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Financial Future Brightens for San Ramon Valley Fire

A Moody's report commends the District on its ability to work collaboratively with management and labor to agree upon cost saving measures.

In a report released on Wednesday, May 7, Moody’s Investment Service affirmed San Ramon Valley Fire Protection District’s Aa1 Issuer Credit rating. This rating reflects the financial health of the organization and is the highest rating bestowed by Moody’s on fire districts in California.  The Aa1 rating speaks to the Fire District’s very strong capacity to meet its financial commitments. 

The report explains that the affirmation primarily reflects the District’s ability to balance its financial operations and pay down its unfunded liabilities despite increasing fixed costs.  The report further commends the District on its ability to work collaboratively with management and labor to agree upon cost saving measures, including increased employee contributions to retirement and health costs. It also notes the District’s prudent level of reserves and its growing revenue base.

“We are very pleased to have received this affirmation”, said Ken Campo, Interim Chief Financial Officer.  “We have worked diligently over the past year to balance the budget and implement cost savings that will enable the District to continue its high level of service to the community.”

Moody’s Investor Services is a third party, independent, impartial group that is a leader in providing credit ratings for countries, corporations, government agencies and public finance issuers. 

“Our employees have really stepped up and committed to ensuring the financial health of this District,” said Paige Meyer, Fire Chief.   “The District has made great strides and will continue to move forward, though there is still work to be done.”

While the overall assessment of the District’s finances is of high grade, the report did note that the District still has some hurdles to overcome concerning pension costs and retiree medical obligations. 

“The Fire District’s Board of Directors, along with Management and Labor will continue to work cooperatively to address the liabilities of the District,” said Fire Board Finance Committee Chair, Director H. Jay Kerr. “Current projections show the District’s ability to maintain a balanced budget, increase reserves and significantly pay down our retiree medical liability, while still maintaining an excellent level of service for the foreseeable future.”

The full report is available on the District’s Website at www.firedepartment.org.

The San Ramon Valley Fire Protection District is an internationally-accredited special district that provides all-risk fire, rescue and emergency medical services to the communities of Alamo, Blackhawk, the Town of Danville, Diablo, the City of San Ramon, the southern area of Morgan Territory and the Tassajara Valley, in Northern California (Contra Costa County). The District’s service area encompasses approximately 155 square miles and serves a population of 170,000. 

--Information submitted by San Ramon Valley Fire Protection District

Follow The Money May 14, 2014 at 10:29 PM
So you are saying firefighter's lifetime spiked 6-figure pensions that total millions - for each retiree for not working - that creates massive unfunded debt is now somehow being paid for? Ok got it. I was also worried about paying for unnecessary OT and sick day cash outs. Taxpayers were worried for these overpaid public servants so now we can just go back to fixing our own potholes and countless other neglected infrastructure... www.pensiontsunami.com


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