City of Coppell issued the following announcement on April 23
The City of Coppell is pleased to announce that both Moody’s Investors Service and S&P Global have reaffirmed the City’s AAA bond rating. This is the highest rating possible from both agencies and represents the City’s continued financial strength and stability.
Moody’s ‘Aaa’ rating reflects the City’s sizable tax base, history of strong operating performance and very strong reserves as well as manageable fixed costs and operating flexibility. It was also noted that the City closed fiscal year 2020 with a large surplus and increased operating reserves. This is likely due to management’s efforts to reduce expenditures in preparation for the change in state sales tax law set to take effect in October this year, which is expected to greatly reduce sales tax collections.
S&P’s ‘AAA’ rating represents the City of Coppell’s strong and experienced management and financial policies, solid budgetary performance and flexibility, and strong liquidity.
These high ratings also lower borrowing costs for Coppell taxpayers.
“The reaffirmed AAA bond rating is a result of the City Council’s commitment to fiscal responsibility and conservative approach to financial management,” said Jennifer Miller, Director of Finance. “Such ratings allow us to save taxpayer money while also providing high-quality projects and services to the community.”
For more information, please visit our Transparency page.
Original source can be found here.
