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Hartford's Financial Report Card

Steve Goode

March 26, 2010

Standard and Poor's has rated Hartford long term credit rating as A/Stable. The report concluded that the capitol city's pluses were an adequate general fund position at the end of fiscal 2009 after two consecutive years of draw-downs and a fully funded pension pension plan as of July 2008.

That's the good news, but remember that taking money from the so-called "rainy day" fund again and not making a payment to the pension fund this year are included in several scenarios designed to help the city make up a $25 million- plus deficit. So this rating might be open to reinterpretation, depending on how the city council ultimately decides to close the hole in the budget.

The bad news, according to the rating summary, includes Hartford's low income levels and high rate of unemployment, and its reliance on state aid.

Here's a few other numbers and/or interesting...to me anyway...factoids.

Hartford hosts more than 115,000 jobs (there was some talk of instituting an employment tax).

The vacancy rate on class A office space is on the rise and hit 20 percent in the last quarter of 2009. (The wrong kind of open space)

If you wanted to buy Hartford, it's market value would be about $5.6 billion (Would that include the furniture?)

The city's debt, per capita, is $3,260, which the ratings agency said was "moderate."(Will you take a check?)

Mayor Eddie A. Perez said in a statement today that, "Under my leadership, the City has created strategies to mitigate the impact of the current adverse economic conditions. I will work hard with the City Council and Treasurer to maintain the high standards of fiscal management that we have put in place."

Thanks to Sarah Barr, city communications director, for the heads up and summary.