OMAHA, Neb. (KMTV) — The results from recent Moody’s and S&P reports show that, for the seventh year in a row, Omaha’s bond rating has one of the highest scores given out by the two credit rating agencies.
The Cash Reserve Fund is 20.7 million dollars and revenue growth is expected to increase 3.52% in 2022.
They recognized Omaha’s strong budget management throughout the pandemic.
“After two years of pandemic-related uncertainty and difficult budget decisions, these ratings demonstrate our commitment to managing your tax dollars carefully, under all circumstances,” said Mayor Jean Stothert.
The S&P report highlights show the city has strong reserves as well as healthy consumer spending, a strong labor market, economic development, and a growing tax base.
The highlights of the Moody report also emphasized the growth and size of the tax base and the benefits of institutions such as Offutt Air Force Base and UNMC.
Both companies, however, pointed to issues with Omaha’s unfunded pension liability.
The S&P Global report says, “Additional credible changes will need to be implemented to address the plan’s large and growing unfunded pension liability to prevent potential credit deterioration.”
Mayor Stothert and city finance managers meet with both agencies in November.