Oro Valley Celebrates Higher Bond Rating and Procurement Award
Oro Valley has something to cheer about! The town’s long-term bond rating has been bumped up to an impressive AA+, marking a two-notch improvement from the previous AA- rating. This exciting update came from S&P Global Ratings on August 5th.
This upgrade is a big win for Oro Valley. Town Manager Mary Jacobs proudly shared, “This is a huge accomplishment for us.” She credited the town’s strong financial management and thoughtful policies. Jacobs also praised Chief Financial Officer Stacey Lemos, who will be transitioning to the University of Arizona soon, for her role in achieving this milestone.
Stacey Lemos explained why this upgrade matters for residents. A strong bond rating means the town can borrow money at lower interest rates for projects, saving taxpayer dollars over time.
Oro Valley’s new AA+ rating from S&P Global Ratings, a world leader in credit ratings, is just a notch below the top AAA rating. This high rating indicates that the town is financially stable and well-prepared to handle any economic challenges.
S&P’s key considerations include Oro Valley’s solid wealth, income levels, and positive growth trends in property value and population. The town also has a high fund balance, liquidity, and manageable debt, making its finances well-managed. Credit analyst Andrew Bredeson from S&P noted the town’s strong revenue growth and coverage.
For those interested in the details, the full analysis is available here.
Oro Valley Wins Procurement Award Again
It’s not just the bond rating that’s noteworthy. For the 12th consecutive year, Oro Valley’s Procurement Division has bagged the Achievement of Excellence in Procurement Award from the National Procurement Institute. This award is a national benchmark of excellence in the procurement profession.
Oro Valley is one of only 12 agencies in Arizona and just 67 cities/towns across the U.S. and Canada to earn this distinction. The award highlights innovation, professionalism, e-procurement, productivity, and leadership.
Stacey Lemos remarked, “We’re committed to using taxpayer dollars efficiently and effectively through fair, competitive procurement activities. We’re honored by this recognition.”