For the 40th straight year London has achieved a triple-A credit rating.
London city council celebrated the streak at Tuesday night’s council meeting.
Moody’s Investors Service credits London with having high levels of cash and investments, low debt levels and a prudent fiscal plan.
The 40-year triple-A rating spans seven city treasurers. The rating allows the city to borrow money at preferred rates.
City council was also given a mid-year budget update that shows a number of capital projects have come under budget so far in 2016, meaning $7.4 million will now be reallocated to other public works.
City staff say at the end of the second quarter of this year, there wasn’t a single project in the city that was over budget by more than $50,000.
This is the first year city staff have presented a mid-year report instead of a traditional report only once a year.