Fitch Ratings and Standard and Poor’s, both providers of credit ratings, completed an independent review of the Town of Queen Creek’s credit rating; both affirmed an AA rating with a stable outlook.
Over the past 10 years, the town has received a series of credit rating increases, which affirm the town’s strong financial condition, according to a release.
“The timing of this credit rating is significant as communities across the world address the financial impacts of the COVID-19 pandemic,” Queen Creek Mayor Gail Barney said in the release. “Making sound financial decisions for our community is always top of mind for the Town Council. We are finalizing the budget for the upcoming year — receiving this review and outcome supports our vision to make strategic investments in a fiscally responsible manner.”
The statements issued by Fitch and S&P reference the town’s revenue and expenditure frameworks. Revenues for the town have historically been strong and are anticipated to return following the pandemic.
Additionally, the town has notable spending flexibility and healthy reserves. The statement also references the town’s pension policy, which is fully funded for fire and law enforcement, and historically positive budget to actual performance, the release states.
The bond rating affirmation is timely as the town evaluates issuing bonds to fund capital improvement projects related to transportation and fire.
For more information about the town, including the town’s budget, go to QueenCreek.org. Stay up-to-date on town activities by following Facebook @QueenCreek and Twitter @TownofQC.
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