The report’s authors summarised their assessment of the Council’s financial management as:

“Guildford Borough Council’s (GBC) Aa1 long term issuer rating reflects its track record of strong budget planning, relatively diversified revenue base and good liquidity levels relative to its operating responsibilities. GBC has managed to accommodate significant cuts in funding from the central government in recent years thanks to its sound financial management that includes strong forward planning.”

Cllr Michael Illman, Lead Councillor for Finances, said: “Guildford Borough Council’s recently announced credit rating is excellent news and has resulted from our strong track record of delivering against the budgets and targets that we have set ourselves. We have continued to make good progress in addressing the issues which have resulted from reduced levels of central government funding in recent year.”

Councillor Illman added: “The credit rating given by Moody’s means that we have continued to be rated as one of the best run councils in the UK and we are immensely proud of all the hard work put in by Councillors and employees in order to help achieve this.”

Sue Sturgeon, Managing Director and Chief Financial Officer added: “The credit rating recently announced by Moody’s is also excellent news for Guildford Borough Council’s residents. What the report from Moody’s is saying is that we are a safe, well run Council in which those looking to make investments can do so with great confidence. Having had our financial management endorsed in this way means that we are better able to access funds and revenue sources which councils with a lower credit rating might not be able to.”

Published on Thursday 23 March.