The Town of Trophy Club is on solid financial footing and recently earned awards, accolades and an increased bond rating that places the DFW community amongst some of the strongest municipalities in Texas. With 32% of the Town’s general fund operating budget in reserves and a clean unmodified audit issued for FY13, officials are committed to ensuring the 30-year old community remains financially solid.
Town Manager Mike Slye said, “From well established fiscal policies and profiles, to financial transparency and a distinguished budget, Trophy Club continues to stand out and elevate the township’s operations and management of public monies. We have come a long way and I am proud of the latest achievements shared by the Town Council and Staff.”
The Town of Trophy Club recently received the Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA). The award recognizes the Town’s commitment to the highest principles of government budgeting and utilizes nationally recognized guidelines for scoring budget presentation. The Finance Department worked to increase scores over previous years by adding consolidated financial schedules, the potential financial impact of capital investments on the operating budget and improved the overall budget presentation. The Town has also earned GFOA’s Certificate for Excellence in Financial Reporting (CAFR) for four years in a row.
Earlier this month, the Texas Comptroller’s office named Trophy Club one of only 39 municipalities in Texas to achieve the new Platinum award for financial transparency in the Texas Comptroller Leadership Circle. The award recognizes local governments across Texas that implement a high level of online financial transparency by providing taxpayers with a detailed picture of government spending in a user-friendly format.
In March, the Town of Trophy Club's Standard & Poor's (S&P) AA bond rating was upgraded to AA+, enhancing the Town's credit and financial profile. The improved bond rating speaks volumes about the Town's fiscal policies and practices, management of public monies and strong financial profile. The AA+ rating indicates that an obligor has VERY STRONG capacity to meet its financial commitments.
The rating reflects S&P’s opinion of the town's following credit factors, including its:
- Very strong economy,
- Very strong budgetary flexibility,
- Very strong liquidity,
- Strong management conditions,
- Strong Institutional Framework.
Trophy Club’s financial management, practices and policies have positioned the community’s future to ensure strong, stable growth.