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City News

Posted on: June 30, 2023

Killeen receives national financial awards, receives upgraded bond rating

Distinguished Budget Award

Improved S&P bond rating influences interest rates, stability and more

KILLEEN, Texas (June 30, 2023) – The City of Killeen has earned two national awards from the Government Finance Officers Association (GFOA), as well as an upgraded bond rating from the Standard and Poor’s (S&P).

The awards are the Certificate of Achievement for Excellence in Financial Reporting for its 2021 Comprehensive Annual Financial Report (CAFR) and the Distinguished Budget Presentation Award for its 2022 Annual Budget.

The certificate of achievement is the highest form of recognition in governmental accounting and financial reporting and represents a significant accomplishment by the government’s management. An impartial panel judged the City’s submission and determined that the CAFR demonstrated the spirit of full disclosure and was produced to clearly communicate the financial picture.

The Distinguished Budget Presentation Award is achieved by organizational budgets that meet or exceed nationally-recognized guidelines that determine how well the budget serves as a policy document, financial plan, operations guide and communication tool.

In addition, the City received upgraded bond ratings from S&P Global Ratings. S&P Global Ratings raised its long-term and underlying rating (SPUR) to “AA” from “AA-“ on Killeen’s outstanding general obligation (GO) debt.

“That’s a big deal,” Killeen City Manager, Kent Cagle, said. “It’s the result of a lot of things-- a lot of policy direction by the City Council, a lot of good work by City staff, but especially from the Finance Department. Everybody else was having a (Juneteenth) holiday and they were working over the weekend to make sure what we got to Standard and Poor’s was a very professional document that answered all of their questions.”

At the same time, S&P Global Ratings assigned its “AA” long-term rating to the city’s anticipated $32 million series 2023 combination tax and revenue certificates of obligation.

According to the report, the upgrade reflects S&P’s view of the city’s continued economic growth that has translated to a material improvement in its underlying economic metrics. It also reflects the city’s track record of positive budgetary performance.

“I just want to congratulate the staff because a lot of times, word gets out in the public that we don’t do very good with our finances,” Councilman Jose Segarra said. “So, I hope that this is heard loud and clear how great it is because of our financial management to the city, to our citizens that we got that rating, because I’ve been here long enough to understand the importance of this and it is a big thing…I just want to re-emphasize to our citizens that they are definitely taking care of our finances.”

The bond rating is an important process because the rating provides information for investors as to the quality and stability of the bond and greatly influences rates, investment appetite and bond pricing. For the full report, please visit

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