The town of Flower Mound has recently been reaffirmed its AAA bond ratings from Fitch and Standard & Poor’s, according to a town news release on Wednesday.
Fitch recently reaffirmed Flower Mound’s AAA bond rating for General Obligation Refunding bonds and Certificates of Obligation, according to the news release. The rating is based on “Flower Mound’s exceptional financial flexibility supported by its ability to independently raise revenues, solid expenditure flexibility and strong reserves.”
“Only a handful of communities in Texas have achieved a AAA bond rating,” said Flower Mound Mayor Tom Hayden in a prepared statement, “and continuing to have this fiscal recognition year after year is a true testament to the conservative fiscal policies adopted by our Town Manager, Jimmy Stathatos, and our Deputy Town Manager/CFO, Debra Wallace.”
This is the fourth consecutive year Fitch has issued a bond rating for Flower Mound, the news release said. Fitch “expects Flower Mound to demonstrate strong 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 in excess of policy targets and providing the town with a high degree of financial flexibility.”
Click here to view the entire Fitch report.
S&P also reaffirmed its AAA rating of Flower Mound’s General Obligation Refunding bonds and Certificates of Obligation due to “considerable financial flexibility, demonstrated by a very strong general fund balance as a percent of expenditures and very strong liquidity.”
The S&P found that “the stable outlook reflects that the town will likely maintain its very strong budgetary flexibility and liquidity, supported by very strong management,” the news release said.
Click here to view the entire S&P report.