The City of Webster Groves has received an outstanding Aa1 bond rating from Moody's ahead of the upcoming sale of general obligation bonds that will help fund voter-approved Proposition W projects.
"The Aa1 issuer rating reflects the City's strong financial position, low leverage, and strong local economy with above-average wealth and income ratios," Moody's noted in its analysis. "The City's financial position is expected to remain strong over the next two years, supported by prudent budgeting practices."
An Aa1 rating is the second highest tier in Moody's long-term credit rating scale. It signals confidence to investors and helps the City secure favorable borrowing costs, ultimately maximizing the value of taxpayer dollars.
"Our commitment to responsible fiscal management is proven by this rating. This rating validates the prior and upcoming budgets that staff and Council have carefully crafted," said Interim City Manager Scott A. Davis.
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Webster Groves City Council has authorized the sale of nearly $5 million in general obligation bonds to facilitate the remaining park improvement projects from Proposition W.
The bond sale has been scheduled for Tuesday, July 7 with the assistance of municipal advisor Stifel and bond counsel, Gilmore and Bell.
The parks and recreation bond initiative, Prop W, was overwhelmingly approved by Webster Groves voters on April 2, 2024. The $22 million initiative has resulted in transformational, city-wide recreation improvements and facility upgrades without raising the local property tax rate.
Completed projects to date include the new water park and ice rink renovation along with park restroom upgrades, new LED ballfield lights, and repairs to the tennis courts at Blackburn Park.
Currently in progress, the Parks Department is adding an upgraded HVAC system to the Benny Gordon Recreation Center, plus new partitions for the meeting rooms. Work is also underway on Oxford Bend Park, a trailhead rest stop and green space in development with Great Rivers Greenway.
Among the projects currently in design and scheduled for completion in the next two years: a splash pad and restrooms at Ivory Crockett Park, the Memorial Park Pavilion & Multiuse Venue, the Skate Park, Southwest Park walking path, ADA playground features, roofing and solar installations.
Moody's recognition comes shortly after the City Council adopted the Fiscal Year 2027 budget, which continues the City's focus on maintaining healthy reserves, investing in infrastructure and public services, and strategically planning for future community needs.
