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LA WATCHDOG-While the City is anticipating the cash infusion of $1.35 billion from the Federal government, the timing is uncertain, creating significant cash flow issues that must be addressed, especially in the upcoming fiscal year.
The first installment of $677 million is expected within the next month or two, certainly no later than June 30, the end of the City’s fiscal year. These funds will be directed to the City’s Reserve and Budget Stabilization Funds, increasing their funding to over $800 million. This represents more than 12% of General Fund revenues, exceeding the City’s stated goal of 10%, making Paul Krekorian, the chair of the Budget & Finance Committee and the long time champion of the Reserve Fund, a very happy camper.
MOODY S REPORT, in part
Rating Action: Moody s assigns Baa2 to Burlington (City of) VT Airport Enterprise s Airport Revenue Refunding Bonds, Series 2021A (taxable); stable outlook
22 Feb 2021
New York, February 22, 2021 Moody s Investors Service, ( Moody s ) has assigned a Baa2 rating to the Burlington (City of) VT Airport Enterprise s $5.385 million Airport Revenue Refunding Bonds, Series 2021A (taxable). The outlook is stable. Burlington Airport has $26.1 million of Series 2012A and 2014A bonds outstanding, as well as $11.1 million of Revenue Anticipation Notes issued by the City of Burlington.
RATINGS RATIONALE
The Baa2 rating reflects the continued stability in liquidity and debt service coverage, combined with a strengthened cost recovery framework following the adoption of a multi-year airline agreement that is residual in nature and provides for a 1.50x debt service coverage ratio (DSCR) and a floor of 200 days cash on hand. The credit profile will remain supported by l