ZIONSVILLE, IN (December 9, 2024) – Zionsville has reached an important milestone in its financial stewardship, earning recognition from Standard & Poor’s (S&P), a premier financial rating agency. S&P upgraded the town’s financial outlook from “negative” to “stable” while reaffirming its robust “AA” credit rating on tax-secured bonds.
In its December 6, 2024, audit report, S&P cited Zionsville’s enhanced governance, updated long-term capital and financial plans, and newly adopted policies on internal control, investment, debt management, and reserves as pivotal improvements.
This marks a significant turnaround following the October 2022 downgrade that stemmed from financial oversight challenges and internal conflicts among town officials. Since then, Zionsville has implemented comprehensive reforms to strengthen its financial policies, planning efforts, and management practices.
“The removal of the ‘negative outlook’ is a major win for Zionsville and shows we’re getting back on track financially,” said Mayor John Stehr. “The rating agency is telling us we’re heading in the right direction. What the marketplace wants to see now is consistency in financial operations over the long term. We are committed to delivering that.”
The S&P report also acknowledged progress in addressing prior findings by the State Board of Accounts, including compliance issues with state financial reporting and internal controls. Zionsville has since fulfilled its reporting obligations and added staff to ensure future submissions are timely and accurate.
According to S&P, “The stable outlook reflects the town’s growing economy, which will continue to support balanced operations and robust cash reserves despite drawdown plans over the rating horizon. It also reflects our improved view of the town’s internal controls and financial oversight.”
Zionsville’s commitment to sound financial practices underscores its dedication to ensuring long-term fiscal stability and fostering community trust.
Click here to download the full report.