The City of Fishers announced on Tuesday the S&P Global Ratings report qualifying Fishers’ credit rating as AAA, the highest possible rating for a municipality.
The AAA rating not only signals to creditors that Fishers’ fiscally conservative practices and policies are among the best in the country, but allows the city to benefit from lower interest and insurance rates.
Fadness
“This rating affirms the direction of our city, intentionally growing at a rate that ensures long term fiscal sustainability,” Mayor Scott Fadness said. “By achieving this year over year, we are able to pass along that savings to the taxpayer and better leverage those dollars to provide the quality of life we pride ourselves for in Fishers.”
According to S&P Global Ratings’ official report, “The city’s economic vitality, sound, and forward-thinking fiscal practices, and very strong reserves should enable Fishers to retain a strong credit profile in the next two years despite the high financial leverage and accelerating costs. We believe that rising revenues will allow the city to invest in infrastructure and new services for its growing population without compromising the budget over the short-to-medium term.”
Additionally, the report recognized the city’s proactive and measured response to the COVID-19 pandemic. S&P included the following as key financial policies under Mayor Fadness’ direction that ensure a strong and sustainable financial situation for Fishers:
- Fishers follows a data-driven decision-making approach in its budgeting.
- Fishers maintains a long-term, comprehensive fiscal plan that serves as the financial forecast.
- The city has a formal five-year capital plan that it updates at least annually.
- Fishers also has formal comprehensive investment and debt management policies, and a formal reserve policy.
The 2021 Fishers City Budget will be presented to the City Council on Sept. 21, with a public hearing to follow. The Council will vote on a final budget during the October City Council meeting. For more information, visit fishers.in.us/Budget.