FOR IMMEDIATE RELEASE

STANDARD AND POOR’S REAFFIRMS ORLAND PARK’S “AA+” CREDIT RATING

The positive credit rating highlights the Village’s effective financial management

Orland Park, IL (October 6, 2023) – Orland Park Mayor Keith Pekau announced that Standard and Poor’s (S&P) Global Ratings has released their latest report on the Village’s credit standing, affirming both the Village’s “AA+” rating and its “Stable” outlook. The Village benefits from these ratings by securing lower interest rates for future borrowing, ultimately saving taxpayer dollars.

“We are thrilled that S&P affirms our fiscally-responsible approach, which is great news for local taxpayers and puts our Village government on solid financial footing for the future,” said Pekau. “S&P cited our continued commitment to conservative budgeting and projections, which have consistently outperformed projections and S&P expects that the Village will continue to do so. Looking forward, we will continue to make responsible fiscal decisions in order to keep our tax rate low, enhance our quality of life, and attract families and businesses to Orland Park.”

According to S&P, the AA+ bond rating reflects its view of the Village’s “very strong management under our Financial Management Assessment methodology, including monthly budget-to-actual and investment holdings reports to the Village Board, a comprehensive five-year financial and capital plan that is updated annually, a formal investment policy, a formal debt policy, and a formal reserve policy of maintaining 20% of general fund expenditures with a goal of 25% for cash flow and emergency contingencies, and, as a home rule community, support from a strong institutional framework score.”

Ultimately, municipalities that boast stronger credit ratings and outlooks will receive more favorable interest rates in borrowing transactions, saving taxpayer dollars. The full analysis can be found on the Village of Orland Park website.

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