Summary: West Des Moines, Iowa; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to West Des Moines, Iowa's anticipated $13.17 million series 2023A general obligation (GO) bonds, $17.2 million series 2023B taxable GO urban renewal bonds, $20.33 million series 2023C GO urban renewal bonds, and $4.855 million series taxable GO urban renewal bonds. S&P Global Ratings also affirmed its 'AAA' ratings on the city's existing GO debt. The outlook is stable. The city's GO pledge and an agreement to levy ad valorem property taxes without limit as to rate or amount secure the bonds. Series 2023A bond proceeds will be used for projects within the capital improvements program. Series 2023B bond proceeds will be used for urban renewal projects, including construction of a citywide conduit

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 126 Market value per capita ($) 144,415 Population 70,123 69,131 County unemployment rate (%) 4.2 Market value ($000) 10,126,797 9,362,315 9,006,196 8,287,957 Ten largest taxpayers % of taxable value 21.3 Strong budgetary performance Operating fund result % of expenditures 5.3 14.6 (4.2) Total governmental fund result % of expenditures 4.7 (0.4) (5.7) Very strong budgetary flexibility Available reserves % of operating expenditures 60.7 66.2 49.9 Total available reserves ($000) 49,956 45,729 35,692 Very strong liquidity Total government cash % of governmental fund expenditures 83 83 87 Total government cash % of governmental fund debt service 366 387 394 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 22.6 21.4 22.1 Net direct debt % of governmental fund revenue 238 Overall net debt % of market value...

Summary