Ferris continues to increase cash reserves over past 3 years
FERRIS – The City of Ferris has increased its cash reserves steadily over the past three years.
Cash reserves, also called fund balances, currently sit at 62.6 percent – and that far exceeds the city’s target of 25 percent of operating expenditures.
Also of note, according to a recent city Facebook post, the city’s days of operating capital exceeds the Government Finance Officers Association Best Practices for Municipal Government 90-day recommendation.
An increase in investment in infrastructure and a low yearly tax rate has also been accomplished alongside these achievements, and other highlights include a strong liquidity with total cash 108.1% of governmental fund expenditures.
In June 2022 S&P Global Ratings, which is the largest and most respected of the “Big Three” credit rating agencies, assigned the city a “AA-” long-term rating and highlighted the fact that Ferris is well-equipped with good financial management policies and practices and a strong institutional framework.