mayor William Lantigua
August 17, 2012
“Stable outlook for City of Lawrence”
Lawrence Mayor William Lantigua is happy to announce that Moody’s Investor Services revised the City of Lawrence’s financial outlook yesterday from a negative to a stable forecast. This is the first time in years that the City of Lawrence has been given such a revised promising outlook.
Since inheriting a $24.5 million deficit upon taking office in January 2010, Mayor Lantigua, the City Council, Fiscal Overseer and Finance department have made very difficult, but needed changes to put Lawrence on a path to financial recovery. “I’m grateful for the team of people that have helped us in this journey. We still have difficult days ahead as we continue to balance our books, pay our debts, and keep staffing levels strong, but clearly we are headed in the right direction,” stated Mayor William Lantigua.
In its report, Moody’s identified several strengths as reasons for its rating revision, such as Lawrence’s two consecutive structurally balanced budgets, and the Cities willingness to reduce ongoing expenditures. In his first months in office Mayor Lantigua issued several executive orders, one being Mayoral review of all expenditures over $1,000.00. This watchful eye has proven successful and will continue for the foreseeable future under Lantigua’s leadership.
Additionally, the rating agency identified the state oversight by Fiscal Overseer Robert Nunes and his broad financial management powers as a continued asset to Lawrence’s financial stability. Nunes was appointed Fiscal Overseer in April of 2010 after the passage of special legislation to assist the City of Lawrence.
“Moody’s recognition of our efforts to stabilize city finances is an important step and will help to restore confidence as Lawrence moves forward. Bob Nunes has played a critical role in this progress and we are fortunate to have his oversight,” concluded Mayor William Lantigua.
Moody’s Investor Services issue ongoing quarterly reviews of the City of Lawrence’s financial status focusing on bond rating and credit worthiness.