Mar 6, 2021 2 min read

The city of Washington recently received its annual report from Standard & Poor’s, which maintained the city’s credit rating at BBB+.

“We were hoping for a bump up, but at least we didn’t get a bump down,” said Councilman Joe Manning, director of accounts and finance.

The credit rating of BBB+ means that, according to Standard & Poor’s, the city should be able to meet its financial obligations, unless its economic situation declines significantly. The rating impacts the city’s ability to receive low interest rates when borrowing money.

Manning said that while the city’s finances and credit rating are stable, “there is work that needs to be done here.”

“We were OK getting through 2020,” he said. “We’ll just have to keep an eye on things going into 2021.”

Manning said his concerns for this year’s finances relate to costs and loss of revenue associated with the COVID-19 pandemic among other reasons, like decreasing population and a “rough winter.”

Mayor Scott Putnam said he’s seen predictions that some municipalities could see a 5 to 15% loss of revenue related to COVID-19. He said Washington has seen an impact in parking revenue, forfeitures on properties and in earned income tax.

“I wouldn’t say it’s a big impact, but it is an impact,” Putnam said. “We’re obviously concerned, but at the same time, we’ve budgeted and put money aside in the past in case there is a downturn.”

During a Thursday meeting, City Council approved a resolution that allows the city to apply this year for financial assistance funding as it becomes available under the Pennsylvania Emergency Management Agency’s Robert T. Stafford Disaster Relief and Emergency Assistance Act.

Putnam said this potential funding isn’t COVID-related, but rather, would help to cover costs related to emergency management issues that could arise this year.