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Standard & Poor’s Comments <br />•Very strong management <br />•Strong financial policies and practices <br />•Strong budgetary performance <br />•Operating surpluses in the general fund and total governmental funds in fiscal 2018 <br />•Very strong budgetary flexibility <br />•Available fund balance 44% of 2018 operating expenditures <br />•Very strong liquidity <br />•Adequate debt and contingent liability position <br />•Net direct debt that is 91.2% of total governmental fund revenue <br />•Rapid amortization, with 73.3% of debt scheduled to be retired in 10 years <br />•Very strong economy