The city of Spokane Valley received good news early this month when Moody's Investors Services announced that it had upgraded the city's bond rating from A1 to Aa3, citing "the city's low debt burden, [the city's] sizeable tax base which is expected to expand into the medium-term, and [its] healthy financial performance."
"This rating is a direct result of recent City Council actions to spend carefully with responsible budgets, maintain efficient government and keep a strong commitment to priorities," said Mayor Dean Grafos in response to the news.
Grafos noted that the city's increased focus on economic development is intended to build commerce and expand the tax base beyond anticipated population growth while easing the burden on city taxpayers.
The city of Spokane Valley currently has just $7.4 million in debt, which is less than 2 percent of the city's total debt capacity.
Grafos commended City Manager Mike Jackson for his "excellent leadership," describing Finance Director Mark Calhoun as "equally effective" in achieving the improved rating. He also expressed his appreciation for other department directors and staff members for their roles in managing the city's finances.
"It's been team effort and the results of this work will greatly benefit taxpayers and continue to move the city of Spokane Valley forward,"