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FOR IMMEDIATE RELEASE The City of Springfield’s bond rating of Aa1 was recently affirmed by Moody’s Investors Service. The City asked for a rating in conjunction with upcoming general obligation bond issuance. Moody’s is a bond rating agency that ranks the creditworthiness of borrowers. Moody’s report recognized the City’s effort toward responsible financial management, saying, “The City’s financial position is expected to remain healthy over the near-term given its current satisfactory reserve levels which provide adequate cushion again fluctuating sales tax revenues and prudent fiscal management.” The report also recognized the City’s efforts to increase the reserve balance, often referred to as the “rainy day fund.” Reserve levels are described as “satisfactory”. Previous reports characterized the City’s reserve levels as “somewhat narrow, especially as the city primarily relies on sales tax as its main source of operating revenue.” Finally, the report acknowledged the renewal of the Police-Fire Pension Sales Tax, describing the pension burden as “average, but manageable”. # # # For more information, contact City Finance Director Mary Mannix Decker at 417-864-1399.