WILLOW PARK — Standard & Poor’s Ratings Services has upgraded the City of Willow Park’s bond rating to AA/Stable, signaling that Willow Park has a stable outlook in regards to its economy and a strong capacity to meet its financial commitments.
Previously the City had an AA- rating. Officials said this year’s upgrade is a sign of Willow Park’s continual fiscal responsibility. The change was based on economic development, budgetary performance, and the City’s commitment to fiscal excellence. The upgrade will allow the City to borrow money at lower interest rates officials said. Standard & Poor’s noted that the City has “sound budgetary performance, strong financial management, and budgetary flexibility.”
“We view the city’s management conditions as very strong, with strong financial practices,” the report says. “We consider Willow Park’s economy to be improving with participation in the broad and diverse Dallas/Fort Worth [metroplex].”
“This upgrade is a testament to the efforts of everyone at the City of Willow Park to maintain strong financial management practices,” City Administrator Matt Shaffstall said. Financially, the City of Willow Park is moving in the right direction. The City should continue to be even more focused on creating stronger policies, tighter budgeting processes, and smarter revenue enhancement strategies to continue this positive trend.