For the Reporter

Valley Regional Fire Authority Administrator Eric Robertson informed the VRFA Board of Governance of an improvement in the authority’s bond rating at its regularly scheduled monthly board meeting Tuesday.

“Standard & Poor’s Ratings Service has reviewed the financial practices and conditions of the VRFA, and I am pleased to report a change from ‘A’ to ‘AA-‘ – which is a two-tier upgrade,” Robertson said.

The VRFA has general obligation bonds to support its capital facilities improvements, which were passed by the voters in 2008. Those bonds supported to construction of the Lakeland Station 33, the complete remodel of South Auburn Station 32, the construction of Lea Hill Station 34, and the purchase of an aerial apparatus. One completed, these improved response times and unit availability, which led to an improvement in the fire insurance rating for many in the service area.

Based on sustained strong financial positions, including support for the fire benefit charge, strong wealth indicators and cash position, low to moderate debt, and good financial management with long-term financial and capital plans, the S&P Rating Service made the rating improvement.

“With improving interest rates and an upgraded rating, we are well positioned for refinancing our bonds,” Robertson said. “I am proud of Finance Director Mark Horaski and his finance team, our program managers and our board members for their stewardship of taxpayer’s dollars – which led to this important upgrade and future savings for our citizens.”