Fitch recently reaffirmed Flower Mound’s AAA bond rating for General Obligation Refunding bonds, and Certificates of Obligation. 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, 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,” said Flower Mound Mayor Tom Hayden.
This is the fourth consecutive year Fitch has issued a bond rating for Flower Mound. 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.” 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 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 Town is pleased that S&P confirms, “The stable outlook reflects that the town will likely maintain its very strong budgetary flexibility and liquidity, supported by very strong management.”
To view the entire S&P report, please visit www.standardandpoors.com.