The City of Cibolo is on a financial upswing as Standard and Poor's Global Ratings improved the credit outlook for this Texas town from AA Stable, to an impressive AA Positive. This upgrade cements the City's economic strength and gives a nod to its savvy financial management while forecasting a bright future of growth and development. With a bolstered credit outlook, Cibolo now stands to gain from lower interest rates when funding major city projects, such as transportation infrastructure and public facilities.
Standing proudly at the crossroads of Interstate 10 and I-35, and just a stone's throw from the bustling hub of San Antonio, Cibolo has witnessed a significant upturn in economic activity and population numbers over the past decade. According to a statement by the City, these positive strides have translated into briskly increasing assessed value (AV) and a spike in sales tax revenue, both of which have been instrumental in ensuring robust budgetary outcomes for the town.
Cibolo’s mayor, Mark Allen, in ringing endorsement of this development, was quoted saying, "Achieving consistently high credit ratings enables us to save significant amounts on both long-term and short-term debt, empowering us to redirect those funds towards critical infrastructure projects." He touted the financial win as a means to directly benefit the citizenry by improving their quality of life and promoting the growth of the community.
Marking the indicators of this economic success, the S&P report delved into the City's strengthening property wealth and income profiles, led mostly by residential growth with a burgeoning commercial and industrial sector in tow. Moreover, S&P expects the City to sustain its strong budgetary performance and its firm grip on available reserves and liquidity, something for which the City has garnered praise in the past. Cibolo's financial management strategies have also been dubbed "good," with a strong institutional framework score setting the pace for future plans.
In clamor of this financial breakthrough, City Manager Wayne Reed highlighted the city's stalwart financial prudence. "Recently, the City issued bids for the 2024 Certificate of Obligations bonds in the amount of $8,485,000 to support our capital improvement projects, securing competitive interest rate of 3.276%," Reed relayed, crediting Anna Miranda, Finance Director, for her exemplary management of the City’s finances.
Looking ahead, Cibolo is laying the groundwork for further enhancement of its civic and economic landscape. The City is poised to commission a new retail market study, initiate a Downtown Master Plan and spearhead critical infrastructure upgrades. These initiatives fall in step with the City Council's Strategic Plan, which prioritizes intentional community development and high-caliber growth, paving the way for a prosperous and well-planned future for Cibolo.
