|Published:||Aug 04, 2010 9:01 PM EDT|
|Updated:||Aug 04, 2010 6:01 PM EDT|
NORTH PORT, Fla. - North Port credit rates goes from stable to negative after a well known credit firm assesses their budget. Instead of cutting their budget they have been spending their savings.
Fitch Ratings told North Port they have a chronic budget imbalance. Their borrowing power could suffer if they do not learn to live within their means.
While the rating change is not likely to have a big impact, the City leaders said it is a sign the city cannot continue to spend more than it takes in.
North Port was planning to spend $4.5 million from reserves next year, effectively using up the last of discretionary money in its once plentiful reserves.
Currently, the city is awaiting voter permission to issue $84 million in bonds to pay for road improvements and a water park.
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