Financial ratings agency raises rating for Lyons Township Government
Standard & Poor’s, one of the nation’s most prestigious financial rating agencies, on Wednesday, August 23 announced they raised the Credit Rating for the Township of Lyons Government due to its strong financial status.
Standard & Poor’s raised the Township Rating from AA to AA+ citing a number of factors including: the township’s “improved debt profile” and the “early retirement of existing debt;” “stronger economic metrics; and robust local tax base.”
A financial report issued by Standards & Poor’s describes Lyons Township as “generally stable” with “modest surpluses most years.” The annual budget for Lyons Township is $8 million.
Standard & Poor’s concluded, “The stable outlook reflects our expectation that the township will achieve balanced operations during the two-year outlook horizon and maintain its very strong reserve position.”
Lyons Township Supervisor Chris Getty said the rating increase, at this time when the nation’s economy is unpredictable and sometimes uncertain, strengthens the Township’s financial position going forward.
“We are very happy with the decision of Standards and Poor’s to raise our credit rating from AA to AA+,” said Getty, who was elected in 2017 and leads the Town Board which consists of six independently elected Township officials.
“It is an affirmation of the competence and strong financial health of the Township which is reassuring to our homeowners and businesses. It shows the Township is a fiscally conservative government operation and an excellent custodian of the tax dollars we are entrusted with.”
The township has historically maintained robust reserves of over 75% of expenditures, a trend that we expect will continue and consider a credit strength, the report from Standard & Poor’s stated.
“Since 2016, Lyons’ debt profile has improved to very strong from weak, reflecting the early retirement of existing debt and rapid amortization. With no additional debt plans, we anticipate this aspect of Lyons’ credit profile will remain a strength. The township contributes to the Illinois Municipal Retirement Fund, an agent of the State’s municipal multiple-employer pension plan. The plan was 122% funded in 2021, representing a net pension asset for the township of $1.1 million. Additionally, Lyons does not pay for other post employment benefits for its employees.”
Lyons Township includes 17 municipalities with a population of more than 110,000.
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