News Summary
The City of Jacksonville has achieved ‘AA’ ratings from S&P Global and Kroll Bond Rating Agency for its 2025 special revenue bonds, indicating a strong financial health. Following an earlier ‘AA+’ from Fitch Ratings, these ratings lower borrowing costs, potentially saving taxpayers millions. Mayor Donna Deegan highlights the city’s fiscal responsibility and growth. The diverse economy and military presence strengthen Jacksonville’s financial position, complemented by climate resilience initiatives and a commendable budget process. The ratings will facilitate project financing and infrastructure improvements, benefiting community growth.
The City of Jacksonville has received “AA” ratings from S&P Global and Kroll Bond Rating Agency for its 2025 special revenue bonds. This development is a strong indicator of the city’s financial health and stability, as it follows an earlier affirmation of “AA+” from Fitch Ratings. These high ratings enable Jacksonville to borrow at lower interest rates, which could potentially save taxpayers millions in the long run.
The positive ratings reflect Jacksonville’s solid financial track record, healthy reserves, and a robust and diverse economy. Jacksonville’s Mayor Donna Deegan has expressed gratitude for the recognition of the city’s progress from S&P and Kroll, highlighting the comprehensive efforts taken to ensure fiscal responsibility and economic growth.
Jacksonville’s economic strengths are characterized by a significant military presence and a rapidly growing population. In the past decade, the city’s population has increased by over 15%, establishing it as a key economic engine for the seven-county Northeast Florida region. The ratings from S&P Global emphasized the city’s effective financial policies and adherence to strict fiscal management standards.
Both rating agencies acknowledged Jacksonville’s impressive operating performance over the years and its maintenance of healthy reserve levels. These reserves are reportedly exceeding policy targets for operating and emergency funds, which signifies a strong commitment to financial resilience amidst changing economic conditions.
Additionally, the city is placing a high priority on climate resilience initiatives. This includes the enhancement of its resilience team and involvement in the Storm Resiliency and Infrastructure Development Review Committee, underscoring its dedication to preparing for future climate-related challenges.
Kroll Bond Rating Agency also commended Jacksonville for its exceptional budget and appropriation process, along with its efficient management structure and sound policies. Such a robust approach further emphasizes the city’s commitment to overseeing public funds responsibly, ensuring long-term financial sustainability.
As the city moves forward, the dual “AA” ratings are expected to play a crucial role in Jacksonville’s ability to finance major projects and improve public infrastructure, which could, in turn, contribute to further economic development and improved quality of life for its residents. By securing favorable borrowing conditions, Jacksonville is well-positioned to continue its growth trajectory.
The city’s dedication to maintaining strong finances, improving infrastructure, and preparing for climate-related challenges showcases its readiness to tackle both present and future demands. With a focus on accountability and strategic planning, Jacksonville sets a positive example of how cities can effectively manage their resources to benefit their communities.
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Additional Resources
- WOKV: Jacksonville Earns Strong AA Ratings
- Hoodline: Jacksonville Celebrates Dual AA Bond Ratings
- Bond Buyer: Jacksonville’s $355 Million Bond Sale
- Forbes: Best in State Credit Unions
- Wikipedia: Jacksonville, Florida
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
