About
View 5 Photos
- Population
- 304,786
Source
- GO Bonds Outstanding (as of 06/30/2022)
- $84,425,000
Source
- City Budget (as of 07/01/2022)
- $568.9 million
Source
About City of Durham
Durham’s official birthday is April 26, 1853, when the U.S. Post office was established. Durham was incorporated on April 10, 1869 and from its official birth date until today, it has grown from a small village of less than 100 people into the one of the largest cities in North Carolina. Durham was nicknamed the “Bull City” in the late 1800s when the Blackwell Tobacco Company named its product “Bull” Durham Tobacco.
Durham was historically a banking and tobacco center and although both industries have continued to flourish, the City has also drawn many other industries to our area. Between 1900 and 1925, two famous educational institutions were founded, North Carolina Central University and Duke University. These institutions have established Durham as a city of high academic acclaim. With the birth of the Research Triangle Park (RTP) in the 1950s, Durham began to take on a new look that has evolved this community into a global center for information technology, biotechnology, pharmaceuticals, and medicine. The City of Durham is also known as the “City of Medicine,” with healthcare as a major industry including more than 300 medical and health-related companies and medical practices.
Durham's credit position is excellent. As one of only 44 cities nationwide to receive the top level triple-A credit rating from all three major national bond rating agencies (Standard & Poor’s, Moody’s, and Fitch), Durham is one of the highest rated public entities in the country.
Featured News
May 27, 2024
Bull City Today: May 27, 2024
Bull City Today: May 27, 2024
GO Bond Referendum informational video.
October 5, 2023
Bull City Today ep. 1333 Credit Ratings
We have some exciting news about our credit rating! The top three global credit rating agencies recently rated our limited obligation bonds AA+ and Aa1, as well as affirmed our AAA rated general obligation bonds. Find out why this is important on #BullCityToday.
September 19, 2023
Durham Receives AAA General Obligation Bond Rating from Three International Credit Rating Agencies
The City of Durham has just been affirmed with a AAA rating on its general obligation (GO) bonds from the top three international credit rating agencies, meaning the City is extremely capable of meeting its financial commitments and can borrow money at the lowest interest rates to fund large capital projects to improve the community.
In addition to receiving the highest possible ratings from Fitch Ratings, Moody's, and S&P Global Ratings for its GO bonds, the City also received excellent limited obligation bond (LOB) ratings of AA+ from Fitch Ratings, Aa1 from Moody's, and AA+ from S&P Global Ratings.
“Durham is still one of only a handful of U.S. cities to have such an excellent rating by all three agencies. It’s not an easy accomplishment, but it allows us to borrow money at the lowest interest rates to enable us to spend millions to upgrade our roads, improve our neighborhoods, and build facilities and other vital infrastructure that supports our quality of life and makes us a great place to live, work, and play,” said City Manager Wanda Page.
The bond rating is an important process because the rating provides information for investors as to the quality and stability of the bond. A high credit rating also allows the City to borrow money at lower interest rates and save taxpayers’ money. The independent rating agencies issue their ratings based on factors like future tax revenue, population growth, and the amount of debt outstanding.
This month’s credit rating issuance by these three agencies comes as the City plans to issue approximately $138 million in LOBs to provide funding for various citywide capital projects, such as the Public Works Operations Center renovations, Fire Station #19, and the Hoover Road Athletic Park.
For more information about the City’s AAA rating, contact Finance Director Tim Flora by email.