S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC, has upgraded Missouri City’s bond rating from AA- to AA “while affirming a stable outlook” for the municipality.
The increase of the Show Me City’s score “is great news for our first-class citizens, stakeholders and municipal employees who go above and beyond every day to achieve the city’s mission of delivering outstanding customer service to all members of our diverse community,” said City Manager Anthony J. Snipes. “Additionally, the city’s sound financial management that went into earning this upgrade further reflects our capacity to meet financial commitments throughout time.”
The S&P financial assessment and valuation decision further demonstrates to stakeholders that Missouri City is “a strong investment and will continue to improve,” said Snipes, who has been chief administrative officer for two years and was recently elected to serve as Region 6 Secretary/Treasurer for the Texas City Management Association.
He went on to explain that staff will work together to retain the bond rating through strategic planning by utilizing business plan and high-performance organization (HPO) models, with a focus on building first-rate budgets, sustaining infrastructure in all communities, expanding economic development citywide, protecting the public, creating more jobs and maintaining the platinum “Scenic” City status.
The S&P designation is one of several fiscal accolades Missouri City has earned throughout the past year. Last spring, Moody’s Investors Service assigned an Aa2 bond rating to the city reflective of the area’s “sizable and growing tax base benefiting from its proximity to Houston, healthy reserve levels maintained by solid financial performance and policies, and above average but manageable debt burden,” the agency said.
Last summer, the city was awarded the Government Finance Officers Association (GFOA) of U.S. and Canada’s Distinguished Budget Presentation Award for the 29th consecutive year as well as the GFOA’s Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report for the 34th year.
“Overall, the City is growing, and we are investing in key areas such economic development, public safety, infrastructure and citizen partnerships,” Snipes said. “Bond ratings are essentially about revenues versus expenses, and staff will continue to closely monitor both and to be good fiscal stewards of the taxpayers’ dollars.”