Summary: Redlands, California; Appropriations

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Redlands, Calif.'s series 2007 pension obligation bonds (POBs). The raised rating reflects our view that the city will continue its record of strong-to-very-strong financial performance, which has significantly improved its available fund balances, as well as our view of its improved indicators and continuing economic growth, which we view as sustainable. The outlook is stable. The POBs are an absolute and unconditional obligation of the city, which we consider a non-ad valorem pledge. However, despite the lack of a specific full-faith-and-credit GO pledge, our rating is equivalent to our view of the city as obligor because our assessment of the city already includes our

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 112.7 Market value per capita ($) 184,941 Population 71,119 71,000 70,926 County unemployment rate (%) 7.4 Market value ($000) 13,152,813 11,417,891 Ten largest taxpayers % of taxable value 12.3 Strong budgetary performance Operating fund result % of expenditures 5.0 14.0 2.1 Total governmental fund result % of expenditures 40.6 3.0 1.6 Very strong budgetary flexibility Available reserves % of operating expenditures 84.0 56.2 41.4 Total available reserves ($000) 83,913 42,351 31,188 Very strong liquidity Total government cash % of governmental fund expenditures 265.3 204.7 207.0 Total government cash % of governmental fund debt service 8,785.5 8,691.4 8,659.8 Strong management Financial Management Assessment Good Very strong debt & long-term liabilities Debt service % of governmental fund expenditures 3.0 2.4 2.4 Net direct debt % of governmental fund revenue 7.8 Overall net debt % of...

Summary