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RSM Gets Highest Credit Rating Available

Standard & Poor's slaps a AAA rating, its highest, on the city of Rancho Santa Margarita. The city is already taking advantage of it.

Good financial management and a great credit rating. That sums up Rancho Santa Margarita based on a memorandum from Standard & Poors in a recent financial report.

The city was assigned a AAA rating, the highest available. Citing Rancho Santa Margarita's strong income, wealth, maintenance of very strong available General Fund reserves, and good financial management policies and practices, Standard & Poor’s notified the City of its increased rating in late November.  

“At a time when so many cities are drowning in debt and deficit, we are proud Rancho Santa Margarita is financially strong ," said Tony Beall, who recently began his third consecutive one-year term as mayor. "We have the highest possible credit rating, a balanced budget and finished last (fiscal) year with $1.2 million dollar surplus and $20 million in reserves.”

The AAA rating will enable to city to realize outstanding interest rates that will be applied to the recent refinancing of its Civic Center Bonds.  By refinancing $11.2 million dollars of debt that was originally issued in 2003 to build City Hall and the Bell Tower Regional Community Center, the city will realize a cost savings of $2.1 million over the remaining 21-year term of the bonds.

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TrueBlueAmerican December 27, 2012 at 10:09 pm
Thanks to the good financial management of Mr. Paul Boyer, RSM has obtained this AAA Rating! Other than preparing an annual budget, Tony Beall and the other council members have wasted ($100,000.'s & $100,000.'s) hundreds and hundreds of thousands of dollars on useless consulting fees and on the now defunct RSM Economic Development Committee.
Politicians are quick to take credit for anything good that happens! They are now planning to pay over $50,000. per year for a part time Business Development Development person. It is really easy to waste other peoples money (taxpayer money)!
WATCHDOG1 December 27, 2012 at 10:58 pm
Hmmmmmmmmmm
Sharon Y. December 27, 2012 at 11:13 pm
True blue, you sound like a sore loser from the last election
owen callahan December 27, 2012 at 11:27 pm
You got that right Sharon! I wonder if trueblue will lie about graduating from college?
Martin Henderson (Editor) December 28, 2012 at 10:11 am
You've piqued my interest! Which useless consulting fees (and for clarification purposes, which annual budget) are you referring to? My understanding is that the City runs a pretty tight ship, but I'm sure the city manager—as well as the council—would very much like to know how it can stretch its dollar even further.
April Josephson December 28, 2012 at 03:08 pm
The thing that "TrueBlueAmerican" doesn't acknowledge or seem to understand is that the city council members spend many days each year studying the budget and directing Mr. Boyer and other staff members how to manage the money. Credit goes to both staff and council on this. Ultimately, the triple A rating can only be accomplished through a joint effort. Congratulations to Team RSM!
Too bad that TBA never attended any of the budget study sessions to learn how the process actually works. Such uneducated negative comments only reflect poorly on those who make them, as others can see this person's real agenda.
TrueBlueAmerican December 28, 2012 at 06:52 pm
What? Trueblueamerican graduated from the University of California Berkeley!
Note Article
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Julie, Brady, and Brad McGirr Participating in the Flag Retiring Ceremony
Cheri Miller June 16, 2013 at 12:16 pm
This was our third year. I especially like being involved in the folding of the flags to beRead More retired. My daughter & I have always been the only ones from her troop to attend. Last year there were more Girl Scouts. I really wish the word was put out there more for them as well as the Boys.
Martin Henderson (Editor) June 17, 2013 at 01:43 am
For those interested, here (with pictures and video) are past reports of Flag Day.
Martin Henderson (Editor) June 17, 2013 at 01:45 am
Oops, I hit return before I wanted: Here are the links (although the video did not transfer with theRead More onslaught of Patch 2.0: http://ranchosantamargarita.patch.com/groups/volunteering/p/on-flag-day-they-go-out-in-a-blaze-of-old-glory and here is the other: http://ranchosantamargarita.patch.com/groups/summer/p/flags-retired-in-a-blaze-of-old-glory
Richard Oakley June 10, 2013 at 07:40 am
My wife Gail and I were honored to volunteer at Ranchofest with fine young Marines from the 2/5 atRead More Camp Pendleton. America is in good hands with these young soldiers!! Hoo rah!!
InformedParent June 11, 2013 at 01:05 pm
Ranchofest was fun. I did find it to be a bit too expensive, however. I'm not sure I'll go nextRead More year.