For the 14th year in a row, both Standard & Poor’s and Moody’s credit rating agencies have reaffirmed Richardson’s “Triple A” status, the highest possible rating available for credit worthiness.
In its rationale, Standard & Poor’s explained that “along with revenue growth, Richardson’s strong financial management policies and practices have contributed to stable budgetary performance and very strong financial flexibility during the past decade.” Moody’s report stated that the rating reflects the City’s “sizeable business district that has supported economic growth in the area at a much faster rate than the nation” and noted the positive influence of the University of Texas at Dallas.
This year, the City plans to sell approximately $47.9 million in General Obligation Bonds, including funding for street improvements, municipal public buildings, parks, sidewalks and drainage projects. Plans also call to issue $53.6 million in Certificates of Obligation to help fund a new public safety radio system, water and sewer projects, and renovations to Sherrill Park Golf Course and the Library. The remaining funds will be used for solid waste equipment and fire equipment.
