Due to sound tax base growth, strong financial management, as well as a stable and growing local economy, independent bond rating service Fitch recently reaffirmed Flower Mound’s AAA bond rating for General Obligation bonds.
This is the highest rating an organization can receive by credit rating agencies.
“These well-deserved ratings are the result of years of hard work and dedication by our Council,” said Flower Mound Mayor Tom Hayden. “Our AAA bond rating will save taxpayer dollars by securing lower interest rates, and reflect a tradition of sound fiscal decisions by both Council and staff. I’d especially like to recognize Deputy Town Manager and Chief Financial Officer Debra Wallace and her staff for their ongoing efforts to ensure the financial soundness of Flower Mound.”
This is the third consecutive year Fitch has issued a bond rating for Flower Mound, noting that “Fitch expects Flower Mound to demonstrate financial resilience through a moderate economic downturn. The town’s strong financial performance has benefited from ongoing growth in its ad valorem and sales tax bases, contributing to healthy reserves and providing the town with a high degree of financial flexibility.”
To view the entire rating report, please visit www.fitchratings.com.
The Town also received good news from independent bond rating service Standard & Poor’s (S&P). S&P also reaffirmed its AAA rating of Flower Mound’s General Obligation bonds due to “very strong” fiscal policies, budgetary performance, and a growing local economy. Flower Mound’s proximity to major airports, along with the diverse economy of the Dallas/Fort Worth Metroplex has continued to fuel commercial and residential growth.
The Town is pleased that S&P confirms, “The stable outlook reflects our view that the town will maintain its very strong budgetary flexibility, supported by strong budgetary performance, and very strong financial management practices.”
To view the entire S&P report, please visit www.standardandpoors.com.