Out of four levels, Danville’s rating was “very strong” and below the top level of “highest possible rating”.
“You make a great city with management and control factors in control,” Joseph D. Mason, the company’s senior vice president of public finance, told the city council.
There’s room for the city to rise, but Danville is one of the top performers in the state, firm officials told city councils.
“You are at the top end of the cities in Virginia,” said David P. Rose, senior vice president and manager of public finance for Davenport.
Four components are included in the evaluation of a place:
- Economy / demography;
- financial results;
- Debt and other long-term liabilities; and
- Management, including compliance with financial policy.
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The only factor the city has little control over in the short term is the economy / demographics, stressed Mason.
The city’s ability to take on debt is strong, they said. Danville has a debt capacity of $ 50 million in 2021 and a debt capacity of $ 116 million over the next decade, Mason said.
“You pay your debts well,” said Rose.
The city has a total debt of nearly $ 100 million, said Danville Finance Director Michael Adkins.