City Manager's Annual Report 2017 | A Year In Review | Page 47

FINANCIAL HEALTH
As public servants, City staff understands that they are entrusted
with taxpayer money to keep the organization running. In the past
year, the City of Port St. Lucie has experienced positive growth
trends not seen since before the Great Recession. But leaders
acknowledge they cannot take anything for granted and must
apply the lessons learned during the lean years now that the City
is facing a more positive economic outlook. The City continues to
maintain an excellent bond rating, and indicators such as millage,
debt per capita, and employees per capita are stable or improving.
Beginning in Fiscal Year 2015/16 and continuing during Fiscal
Year 2016/17, the City refunded several of its borrowings. These
collective refinancings reduced the City’s long-term debt by over
$100,000,000. Total bonded debt was reduced from a high of $1.2
billion to under $800,000,000 in 2017.
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