replacement program, which has been designed to replace equipment on an established schedule.
This ten-year plan allows for the timely replacement of the equipment at a time when the useful
life of the equipment has expired and the associated cost of maintenance and repair is not exorbitant
relative to the remaining value. The capital equipment replacement program has been designed to
be financed with a combination of internal cash and the issuance of debt.
Debt Administration
The City has issued debt for several capital projects including paving, citywide capital
improvements, Solid Waste and Wastewater projects. The City has also issued debt for building
projects such as the construction of a new Middle School, the renovation of the Fairgrounds and
Pennichuck Middle Schools and the construction of a performing arts center recently named the
Nashua Center for the Arts. Debt limitations are discussed in MD&A and in the statistical section.
Credit Rating
Standard and Poor’s Global Ratings affirmed its ‘AAA’ long term rating and stable outlook citing
the City’s strong management procedures and improved local economy.
Standard & Poor’s noted the City’s:
* Very strong economy
® Very strong management
« Strong budgetary performance
® Very strong budgetary flexibility
= Very strong liquidity
* Strong debt and contingent liability position
Summary of Financial Position and Operations-General Fund
The City’s most significant sources of revenue continue to be property taxes, followed by the State
Adequate Education Grant and motor vehicle registration revenues. Property tax collections
remain strong overall. A ten-year comparison of property tax collection data is available in the
statistical section.
Local Economy
The City of Nashua ranks among the top twenty best affordable suburbs in the Northeast by
Business Week magazine and it is rewarding to report that the community ranked sixteenth by
Money Magazine as “Best Places to Live” and according to WalletHub, an industry finance
website, the City of Nashua is the “Safest City in America.”
