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The City’s strong fiscal management, economy, reserves, and development and investment pipeline recognized

The City of Jacksonville is honored to announce that S&P Global and Kroll Bond Rating Agency have reaffirmed top-tier “AA” ratings and a stable outlook for the City’s 2026 special revenue bonds, which fund infrastructure projects in the Capital Improvement Plan. Last week, Fitch Ratings reaffirmed an “AA+” rating.

All three leading agencies agree that Jacksonville is in a strong financial position after conducting an unbiased and apolitical analysis of the City’s current and future fiscal outlook.

The S&P and KBRA ratings reflect strong fiscal management, a fast-growing economy, a commitment to storm resilience, a robust pipeline of downtown development projects, and healthy budget reserves.

“We are grateful S&P and KBRA have joined Fitch in recognizing Jacksonville’s strong financial position and budget management,” said Mayor Donna Deegan. “These top-tier ratings are like having a good personal credit rating that means lower interest rates and money saved for your family. Similarly, the City will save millions in taxpayer dollars as we fund critical infrastructure projects across Jacksonville.”

Highlights from the S&P Global Analysis

• Strong Fiscal Management: Proactive and sophisticated financial policies and practices, demonstrated by well-rounded budgeting practices, general fund forecasting and long-term capital planning, and formal policies on debt and investments.
• Robust Economy: The “AA” rating reflects S&P’s view of Jacksonville’s robust and diverse economy, which continues to strengthen through healthy employment gains and investment coming to the city, along with an already significant military presence.
• Focus on Resilience: The City is working to address its immediate and long-term weather-related risks by implementing the Resilient Jacksonville strategy, which includes a commitment to reduce risk in land and neighborhood decisions.

Highlights from the KBRA Analysis

• Jacksonville’s strong commitment to financial resilience.
• The City’s $7 billion public and private development pipeline, of which approximately 54% is completed or under construction, includes projects for parks, infrastructure, mixed-use development, and workforce development.
• Fund balance levels far exceed the City’s Reserve Policy targets, providing a substantial cushion.

Fitch Recognizes City’s Fiscal Management, Booming Economy, and Fast Population Growth

The City of Jacksonville is honored to announce that Fitch Ratings has assigned another top tier “AA+” rating for our 2026 special revenue bonds.

A city’s bond rating is a measure of its credit quality, which is the ability to pay a bond’s principal and interest in a timely fashion. A higher bond rating means the city can borrow for infrastructure projects at a lower interest rate, saving millions of taxpayer dollars in the process.

This rating reflects the high financial resilience assessment that Jacksonville received, which is “underpinned by the city’s solid operating track record and Fitch’s expectation that available reserves will continue to exceed 10% of spending.” It also incorporates an increase in economic and institutional strength that recognizes “the city’s position as an anchor of the northeast Florida economy.”

“We are grateful Fitch recognizes that we are financially strong and getting stronger,” said Jacksonville Mayor Donna Deegan. “This year’s rating marks the third year in a row that we have received a top tier AA+ rating. It’s not just a trophy for City Hall. It represents savings for taxpayers. It tells the world that Jacksonville is serious, stable, and well managed. It confirms we’re a city on the rise that is worth betting on.”

1. Fitch acknowledged strong fiscal management and efficiency. Specifically, Fitch’s analysis showed revenues exceeding the budget because of “substantial expenditure savings due to departmental and non-departmental operating cost savings – a testament to the City’s fiscally responsible approach to budgeting through technology adoption, LEAN904 process improvements, data-driven decision-making, and holding the number of non-public safety employees flat, despite a growing community.

2. Fitch noted Jacksonville’s fast population growth. Based on the median of 10-year annual percentage change in population, Fitch rated Jacksonville’s population trend as “Strong.” In other words, the city’s population is of sufficient size, and the economy is diversified enough to qualify for their highest overall size/diversification category.

3. Fitch analysis shows that Jacksonville’s economy continues to excel. Not only is Jacksonville the anchor of Northeast Florida economy, but it also has large and expanding healthcare, logistics, and defense industries that make up a highly diverse economy. This led to a year-over-year +1 notch in the “Additional Analytical Factor” for economic strength. The City’s focus on nurturing an attractive business environment and improvements in quality of life has enabled this continued growth.

Jacksonville was recently named the Best-Run City in Florida, according to WalletHub’s Best- & Worst-Run Cities in America (2026) ranking.

Overall, Jacksonville ranked as the 18th best-run city out of 148 in the United States. The city earned a particularly strong score for total budget per capita, placing 8th nationally in that category.

“We’re honored to be named the Best-Run City in Florida open_in_new. This national recognition confirms what we already knew: Jacksonville is a city on the rise,” said Mayor Donna Deegan. “We manage the city efficiently, spend tax dollars wisely, and invest in priorities that deliver the greatest return for our citizens. That’s why Jacksonville has so much momentum right now — and we aren’t slowing down.”

WalletHub analysts compared the quality of public services delivered to residents with the overall budget to assess how effectively public funds are managed. Their analysis examined:

• 148 of the nation’s largest cities
• A “Quality of Services” score based on 36 metrics
• Six key service areas: Financial Stability, Education, Health, Safety, Economy, and Infrastructure & Pollution

The report also noted the complexities of governing growing cities and the ongoing need for leaders to balance community priorities with limited resources.