The City of Boerne announced Tuesday that Moody’s Investors Service has once again maintained the City’s credit position.
Boerne holds a Moody’s Aa2 rating, which exceeds the median rating of Aa3 for U.S. cities. Click here to read the full report.
Moody's stated that the rating reflects the City's strong and stable operating reserves maintained by prudent financial management coupled with robust economic growth. The Aa2 rating also reflects the City’s restructuring of tax notes thereby reducing the risk to the City’s financials.
“This simply affirms that our conservative financial approach is recognized as strong and steadfast and is to the benefit of our residents,” Boerne Mayor Tim Handren said. “The City Council and city staff work diligently to sustain our high-quality credit rating while providing the services and infrastructure needed to maintain our growing community.”
The Aa2 rating was applied to the City’s general obligation limited tax (GOLT). The report states Boerne has a "high quality" credit position. The City has maintained the same low tax rate for the last 12 years, while incrementally decreasing the debt service rate to provide additional operating revenues for the city.
"Boerne's overall economic health has remained strong throughout the pandemic, and we are pleased that Moody's has once again affirmed our Aa2 rating," City Manager Ben Thatcher said. “Our strong bond rating allows our City's leaders to save taxpayers money while still delivering high-quality services to our residents."
Boerne is home to more than 19,000 people and is the cultural and economic hub of Kendall County. We are a community rooted in service, excellence, integrity, respect, and collaboration.