Despite drop in tax revenue, city makes the grade fiscally.

The city's $116 million in certificates of participation, revenue bonds issued in 2007, were rated A+, while its outlook was rated stable by Fitch Ratings.

The rating reflects the city's strong financial operations, high fund balance levels, low debt burden, and sound management practices, Fitch said in its report.

While the city has realized a decline in property and sales tax revenue, its financial position remains sound, and its unreserved fund balance is expected to be similar this year as the last fiscal year, when it was $34.6 million, the report stated.