Fitch gives high marks to finances of Indy library

Fitch Ratings has once again assigned the Indianapolis Public Library a AA+ bond rating—just a notch below the highest possible—for its overall financial position.

Fitch, which assigned the rating to three of the library’s general obligation series bonds totaling $37 million, said the library has done a good job adjusting to changing property tax revenue.

The library, which has a $40 million operating budget this year, is projecting a small general-fund surplus. It also had an operating surplus in 2014. The budget for 2016 is relatively unchanged from last year.

About 77 percent of the library’s revenue comes from property taxes.•
 

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