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City of Omaha - Nebraska

City of OmahaOmaha, Nebraska

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(October 29, 2018)

For the fifth year in a row,  Omaha’s bond rating will remain unchanged at one of the highest ratings possible from Moody's Investment Services and S&P Global.

S&P Global assigned a AA+ rating with a stable outlook. This is S&P's second highest rating described as "high grade".

Moody’s assigned a Aa2 rating with a stable outlook on the City's General Obligation Bonds. This is Moody's third highest rating described as "high quality and very low risk". 

 

HIGHLIGHTS OF THE S & P REPORT

Strong city economy, low unemployment

Strong management, good financial policies

Strong budgetary performance, conservative budgeting, historically accurate budget estimates

Revenue growth

Annual budget surpluses

 

HIGHLIGHTS OF THE MOODY’S REPORT

Healthy economy, sizable tax base, low unemployment

Strong city budget management


Both agencies again cite unfunded pension liability as the primary reason the city has not earned a AAA bond rating.

“The City of Omaha will not get a AAA bond rating until we negotiate a sustainable solution to reduce our pension liability,” said Mayor Jean Stothert. “The steps we have taken are not enough. We will continue to ask our employee unions to approve pension reform that is fair to our employees and the taxpayers.  We must reach agreement to protect the city’s financial future.”   

Both agencies also want to see an increase in the City’s two savings funds.  The Cash Reserve Fund is projected to end the year with a balance of $8.8 million.  The City Charter allows for up to $32 million in that fund. The Contingent Liability Fund is projected to have a $3.5 million balance at the end of 2018.

Each year, Mayor Stothert has budgeted an increase in both funds. 

Mayor Stothert met with representatives of both agencies earlier this month.

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