The city of Aurora Finance Department manages more than $500 million annually of public funds, including taxes, fees for service, funds from other governments, utility charges for service, and grants. These funds pay for a variety of services including police, fire protection, parks, recreation, libraries, code enforcement, and maintaining and operating transportation and water infrastructure.
The city strives to provide the highest level of accountability, reporting and transparency on the use of public funds. The Finance Department is primarily responsible for the overall direction and management of the city’s financial resources.
An annual budget provides a financial plan to allocate available resources and provide services for citizens and other city customers each year. The budget includes the amount of revenue expected to be collected as well as the amount of expenditures authorized to provide a particular service or program.
At the conclusion of each year the city publishes a Comprehensive Annual Financial Report, which includes an external review and audit of all the actual revenue collection and expenses for the city. In addition to the annual budget and financial report, the city provides additional reports during the year that supply information on current year financial activities.
In 2017, the national credit rating agency Standard & Poor's Financial Services (S&P) upgraded the city of Aurora's appropriation debt rating from AA- to AA a nod to the city's long-term strong economic growth and management profile. The shift in the city’s debt rating from good to strong followed an intense evaluation process of its financial governance and credit profile that was required to finance construction of a $28.8 million, 55,000-square-foot recreation center to be built on 20 acres. Aurora also receives high scores from S&P in other areas: the city’s indicative rating as well as its water system is rated AA+, and its Certificates of Participation are rated AA. The rating agencies provide an independent, third-party analysis of the city’s financial strength and management capabilities. The analyses and ratings are considered by investors when buying city bonds.