STATE OF TENNESSEE Justin P. Wilson COMPTROLLER OFTHE TREASURY Comptroller STATE CAPITOL NASHVILLE, TENNESSEE 37243?9034 PHONE (615) 741-250] July 25, 2016 Members of the Memphis City Council c/o Kemp Conrad, Chair Memphis City Council 125 North Main Street, Room 514 Memphis, Tennessee 38103 Jim Strickland, Mayor 125 North Main Street, Suite 700 Memphis, Tennessee 38103 Ladies and Gentlemen, It is with great pleasure that I acknowledge the revised outlook that Moody?s Investors Services and Fitch Ratings recently gave Memphis? general obligation bonds. We now have independent objective analysis describing, in Moody?s words, ?the city?s recently improved and currently healthy ?nancial position that has bene?tted from more conservative budgeting.? This is a remarkable achievement. Just three years ago there was a serious question about whether the City Council would take the necessary steps to control its budget and determine Memphis? future. If you continue on this path, Memphis Will reclaim its rightful place among the truly vibrant cities of the world. Congratulations on the real and meaningful progress you are making. It is incredibly signi?cant. Sireerely, f/ I ?film/.1, i- it Justin P. Wilson Co nplroller of the Treasury