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  • Very strong economy with access to a broad and diverse metropolitan statistical area;
  • Strong management with good financial management policies in most areas;
  • Strong budgetary performance, where fiscal years closed with operating surpluses in the general fund and at the total governmental fund level. Operating surpluses are attributable to conservative budgeting practices and better-than-budgeted new growth. Overall, the adopted FY 2016 budget of $41.8 million is only a 1.8% increase over FY 2015.
  • Very strong budgetary flexibility with an available fund balance in FY 2014 of 21% of operating expenditures. Reserves will not be spent down significantly and will remain very strong.
  • Very strong liquidity, with total government available cash of 28.2% of total expenditures; and
  • Very strong debt and contingent liability position.  Overall net debt is low at 2.9% which is a positive credit factor.

In summary, Standard & Poor’s opinion is that Holden will likely maintain its very strong reserves, supported by good management practices.