“The City of West Bend has made a tremendous commitment to its short- and long-term financial wellness,” said City Administrator Jay Shambeau. “This improved rating reflects the hard work and dedication of City Council members, the Finance Department staff, and our department head team.“
S&P upgraded the City’s bond rating, last conducted by Moody in 2019, from Aa3 to AA. In summary, the rating reflects S&P’s assessment of the City's:
- Strong economy with access to a broad and diverse metropolitan statistical area (MSA). The city has a projected per capita effective buying income of 98.3% of the national level and per capita market value of $93,945. Overall, the city's market value grew by 6.9% over the past year to $3.0 billion in 2020. The county unemployment rate was 2.5% in 2018.
- Strong management with good financial policies and practices under our Financial Management Assessment (FMA) methodology. West Bend conducts line-by-line budgeting, relying on historical information to determine trends.
- Very strong budgetary flexibility with an available undesignated fund balance in fiscal 2018 of 28.3% of operating expenditures.
- Very strong liquidity with total government available cash at 78.8% of total governmental fund expenditures and 3.3x governmental debt service, and access to external liquidity we consider strong.
- Adequate debt and contingent liability profile, with debt service carrying charges at 23.9% of expenditures and net direct debt that is 128.7% of total governmental fund revenue, as well as low overall net debt at less than 3% of market value and rapid amortization, with 89.3% of debt scheduled to be retired in 10 years.
- Strong institutional framework score.
Jessica Wildes, Marketing and Communications Director
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