Standard & Poors Issues Simi Valley, California AAA Bond Rating After City Adopts OpenGov Platform
POPULATION: 124,237 | AGENCY TYPE: City | ANNUAL BUDGET: $160 Million
OpenGov gives Simi Valley citizens immediate insight into police expenditures, which they can examine over time or drill down into with ease.
S&P determined that Simi Valley had an “extremely strong” capacity to meet its financial commitments and awarded the city a historic AAA rating. Following the rating, Simi Valley refinanced its outstanding bonds, generating $3.2 million in savings.
“I believe OpenGov was a factor in helping us achieve the historic AAA rating because of our commitment to transparency. One of the things we pointed out to S&P was that we made our budget information open to the public,” Purtee noted. He added, “Only a city with strong financial management would be willing to put everything out there online and allow people to really delve into the numbers. I believe S&P recognized this. That’s where I felt OpenGov played a part in the whole rating discussion and helped us in our overall score.”
“OpenGov played a part in our credit rating discussion and helped us in our overall score.”
Jim Purtee, Assistant City Manager, Simi Valley, CA