City of Doral Recognized for Fiscal
Responsibility with Award and Top Rating
Doral, FL - Under the leadership of the Mayor and Council, the City of Doral’s fiscal responsibility and transparency continues to be recognized with top recognitions from industry leaders.
For the sixth consecutive year, the City of Doral’s Finance Department has been recognized by the Government Finance Officers Association (GFOA) with the Popular Annual Financial Reporting (PAFR) Award for the 2019 PAFR. The City's Popular Annual Financial Report is specifically designed to be readily accessible and easily understandable to residents and other interested parties without a background in public finance.
The PAFR is submitted to a panel of independent reviewers who are members of the GFOA. The document is evaluated based on reader appeal, understandability, and distribution, among other elements. The document must substantially meet all requirements tio be awarded.
S & P Global Ratings and Fitch Ratings have also evaluated the City, affirming the AA+ rating to the City's Series 2021 General Obligation Bonds. These agencies based their ratings on:
- Sound and prudent management practices
- Strong financial policies and practices
- Strong budgetary performance and conservative budgeting practices
- The buildup and use of reserves, which provides for future financial flexibility.
- The City's low property tax rate compared to the statutory cap.
- Doral's strong economy
The process consisted of questionnaires and conference calls from both rating agencies to discuss the finances and operations of the City.
“It is a great honor for the City of Doral to continue being recognized for our efforts in operating with efficiency and integrity,” stated Mayor Juan Carlos Bermudez. “Since the City’s incorporation 2003, we have prioritized fiscal accountability and transparency, and I am very proud that Doral has become the gold standard for those principles locally, as well as statewide.”