BOND-RATING AGENCY UPGRADES ASSESSMENT OF CITY FINANCES

One of the nation's leading independent bond-rating agencies has upgraded Honolulu's already strong credit rating, citing strong financial management and low debt levels. Moody's Investors Service raised the City's credit rating to Aa2, placing Honolulu in the top 15 percent of more than 18,300 cities whose finances it monitors on an ongoing basis.

CITY RELEASES COMPREHENSIVE ANNUAL FINANCIAL REPORT

The City administration today posted the audited financial statements for the City and County of Honolulu for the 2005-06 fiscal year, which ended on June 30, 2006.

CITY TREASURY DIVISION SAVES TAXPAYERS ALMOST $600,000

The Treasury Division of the City Department of Budget and Fiscal Services managed to glean a substantial amount of money by capitalizing on inefficiencies in the refunding escrow from a 2004 bond issue.

MAYOR ESTABLISHES TAX POLICY COMMITTEE

Former Mayor Mufi Hannemann announced he has established the Mayor's Tax Policy Committee to counsel the City administration and the City Council on tax policies and laws