Moody's also gave Allentown credit for increasing its general fund balance to nearly $19 million, up about 40% from 2017, and states that the city expects to run a $1 million operating surplus this year. Though the fund balance remains "well below" where it was earlier in the decade, it's in line with the A3 rating, and Moody's expects "continued structural balance in the near term." O'Connell said in a statement Friday that he is pleased the rating agency recognized the city's efforts to "restore fiscal practices to the city." "I am hopeful this will not be the last positive development from the credit rating agencies for the city," he added. Moody's estimates the city's total assessed property value has grown 8.2% over the past five years, and credits development in the downtown Neighborhood Improvement Zone for contributing to the tax base growth.