Springfield, MA – Mayor Domenic J. Sarno and Chief Administrative and Financial Officer (CAFO) Cathy Buono are proud to announce that Standard & Poor’s (S&P) has affirmed the City of Springfield’s ‘AA-’ underlying rating with a stable outlook on its general obligation debt, maintaining the highest bond rating in the City of Springfield’s history, thanks to the Sarno Administration’s strong and strategic fiscal management practices and policies.
S&P’s report noted Springfield's well-embedded financial management framework. With the city’s financial policies and multiyear planning in place, under the leadership of Mayor Sarno and the award-winning Finance team led by CAFO Buono, Springfield has robust budgetary performance and high reserves. S&P officials also complimented Mayor Sarno’s leadership, noting that Springfield is a positive outlier when compared to other municipalities and towns who have been struggling to balance their budgets without the use of stabilization reserves and are doing Prop 2½ override votes.
Mayor Sarno states, “I want to commend CAFO Cathy Buono and her award-winning finance team for this tremendous news. Under my administration we continue to hold the highest bond rating in the city’s history, a drastic turnaround from when I first took office where our municipal bond rating was near junk bond status from the days of the state imposed Financial Control Board. This confirmation of our bond rating at ‘AA-’ rating and stable outlook are a testament to the strong fiscal management policies and practices of my administration. Our strong comprehensive financial practices are stable and sustainable, with a healthy reserve, allowing the city to deal with the ‘ebbs and flow’ of our local and national economic landscape, which continue to be mired with uncertainty.”
In S&P’s view, the city’s proactive management team and comprehensive planning, positive performance trends, and manageable debt burden position it to prepare for potential economic headwinds.
CAFO Cathy Buono stated, “The reaffirmation of our rating and ‘stable’ outlook by S&P is a testament to our strategic financial practices and policies that have allowed us to maintain healthy reserves and manage our liabilities. I commend my team and all the departments who work closely with us as we strive for financial excellence and move Springfield forward. We continue to remain mindful and plan accordingly for any unforeseen emergencies, expenses, and economic uncertainty. We have also been able to maintain, and in some cases enhance, core city services for our residents thanks to Mayor Sarno’s sound fiscal management policies that are both innovative and sustainable. I look forward to joining with Mayor Sarno and department heads today to announce another thoughtfully crafted budget that lives within our means and doesn’t mortgage the future.”