Summary: Saratoga Springs, New York; General Obligation

S&P Global Ratings assigned its 'AA+' rating to Saratoga Springs, N.Y.'s roughly $10.609 million series 2023 public-improvement serial general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the city's existing GO debt. The outlook is stable. Saratoga Springs' faith-and-credit pledge secures the series 2023 bonds and existing bonds. Officials intend to use series 2023 bond proceeds to finance various capital improvements. Saratoga Springs is a commercial-industrial center for the surrounding area and a popular summer destination with attractions including Saratoga Racecourse, Saratoga Casino&Raceway, and Saratoga Performing Arts Center. Participation in the nearby Albany government sector has helped provide favorable economic trends, and the city has seen continued growth in residential and

...Most recent --Historical information-- 2022 2021 2020 Population 26,968 27,027 County unemployment rate(%) 3.8 Market value ($000) 5,455,421 5,455,421 5,323,935 10 largest taxpayers as a % of taxable value 7.3 Strong budgetary performance Operating fund result as a % of expenditures 10.6 20.6 (6.8) Total governmental fund result as a % of expenditures 12.3 15.7 (5.1) Very strong budgetary flexibility Available reserves as a % of operating expenditures 50.3 44.4 24.5 Total available reserves ($000) 25,409 20,090 10,818 Very strong liquidity Total government cash % of governmental fund expenditures 30.4 25.3 31.7 Total government cash % of governmental fund debt service 317.7 266.5 345.2 Strong management Financial Management Assessment Good Very weak debt and long-term liabilities Debt service as a % of governmental fund expenditures 9.6 9.5 9.2 Net direct debt as a % of governmental fund revenue 150.2 Overall net debt as a % of market value 2.3 Direct debt 10-year amortization (%) 46.7...

Summary