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Program To Allow City To Accurately Project Financial Future

August 16th, 2012 by WCBC Radio

The Cumberland Mayor and City Council received some encouraging news during this week’s business meeting- as indications are that progress toward an improved fiscal picture. A new program developed by a city consultant was presented and it will allow city staff to more accurately project what the future holds financially at any given time. Joe Mason of Davenport & Co., the city’s Towson-based financial advisor for 30 years, said the program is called a multi-year budgeting model. Mayor Brian Grim said it will be a framework to put the city on better financial footing. Mason said Davenport’s staff is also working on a plan for the city to improve Cumberland’s credit ratings with Moody’s, S&P and Fitch, companies that designate the credit worthiness of municipalities. When asked by Councilman Nick Scarpelli if the rating can be approved in the next six months, Mason said it’s a realistic possibility…

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