Bloomington Mayor Tari Renner says city finances are strong.
Renner gave his State of the City address at the start of the City Council meeting Monday night.
Renner said the city has become a model for others to follow and has the second highest bond rating possible.
Renner asked the audience to imagine the State following Bloomington's example.
"In Bloomington, we always have balanced budgets and continue to strengthen our reserves," said Renner. "So, just because we out-pay a certain amount of money doesn't mean that's what we spend. We almost always have money, sometimes a few million dollars, to return back to our reserves."
Renner said the city has been able to keep finances strong while improving streets and infrastructure, and funding for police and fire pensions. Renner also said Bloomington is unlike most governments because the city will not send the burden to fund those pensions to future generations.
Additionally, Renner said Bloomington faces important challenges such as funding capital projects and working with Eastland Mall to recover from the Macy's closure there. Renner said there are also exciting opportunities for the city.
"We are on the right track and moving forward. I am totally confident that we can and will come together to continue making Bloomington a model city - an even better place to live, work and play," said Renner.
Renner also touted city achievements in government transparency and economic development.
During the meeting, the Council approved a redevelopment agreement between the city and Milan Hotels for the proposed acquisition of the Baymont Inn and Suites at 604 1/2 IAA Drive.
The Council also discussed five-year capital plans for the fire department and library.
