MIAMI, Okla. — The City of Miami received one of the highest scores in the Sooner State for its financial health.
“Miami received an overall rating of 8.3 for the fiscal year 2020-2021,” said Melinda Stotts, Miami Communications Manager. “The score was also one of the highest achieved in the state this fiscal year.”
The Performeter, an accounting tool used by Crawford and Associates, to measure the city’s financial well-being, has been used by the city since 2012 and is used by over 100 municipalities across the state.
“The Performeter gives me the ability to see how we have performed year after year and it’s a tool we can come back to when evaluating financial decisions,” said Bo Reese, Miami city manager in a prepared statement.
The city was rated and scored in three specific categories: financial position, 5.9; financial performance, 10.0; and financial capability, 7.9. The scale ranks each category from one as the lowest score to ten as the highest score.
Frank Crawford, with Crawford and Associates, presented the results of the financial performance report to the Miami City Council during Monday’s meeting.
“Miami received one of the better scores in the state,” Crawford said in a prepared statement, “From a financial management perspective this is a well-managed system. It’s a great overall year for Miami.”
“Miami bucked the trend in Oklahoma,” Crawford said. “Most government’s scores have gone down. It’s extremely rare to score a 10, but especially two years in a row to score a 10, is nearly impossible.”
The city’s debt service load scored well above satisfactory indicating that for every dollar spent on non-capital items, only 10 cents of that dollar was used for debt service.