The 'AA+' rating on Denver City and County, Colo.'s GO justice system facility and zoo bonds, and GO bonds issued on behalf of the Denver Board of Water Commissioners, reflects: A large and diverse economy; Above-average per capita income levels; Moderate debt levels; and The maintenance of a large fund balance position, the result of proactive midyear budget-cutting actions (the city has consistently met its commitment to maintain general fund reserves at a minimum of 10% of expenditures). These factors are offset by only average median effective family buying income levels and recent economic softness resulting in four consecutive years of decline in city sales tax collections, partially offset by property tax growth. In addition, prior voter-approved exemptions from the
