The report explains that the affirmation primarily reflects the District’s ability to balance its financial operations and pay down its unfunded liabilities despite increasing fixed costs. The report further commends the District on its ability to work collaboratively with management and labor to agree upon cost saving measures, including increased employee contributions to retirement and health costs. It also notes the District’s prudent level of reserves and its growing revenue base.
“We are very pleased to have received this affirmation”, said Ken Campo, Interim Chief Financial Officer. “We have worked diligently over the past year to balance the budget and implement cost savings that will enable the District to continue its high level of service to the community.”
Moody’s Investor Services is a third party, independent, impartial group that is a leader in providing credit ratings for countries, corporations, government agencies and public finance issuers.
“Our employees have really stepped up and committed to ensuring the financial health of this District,” said Paige Meyer, Fire Chief. “The District has made great strides and will continue to move forward, though there is still work to be done.”
While the overall assessment of the District’s finances is of high grade, the report did note that the District still has some hurdles to overcome concerning pension costs and retiree medical obligations.
“The Fire District’s Board of Directors, along with Management and Labor will continue to work cooperatively to address the liabilities of the District,” said Fire Board Finance Committee Chair, Director H. Jay Kerr. “Current projections show the District’s ability to maintain a balanced budget, increase reserves and significantly pay down our retiree medical liability, while still maintaining an excellent level of service for the foreseeable future.”
The full report is available on the District’s Website at www.firedepartment.org.
The San Ramon Valley Fire Protection District is an
internationally-accredited special district that provides all-risk
fire, rescue and emergency medical services to the communities of Alamo,
Blackhawk, the Town of Danville, Diablo, the
City of San Ramon, the southern area of Morgan Territory and the
Tassajara Valley, in Northern California (Contra Costa County). The
District’s service area encompasses approximately 155 square miles and
serves a population of 170,000.