Tue March 1, 2022
DOWNERS GROVE, IL—S&P Global Ratings raised its long-term rating to ‘AAA’ from ‘AA+’ on Downers Grove Park District’s GO debt outstanding. Downers Grove Park District has been assigned an ‘AAA’ long-term rating to the District’s series 2022 general obligation (GO) limited-tax park bonds.
The raised rating reflects S&P Global Ratings’ view of the District’s continued economic improvement, evidenced by tax base gains, maintenance of very strong reserves backed by a four-month minimum reserve policy, use of surplus operating funds to pay for capital projects which has kept its debt burden manageable, demonstrated financial resilience through the COVID-19 pandemic, and significant financial flexibility with additional taxing flexibility.
Downers Grove Park District maintains very strong operating reserves through proactive budgeting measures and revenue-raising flexibility. With careful management of discretionary spending, adjustment of expenditures, and conservative budgeting throughout the pandemic, the District’s finances have remained stable and performed well in 2020 and 2021.
The District will use bond proceeds to fund various capital improvement projects within the Park District including the addition of a community-based spray ground feature at McCollum Park, as well as, fund other park improvements including pickleball courts, LED lighting, an improved trail system and more.
“The District is proud to receive the highest level bond rating. We are eager to complete the much-desired capital improvements at McCollum Park utilizing the GO bonds in addition to anticipated grant funding,” said Cathy Mahoney, President of the Downers Grove Park District Board of Commissioners.