Page 9 - CityofHasletFY25AnnualBudget

CITY OF HASLET

FY 2024-2025 Budget Review

Standard and Poor’s Raises Haslet’s Ratings
On Oct 18, 2024, Standard and Poor’s (S&P Global) issued the City of Haslet its report raising its ratings of the
City of Haslet to “AA+.” Excerpts from the report include:

Credit Highlights
 “S&P Global Ratings raised its long-term and underlying ratings on the City of Haslet, Texas' existing
general obligation (GO) bonds and certificates of obligation (COs) to 'AA+' from 'AA'.”
 “The outlook is stable.”

Credit Overview
 “The rating reflects the expansion and diversification of the local economic base, supported by strong
regional growth and local residential and commercial development, which has led to stable financial
performance and a reserve position of more than 100% of fiscal 2023 revenues. The rating also incorporates
our view of strong income metrics when compared with that of the U.S. and the county but is offset by our
view of a small population, with only 2,284 people. Despite growth in the city, management has addressed
capital needs with minimal debt, relative to peers, and through cash financing as it looks to use one-time
revenues.”
 “The city has recorded consistent operating surpluses, with more of the same projected for fiscal 2025.
Strong operating results contributes to a very healthy reserve position, that has allowed the city to cash fund
capital projects, therefore limiting their debt burden. Compared with peers, the city's debt burden is below
average and with limited additional debt plans, we view the debt profile as supporting the upgrade.”

S&P Global Poors analyzed Haslet’s last three budget years and considered our budgeting practices, priorities, and
accounting methods to render their opinion and subsequent rating increase to AA+. Much credit goes to our Finance
Director, Marcy Lamb, for this rating increase. Good job, and thank you, Marcy!

Continued Growth
Since 2017, Haslet has approved seven subdivisions, 2,005 additional lots for single family residential homes.
Haslet has experienced rapid growth that can be seen by the new residential housing permits issued since Fiscal
Year (FY) 2017-2018. New single-family residential housing permits issued to date are:

 FY 2017-2018 - 22 permits
 FY 2018-2019 - 61 permits
 FY 2019-2020 - 114 permits
 FY 2020-2021 - 382 permits
 FY 2021-2022 - 239 permits
 FY 2022-2023 - 265 permits
 FY 2023-2024 - 280 permits

A total of 1,363 new single-family residential housing permits have been issued since 2017. A conservative estimate
of Haslet’s current population is 4,450, a 264% increase in 7 years. Current trends indicate that new home
construction will be completed in FY 2028-2029 resulting in an estimated population of 8,500.

*101 MAIN ST., HASLET, TX 76052 * WWW.HASLET.ORG * 817-439-5931 * FAX 817-439-1606 *

Haslet Adopted Budget FY 2024-2025 7