Seattle City Councilmember Bruce Harrell

As you know, for the past 12 months I have been working on improving City Light’s financial and risk management policies, as well as building components of its strategic plan. This work has paid off and has resulted in huge benefits to the residents and businesses in Seattle.

Fresh on the heels of establishing the Rate Stabilization Fund (RSF) we received the great news that Standard & Poor’s and Moody’s retained City Light’s favorable bond ratings. Standard & Poor’s affirmed the AA- bond rating, while Moody’s affirmed the Aa2 bond rating; both with a stable outlook. This puts the Utility in the top tier with respect to national bond ratings. Maintaining strong bond ratings means City Light can borrow money at favorable interest rates, which reduces the cost for necessary investments in the utility’s infrastructure. It also means City Light can continue its commitment to providing low-cost, reliable, environmentally sensitive electricity to our residents.

By implementing the RSF and revising financial policies, we were able to improve City Light’s current financial status and prepare it for the future. The Council carefully and thoughtfully reviewed the revenue requirements for the utility – not just for today, but for the years ahead – and took action to guarantee long-term stability for our ratepayers.