FOR IMMEDIATE RELEASE: Friday, October 11, 2019

Statement from the Department of Community Affairs on Standard & Poor’s Positive Outlook for Camden

TRENTON, NJ – The Murphy Administration and City of Camden have been working together diligently for nearly two years to improve Camden’s fiscal outlook. We are thrilled to see that as a result of these collaborative efforts, Standard & Poor’s (S&P) revised its outlook on the City from ‘stable’ to ‘positive’ while affirming its ‘BBB+’ rating on the bonds.

“This positive outlook reflects the immense progress we are making in Camden as a result of strong and steady oversight with a deep commitment to fiscal responsibility,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs (DCA). “I look forward to working with local leaders to continue making strides in improving the fiscal outlook and quality of life for the residents of Camden.”

Under the City’s Transitional Aid Memorandum of Understanding and the Municipal Rehabilitation and Economic Recovery Act (MRERA), DCA has been overseeing and supporting Camden with its financial operations, annual budgeting, planning and training in order to help them build capacity and improve their fiscal practices and policies.  This partnership is paramount to its continued success.

The S&P Rating Report released today said, “… we believe the city’s relationship with the state, including the state’s support of the city’s financial operations and assistance in planning, provide stability.” The Report also stated, “… we believe there is a strong incentive for the state to continue its strong financial support, as this support is key to the city’s financial and economic well-being.”

The report also noted that the city’s current property tax base diversity is steadily improving, with the 10 leading taxpayers now accounting for only 10.2% of the city’s assessed value. A more diverse and balanced tax base is better for the community and its economy because it prevents it from becoming dependent on one industry and makes it less susceptible to economic downturns.

A positive S&P outlook can be impactful on Camden’s economy because current and future investors are more confident investing in a city that has a credit rating on the upswing and that shows an increasing capacity and willingness to meet its financial commitments.

The Department of Community Affairs remains supportive of Camden’s continued success and is committed to helping them operate more effectively and cost efficiently. We are pleased that the work we have accomplished together thus far has resulted in a positive outlook for the City and its residents.

DCA offers a wide range of programs and services, including energy assistance, housing vouchers, affordable housing production, fire and building safety, community planning and development, local government management and finance, and disaster recovery. 

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Tammori Petty
Gina Trish
Lisa Ryan
(609) 292-6055