CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS PAGE
Overview
Debt Management Program
1 Debt Issued During Fiscal Year 2025
1 Debt Program Work Plan for Fiscal Year 2026
1 Debt Administration
2 Debt Management Projects
2 Debt Management Policies
4 Citywide Debt Service
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Bookmark
Rating Agency Overview/Actions
8 Debt Financing Team
10 Trustee Activity
10 Investment Activity
11 Debt Detail Report
12 Comparative Statistics
Municipal Financial Ratio Analysis: Fresno vs. California Top 10 by Population
17 Peer Analysis to Largest 10 Cities
17 Debt Coverage
Airport Enterprise
18 Water Enterprise
19 Wastewater Enterprise
21 Appendix - Ratings History
Lease Revenue Bonds
22 Airport Revenue Bonds
22 Water Revenue Bonds
23 Wastewater (Sewer) Revenue Bonds
23 CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
1 Overview
This section of the report provides an overview of the Debt Management Program, Debt Management Policies, Rating Agency Relations and Credit Maintenance, Composition of the Debt Financing Team, and Trustee activity during the year.
The City has a variety of financing tools at its disposal, with each one having its own benefits that may work best for a particular financing. Short-term debt options include Tax and Revenue Anticipation Notes, Commercial Paper, Bond Anticipation Notes, and Lines of Credit. Long-term debt options include voter approved General Obligation Bonds, Revenue Bonds, Loans, and Capital Leases. Each tool is discussed in detail in the City’s Debt Management Policies. The Annual Debt Report does not include discussions on City’s obligation for pension and other post-employment benefits.
A. Debt Management Program
Debt Management, a section within the Finance Department, is responsible for managing both the debt issuance process and subsequent debt administration for all City borrowings. This section of the report provides an overview of debt issuance in fiscal year 2025, the debt program work plan for fiscal year 2026, debt administration and debt management projects that have been completed, are currently underway, or are planned for fiscal year 2026.
1. Debt Issued During Fiscal Year 2025
Fiscal year 2025 debt issuance totaled $41.6 million, composed of the following:
• Equipment lease purchases of $18.1 million placed directly with Banc of America Public Capital Corp. Of the $18.1 million, $3.9 million were disbursed for police and fire vehicles, $7.3 million was for critical upgrades to the City’s Information Services’ software and radio communications, and $6.9 million for a police helicopter.
• The Wastewater Management Division obtained $23.4 million in financing during fiscal year 2025, currently held with Flagstar Funding Corp., to support energy-efficient upgrades and critical infrastructure improvement at the Wastewater Treatment Plant.
2. Debt Program Work Plan for Fiscal Year 2026
New Bonds - Debt Management staff continue to look at existing debt in order to find opportunities to save on interest expenses. In April 2025, Staff began working with Financial and Legal Counsel on
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
2 issuing new bonds to construct a new Fire Station No. 12, a new 911 Emergency Call Center, and constructing and installing certain improvements to the Police Department Headquarters Building.
Estimated project costs are approximately $18 million, $16.9 million, and $12 million, respectively.
New Loans - Debt Management staff remain available to assist departments with their financing needs during fiscal year 2026.
New Leases - The City has budgeted for lease payments in fiscal year 2026 totaling $15.9 million to fund primarily public safety vehicles. The City currently has one Master Lease with Banc of America Public Capital Corp. for all equipment.
3. Debt Administration
After debt has been issued, Debt Management is responsible for administering the debt portfolio. Section E of this report, Debt Financing Team, provides a detailed discussion of debt administration tasks performed by Debt Management staff.
New reporting requirements were established in fiscal year 2015 by the California Debt and Investment Advisory Commission (CDIAC) of the California State Department of the Treasury requiring the filing of a Report of Proposed Debt Issuance by any agency that is increasing debt, followed up with a Report of Final Sale. These reporting requirements were codified on September 12, 2016 through California Senate Bill 1029 (SB 1029). In the past, issuers of the original debt instruments were required to file these reports, and borrowers of the debt from the issuer were not required to report. These requirements make it imperative that Debt Management staff be involved in any and all loan transactions that the City is considering.
4. Debt Management Projects
In addition to debt issuance and administration, Debt Management staff serves in a financial advisory role to other City departments and works on other projects as necessary. Various projects and administration efforts are described below and on the following pages:
Master Equipment Lease Purchase Agreement (MELPA) - The City uses a single lender for all of its equipment financing needs. The current MELPA with Banc of America Public Capital Corp. (BAPCC) expires on December 31, 2028. As of June 30, 2025, the City has borrowed $18.1 million of its $55 million capacity under the MELPA.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
3 TEFRA Hearings for Conduit Financings - A Tax Equity and Financial Reform Act (TEFRA) hearing is mandated by the IRS to provide a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the issuance of bonds and the nature of the improvements and projects for which bond funds will be allocated. The TEFRA hearing is held in the jurisdiction in which the facilities constructed by bond proceeds are located, and must be held prior to approval by the agency issuing the bonds.
On December 28, 2018, the IRS released updated rules for noticing TEFRA Public Hearings that allows the City to publish TEFRA Public Hearing notices on the City Clerk's website. Previously, the City had to publish TEFRA Public Hearing notices in the daily newspaper of largest circulation in the project location.
In addition to the location of the publication, the IRS reduced the minimum number of days that the notice has to be published from at least 14 days prior to the hearing date to at least 7 days prior to the hearing date. These changes substantially minimize the costs of publication and timing for preparation.
The City Council of the City of Fresno held a TEFRA hearing on May 1, 2025, for a proposed bond issuance by the California Municipal Finance Authority to be loaned to Caritas Affordable Housing, Inc., a California nonprofit public benefit corporation, to be used for the acquisition and improvement of a 234- space mobile home park known as the Franciscan/Towne & Country. Debt Administration staff assisted in the preparation and publication of documents for this TEFRA Hearing.
The City Council of the City of Fresno held a TEFRA hearing on May 1, 2025, for a proposed bond issuance by the California Municipal Finance Authority to be loaned to HumanGood Fresno, a California nonprofit public benefit corporation, to be used for various renovations to existing infrastructure and upgrades to housing units and amenities at the following continuing care community known as The Terraces at San Joaquin Gardens. Debt Administration staff assisted in the preparation and publication of documents for this TEFRA Hearing.
The City Council of the City of Fresno held a TEFRA hearing on May 1, 2025, for a proposed bond issuance by the California Municipal Finance Authority to be loaned to Pleasant View 2024 Limited Partnership, a Michigan limited partnership, to be used for the financing and refinancing of the acquisition, rehabilitation, improvement and equipping of an affordable rental housing facility that includes 60 apartment units. Debt Administration staff assisted in the preparation and publication of documents for this TEFRA Hearing.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
4 The City Council of the City of Fresno held a TEFRA hearing on May 1, 2025, for a proposed bond issuance by the California Municipal Finance Authority to be loaned to Pleasant View 2024 Limited Partnership, a Michigan limited partnership, to be used for the financing and refinancing of the acquisition, rehabilitation, improvement and equipping of an affordable rental housing facility that includes 60 apartment units. Debt Administration staff assisted in the preparation and publication of documents for this TEFRA Hearing.
B. Debt Management Policies
The City Council adopted the Taxpayer Protection Act on December 3, 2009 in order to institute formal debt financial management policies. The Act was amended on February 25, 2010, and revised again on April 6, 2017 with the latest revision updating language and bringing the policy into compliance with SB 1029. The Debt Management Policies (“Policies”) establish parameters for when and how the City may enter into debt obligations. The Policies permit sufficient flexibility to allow the City to take advantage of opportunities that may arise. Objectives of the Policy are:
• Minimize debt service and issuance costs.
• Provide a scheduling component (planning).
• Maintain access to cost-efficient borrowing.
• Achieve the highest practical credit rating.
• Full and timely repayment of debt.
• Balance use of pay-as-you-go and debt financing.
• Maintain full and complete financial disclosure and reporting. • Ensure compliance with applicable State and Federal laws.
The primary goal of the Policies is to achieve the highest practical credit ratings and strive to elevate and maintain those ratings to sustain cost-effective access to capital markets. To fulfill this goal and these objectives, certain ratios have been identified to quantify the City’s performance relative to direct debt.
These measurements are as follows:
• Net Direct Debt (tax-supported General Fund debt, net of self-supporting and revenue anticipation debt) to Assessed Value shall not exceed 3%.
• Percentage of Principal on Net Direct Debt Retired in ten years shall average 35%. • Net Direct Debt as a percentage of General Fund ("GF") Appropriation shall be less than 10%.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
5 The table on the next page is an update of the table in Section 6 of the Debt Policies.
Key Debt Ratios Description/Trend City of Fresno
FY 2025 Debt
Ratios
Net Direct Debt to Assessed Property Value %
(Favorable Trend=Lower than 3%) 0.3%
% Of Principal Net Direct Debt Retired in Ten Years
(Favorable Trend = Greater than 35%) 90.06%
Net Direct Debt Service as % of General Fund Appropriations (Favorable Trend = Less than 10%) 5.00%
In addition to this table, an additional quantitative goal stated in the Debt Policies is that the average Percentage of Principal on Net Direct Debt Retired in 15 years should be at least 40%. During fiscal year 2025, this percentage was 96.43% on Paid Principal.
C. Citywide Debt Service
The graph below illustrates the size of the City’s debt portfolio and the dollar volume of debt issued in each of the last ten years. Increases in New Issuances between fiscal year 2015 and fiscal year 2018 were due to Water and Sewer Divisions of the Department of Public Utilities borrowing funds from the California State Water Resources Control Board to meet conservation and recycling requirements imposed by the State. The reduction in Business-Type debt in fiscal year 2019 and fiscal year 2020 was due to the defeasance of $132.5 million in fiscal year 2019 of Sewer System Revenue Bonds, Series 2008A, and then the subsequent payoff of $27.3 million in fiscal year 2020. The reduction in Business- Type debt in fiscal year 2021 was due to the defeasance of $27.6 million of all Water System Revenue Bonds 2010 Series A-1. The City issued Lease Revenue Bonds in the amount of $17.1 million in fiscal year 2021 for the purpose of constructing an Animal Services Facility. In fiscal year 2023, the Airport Department issued $91.1 million to construct a new terminal and federal inspection station. In fiscal year 2024, the Wastewater Division borrowed $23.4 million for energy efficiency and infrastructure improvements at the wastewater plant.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
6 General Governmental includes debt that is not Business-Type (paid out of the Water, Sewer and Airports enterprise funds) but is paid by either the General Fund or under special circumstances, Special Revenue Funds specifically designated for the payment of debt service.
The City of Fresno’s general obligation debt capacity is spelled out in the City charter, Article XII, Section 1213. The capacity is 20% of the assessed valuation of all property within the boundaries of the City of Fresno. The capacity for fiscal year 2025 is calculated as follows:
Assessed valuation as of 06/30/2025 $ 52.1 billion
Debt limit X 20%
City’s Debt Limit $ 10.4 billion
The Debt Limit is specifically related to general obligation debt, which is debt that is issued as a result of an election (voter-approved debt). Debt Limit defines voter-approved debt that could legally be outstanding rather than what the City can afford to issue. The City of Fresno has no voter-approved debt.
Additionally, the City has never had total debt outstanding of more than $1.1 billion. $-
$50
$100
$150
$200
$250
$300
$-
$200
$400
$600
$800
$1,000
$1,200
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
New Issuances ($ Millions)
Outstnading Debt (in Millions)
City Debt Portfolio and Debt Issuance History
Fiscal Year 2015-16 through Fiscal Year 2024-25
General Governmental Business-Type RDA/Successor New Issuances
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
7 As of June 30, 2025, the City had one general obligation bond, several Lease Revenue Bonds (LRBs), capital loans and capital leases outstanding that are paid in whole or part by the General Fund. The chart below shows only General Fund debt service:
Fiscal year 2025 General Fund Debt Service was reduced through normal debt service payments.
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Period ending
General Fund Debt Service (In Millions)
LRBs 2002 POBs Leases
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
8 The chart below presents the City’s outstanding debt along with the associated funding sources that support it.
D. Rating Agency Overview/Actions
The City’s debt is rated by the three primary rating agencies (Moody’s, Standard & Poor’s, and Fitch).
The following page provides a scale of the ratings by each agency:
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
Citywide Debt Service (In Thousands)
Water Enterprise General Government Sewer Enterprise RDA/Successor Airport Enterprise
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
9 MOODY’S FITCH/S&P
Rating Rating Description Rating Rating Description
Aaa Strongest AAA Highest
Aa1, Aa2, Aa3 Very Strong AA+, AA, AA- Very High
A1, A2, A3 Above Average A+, A, A- High
Baa1, Baa2, Baa3 Average BBB+, BBB, BBB- Good
Ba1, Ba2, Ba3 Below Average BB+, BB, BB- Speculative
B1, B2, B3 Weak B+, B, B- Highly Speculative
Caa1, Caa2, Caa3 Very Weak CCC+, CCC, CCC- High Default Risk
The ratings for the City’s General obligation, lease revenue, enterprise debt and the Agency’s tax allocation bonds are summarized in the Appendix. A brief overview of the City’s current general ratings (equivalent to a general obligation bond) is provided in the section below.
YEAR MOODY’S S&P FITCH
Rating Outlook Rating Outlook Rating Outlook
2025 A1 Stable AA- Stable AA Stable
2024 A1 Stable AA- Stable AA ↑ Stable
2023 A1 ↑ Stable AA- ↑ Stable A+ ↑ Positive
2022 A2 Stable A+ Stable A Positive
2021 A2 ↑ Stable A+ Stable A Positive
2020 A3 Stable A+ Stable A Stable
2019 A3 Stable A+ Stable A Stable
2018 A3 Stable A+ Stable A Stable
2017 A3 Stable A+ ↑ Stable A Stable
2016 A3 Stable BBB- Stable A ↑ Stable
Arrows indicate an increase () or decrease () from the prior rating.
Fiscal year 2023 marked a historic milestone for the City, as all three major credit rating agencies upgraded the City’s ratings. S&P Global Ratings elevated the City’s rating from A+ to AA- on November 14, 2023, followed by Moody’s upgrading the rating from A2 to A1 on December 19, 2023. Fitch Ratings also increased the City’s ratings from A to A+ on May 11, 2023, and further strengthened its assessment in May 2024 by upgrading the City’s Issuer Default Rating (IDR) to AA from A+. During fiscal year 2024, these enhanced ratings remained firmly in place, reflecting continued confidence in the City’s financial stability, strong management practices, and positive long-term outlook.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
10 E. Debt Financing Team
The City of Fresno uses several individuals/organizations with expertise in their specific function to manage and administer the debt. Day-to-day administration is completed in-house by City staff, including the Controller, Assistant Controller, a Principal Accountant in charge of debt administration and an Accountant/Auditor. The Debt Administration section of the Finance Department manages day-to-day activities; including addressing monthly, semi-annual and annual state and federal reporting requirements, reconciling trustee statements, monitoring arbitrage calculations and continuing disclosure, preparing debt sections of the Annual Comprehensive Financial Report, and budgeting for debt.
The City contracts with various banks to provide trustee, paying agent, and escrow agent services.
Selection of the service provider is done through a Request for Qualifications at the time new debt is being considered. Currently, the City uses Bank of New York Mellon Corporate Trust, Wells Fargo Corporate Trust Services, and Bank of America, NA. Annual reporting requirements such as arbitrage calculations and continuing disclosure requirements are completed by Willdan Financial Services in coordination with the Principal Accountant in charge of debt administration. The City has chosen to use outside entities for arbitrage calculation and continuing disclosure reporting to have an experienced third party ensure accuracy and integrity of the reports and calculations.
The issuance of new debt can be very complex with many different areas of expertise needed. So, the City of Fresno has chosen to use financing teams consisting of in-house City staff with expertise relating to the projects which are to be funded, along with Finance Department and City Attorney’s Office staff with expertise in their respective fields.
In addition to internal staff, the City engages KNN Public Finance as its expert financial adviser, Orrick Herrington & Sutcliff as its bond counsel, and ArentFox Schiff LLP as its disclosure counsel. Underwriters are selected by putting together an underwriting pool through a Request for Qualifications process conducted by the financial adviser. A firm or the firms from that pool which are selected are determined by City staff (with input from the financial adviser) to have the best expertise in the projects that will be financed.
F. Trustee Activity
Trustees provide banking services for debt and act as a conduit between the City of Fresno and their client, the bondholders and/or investors. Debt documentation typically requires that a trustee be selected to hold funds on behalf of the investor in order to ensure that the debt is used for its intended purpose.
Although selected and paid for by the City of Fresno, the trustee works for the investors.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
11 Below is a list of each trustee and the debt instruments for which they provide services:
Trustee Debt Instrument
Fees Paid to
Trustee in
FY2025
Interest/ Dividends
Earned in FY2025
Bank of New
York Mellon
Corporate Trust
Fresno JPFA 1998 Lease Revenue Bonds $29,993 $2,890,175 1999 Community Facilities District #4
2001 Community Facilities District #5
2002 Pension Obligation Bonds
2003 Community Facilities District #7
Fresno JPFA 2004 Lease Revenue Bonds
Fresno JPFA 2017 Lease Revenue Bonds
Fresno JPFA 2020 Lease Revenue Bonds
All City of Fresno Airport Bonds
All City of Fresno Water Bonds
Wells Fargo
Corporate Trust
Fresno JPFA 2001 Lease Revenue Bonds $5,400 $130,983
State Water Resources Control Board Loans
JPFA = Fresno Joint Powers Financing Authority
G. Investment Activity
While bond funds are held in Trust, the City is encouraged to invest them in a manner that is consistent with the Permitted Investments of the bond transaction and yields a favorable rate of return to maximize proceeds available to the City.
With the payoffs of large Sewer and Water bonds, the purchase of surety policies in lieu of funded reserve funds on new bond issuances, and historically low interest rates, funds available for investment were depleted to the point that locking into investments at current investment rates was no longer considered an option for bond proceeds held in trust. All bond proceeds held in trust are now invested in money market funds earning a very low rate of return.
During fiscal year 2025, $3.02 million in interest and dividends was earned on bond proceeds held in trust. All earnings were used to pay a portion of the debt service on City bonds.
12 Debt Detail Report
(sorted by Maturity Date)
The following is a description of Long-Term Debt, Excluding Capital Lease Obligation, which had activity in 2025 (in thousands):
Issuance Net F Y 2025
Rate Issue Maturity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment Taxable Pension
Obligation Bonds 2002
$205,335
taxable
Refund 2000 Taxable
Pension Obligation
Bonds
6.55% 2/21/2002 6/1/2029 Repayment of bonds not limited to any special source of City funds. Principal due annually, interest due
semiannually. City uses funds throughout the City
based on full-time employees assigned to funds.
During 2025 $13,710 was used from General Fund
and $2,481 was used from Enterprise Funds and
Internal Service Funds to make the 2025 debt service
payment of $16 191
$12,560 to
$15,195
55,400$ -$ 55,400$ 64,759$ 16,191$ Fresno Joint Powers
Financing Authority: Lease
Financing Refunding 2017
B, Bee Bldg & Granite Park
B = $21,980
taxable
Fresno Bee Building
and Granite Park
3.48%
to
4.16%
5/10/2017 4/1/2031 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $2,364 was equal to
debt service in 2025.
$1,865 to
$2,270
12,350 - 12,350 14,181 2,364 Fresno Joint Powers
Financing Authority: Lease
Revenue Bonds 2004 C,
Convention Center Parking
Garage
C = $28,870
taxable
Convention Center
Parking Garage
5.90% 4/28/2004 10/1/2034 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $1,528 was equal to
debt service in 2025.
$1,180 to
$1,400
6,543 (3) 6,540 7,538 1,528 Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding Bonds
2017 A, Convention Center
Parking Garage
A = $12,435
tax-exempt
Refinance Convention
Center Parking
Garage
5.00% 5/10/2017 4/1/2035 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $1,139 was equal to
debt service in 2025.
$40 to
$1,785
8,996 (811) 8,185 11,491 1,139 Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding Bonds
(Parks Projects) 2017 A,
Parks Impact Fee Projects
A = $22,965
tax-exempt
Refinance
Improvements to
Various Park Facilities
5.00% 5/10/2017 4/1/2038 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $1,820 was equal to
debt service in 2025.
$975 to
$1,755
18,769 (1,459) 17,310 23,670 1,820 Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding Bonds
2017 A, Police and
Fire/Public Safety
A = $32,065
tax-exempt
Refinance Public
Safety Capital
Improvement Projects
(Police & Fire)
5.00% 5/10/2017 4/1/2039 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $2,386 was equal to
debt service in 2025.
$1,235 to
$2,300
26,116 (1,931) 24,185 33,422 2,386 Fresno Joint Powers
Financing Authority: Lease
Revenue Bonds 2020 A,
Animal Services Facility
A = $17,145,000
tax-exempt
Animal Services
Facility
4.00%
to
5.00%
11/3/2020 4/1/2046 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $1,121 was equal to
debt service in 2025.
$435 to
$1,075
17,510 (1,985) 15,525 23,509 1,121 Revenue and other bonds total 145,684 (6,189) 139,495 178,570 26,549 Governmental total 145,684 (6,189) 139,495 178,570 26,549 Governmental
Revenue and Other Bonds
13 Business-Type (Continued)
Revenue and Other Bonds
Issuance Net F Y 2025
Rate I ssue Maturity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding
Bonds 2017 A, Convention
C
enter
A = $4,260
tax-exempt
Refinance Convention
Center Improvement
Projects (Phase I)
5.00% 5/10/2017 4/1/2027 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. During 2025 the City chose to make
t
hese lease payments from the General Fund in the
amount of $567, which was equal to debt service in
2025. While the City has the right to use any
unencumbered funding source it wishes to use for
future lease payments, it is anticipated that General
Fund revenues will be used to make these future
payments, which the Authority will then use to make the debt service payment.
$515 to
$540
1,096 (41) 1,055 1,135 567 Fresno Joint Powers
Financing Authority: Lease
Revenue Bonds 1998,
Exhibit Hall Expansion
Pro
ject
$32,610
tax- exempt
Construction of an
Exhibit Hall
N/A 9/1/1998 9/1/2028 Current Interest Serial Bonds ($25,395) and Capital Appreciation Serial Bonds ($7,215). Repayment
payable solely by revenues pledged in trust agreement,
primarily Base Rental Payments pursuant to a
F
acilities Lease.
Principal due annually, Interest due semiannually.
During 2025, the City chose to make these lease
payments from the General Fund in the amount of
$750, which was equal to the debt service payment. All
remaining bonds are Capital Appreciation Bonds, so
interest is accreted. While the City has the right to use any unencumbered funding source it wishes to use for
future lease payments, it is anticipated that General
Fund revenues will be used to make future lease
payments, which the Authority will then use to make the debt service payment.
$162 to
$189
2,697 (1,995) 702 3,000 750 Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding
Bonds 2017 A, Exhibit Hall
E
xpansion Project
Refunding
A = $11,665
tax-exempt
Refinance Exhibit Hall
Expansion Project
5.00% 5/10/2017 4/1/2029 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. Lease revenue of $1,398, which was
equal
to debt service in 2025. While the City has the
right to use any unencumbered funding source it
wishes to use for future lease payments, it is
anticipated that General Fund revenues will be used to
make these future payments, which the Authority will
then use to make the debt service payment.
$1,155 to
$1,330
5,248 (283) 4,965 5,600 1,398 Fresno Joint Powers
Financing Authority: Lease
Revenue Refunding
Bonds 2017 A, Stadium
Pro
ject
A = $13,510
tax-exempt
Refinance
MultiPurpose Stadium
Project
5.00% 5/10/2017 4/1/2031 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
Rental Payments. Principal due annually, interest due
semiannually. During 2025, the City chose to make
t
hese lease payments from the General Fund in the
amount of $1,365, which was equal to the debt service
payment. While the City has the right to use any
unencumbered funding source it wishes to use for
future lease payments, it is anticipated that General
Fund revenues will be used to make future lease
payments, which the Authority will then use to make the debt service payment.
$1,020 to
$1,300
7,414 (489) 6,925 8,186 1,365
14 Business-Type (Continued)
Revenue and Other Bonds
Issuance Net F Y 2025
Rate Issue Maturity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment Fresno Joint Powers
Financing Authority: Lease
R
evenue Bonds 2001 A &
B, Stadium Project
A = $23,615
tax-exempt; B
=
$22,235
taxable
Acquire and construct
a MultiPurpose
O
utdoor Stadium
7.03% 6/12/2001 6/ 1/2031 Repayment payable solely by revenues pledged in trust agreement, primarily Base Rental Payments pursuant
t
o a Facilities Lease. Principal due annually, interest
due semiannually. During 2025, the City chose to
make these lease payments from the General Fund in
the amount of $1,818, which was equal to the debt
service payment. While the City has the right to use any unencumbered funding source it wishes to use for
future lease payments, it is anticipated that General
Fund revenues will be used to make future lease
payments, which the Authority will then use to make the debt service payment.
$1,210 to
$1,700
8,660 (5 ) 8,655 10,905 1,818 Airport Revenue Bonds
2007, Consolidated
Re
ntal Car Facility
$22,000
taxable
Construction of a
Consolidated Rental
C
ar Facility and
related improvements
5.83% 6/14/2007 7/ 1/2037 Repayment of bonds solely from operation of the City Airport System. While not required under the Bond
I
ndenture, Airports uses Customer Facility Charge
(CFC) revenues first to meet the debt payment, and
then uses other permitted revenues to cover any
difference between CFC's and the debt payment.
Principal due annually, interest due semiannually.
During Fiscal Year 2025 $1,728 of CFC revenues was
used to fully cover the debt service payment.
$725 to
$2,265
18,235 - 18,235 26,502 1,728 Fresno Joint Powers
Financing Authority: Lease
R
evenue Refunding
Bonds (Riverside Golf
Course) 2017 A, Riverside
Golf Course
A = $1,615
tax-exempt
Refinance
Improvements to
R
iverside Golf Course
5.00% 5/10/2017 4/ 1/2038 Repayment payable solely by revenues pledged under Master Facilities Sublease agreement, primarily Base
R
ental Payments. Principal due annually, interest due
semiannually. During 2025, the City chose to make
these lease payments from the General Fund in the
amount of $132, which was equal to the debt service
payment. While the City has the right to use any
unencumbered funding source it wishes to use for
future lease payments, it is anticipated that General
Fund revenues will be used to make future lease
payments, which the Authority will then use to make the debt service payment.
$70 to
$125
1,308 ( 103) 1,205 1,648 132 Water System Revenue
Bonds (Taxable Build
A
merica Bonds) 2010 A-2,
Water
A-2 = $91,340
taxable
Improvements to the
Water System
6.50%
to
6. 75%
2/3/2010 6/1/2040 Repayment of bonds solely from revenues derived from the operation of the City Water System, except
c
onnection fees and charges, refundable deposits and
capital contributions. Principal payable annually,
interest semiannually. During Fiscal Year 2025, a
federal Build America Bonds subsidy of $1,020,467
was received.
$4,260 to
$7,715
86,505 745 87,250 138,831 10,187
15 Business-Type (Continued)
Revenue and Other Bonds
Issuance Net F Y 2025
Rate Issue Ma turity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment Airport Revenue Bonds
2019, Airport Parking
$35,000
taxable
Construction of a
Parking Garage
3.45% 5/3/2019 7/1/2048 Bonds privately placed with the California Infrastructure and Development Bank (I-Bank). Interest rate includes
3.15% charged by the I-Bank for interest plus 0.30%
charged by the I-Bank as a fee. Repayment of bonds
solely from operation of the City Airport System.
P
rincipal due annually, interest due semiannually.
$883 to
$1,802
30,974 - 30, 974 45,370 1,939 Airport Revenue Bonds
2023, Airport Concourse &
Federal Inspection Station
A = $94,485 AMT B =
$5,690 Non- AMT
Construction of
Concourse and
Federal Inspection
Station
5.00% 5/25/2023 7/1/2053 Repayment of bonds solely from operation of the City Airport System. Bond Indenture requires a minimum
$1,600 of PFC Contribution toward annual debt service
from Passenger Facility Charges (PFC).
$1,915 to
$4,830
94,695 (5,230) 89, 465 158,909 6,055 Revenue and other bonds total 256,832 (7,401) 249,431 400,086 25,939 Business-Type total 256,832 (7,401) 249,431 400,086 25,939 Business-Type (Continued)
Notes Payable
Issuance Net F Y 2025
Rate I ssue Maturity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment Water: Drinking Water
State Revolving Fund
Project 1010007-030C
$67,437
Loaned
Contract between the
State Water
Resources Control
Board and the City for
c
onstruction of a raw
water pipeline to
replace the Enterprise
Canal for the
Northeast Surface
1.60% 8/23/2016 1/1/2050 Repayment of loan is funded from the revenues of the Water Fund. Pledged in parity with the pledges
securing the 2010 Bonds and other State loans for
Water. Principal and interest due in semiannual
i
nstallments $1,420.
$1,409 to
$2,784
57,369 - 57,369 69,573 2,840 Water: Drinking Water
State Revolving Fund
Project 1010007-032C
$13,652
Loaned
Contract between the
State Water
Resources Control
Board and the City for
c
onstruction of a
Northeast Surface
1.80% 11/26/2016 1/1/2051 Repayment of loan is funded from the revenues of the Water Fund. Pledged in parity with the pledges
securing the 2010 Bonds and other State loans for
Water. Principal and interest due in semiannual
i
nstallments of $304.
$383 to
$635
12,581 - 12,581 14,017 608 Sewer: Energy Efficiency
Loan
$23,475
Loaned
Contract between
Flagstar Public
Funding Corp. for the
acquisition and
c
onstruction of energy
efficiency
improvements for the
City's Wastewater
Treatment Plant
5.28% 7/18/2024 7/18/2039 Repayment of loan solely from all revenues derived from the operation of the City Sewer System, except
connection fees and charges, refundable deposits and
capital contributions. Pledged in parity with State loans f
or Sewer. Principal and interest due in semiannual
installments.
$174 to
$1,510
23,300 - 23,300 34,833 794 Notes payable total 399,864 - 399,864 478,513 21,188 Business-Type total 656,696 (7,401) 649,295 878,599 47,127
16 Fiduciary
Notes Payable
Issuance Net F Y 2025
Rate Issue Maturity Annual Outstanding Disc/(Prem) / Principal Payments Debt Service Debt Series Purpose Range Date Date Note Principal Principal Accreted Int Due to Maturity Payment RDA: Roeding Business
Park
$2,118
Loaned
Loaned from the
California
Infrastructure and
Economic
Development Bank to
be used to complete
the Roeding Business
Park
3.53% 3/18/2004 8/1/2033 Principal and interest due in annual installments.
Secured by Tax Increment revenue received into the
Roeding Business Park Project area.
$80 to
$114
895 - 895 1,045 116 Notes payable total 895 - 895 1,045 116 Fiduciary total 895 - 895 1,045 116 Grand total 803,275$ (13,590)$ 789,685$ 1,058,214$ 73,792$
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
17 Comparative Statistics
Data in the tables below are the most current Annual Comprehensive Financial Reports available at the time of publication. Fiscal year 2025 Annual Comprehensive Financial Reports for all comparative cities were not available as of the date of this publication.
Municipal Financial Ratio Analysis: Fresno vs. California Top 10 by Population Group Medians (Most Recent Available)
Moody’s Ratings
Selected Medians Aa – CA 10 Fresno
General Fund Net Position as % of Revenues 28.23% 23.43 Direct Net Debt as % of Assessed Value 0.95% 0.90%
Assessed Value Per Capita $223,308 $93,613
Population 8,814,624 557,032
Average Per Capita Income $107,025 $57,584
All California Top 10 in Population cities except for the Cities of Anaheim and Fresno are in the Aa range.
Peer Analysis to 10 Largest Cities
Metric Average City of Fresno Ranking
General Fund Balance % of Revenues 37.50% 23.43% 8th
Unassigned General Fund Balance % of Revenues 7.70% 7.16% 4th Direct Net Debt Per Capita $1,832 $840 9th
Debt Burden 89% 99% 5th
Per Capita Income $96,498 $57,584 9th
Assessed Value Per Capita $188,761 $93,613 9th
Ranking: 1st is the highest and 10th is the lowest of the largest 10 cities in California ( Good , Average , Not Good ).
Glossary of Terms
Direct Net Debt: Total Debt less any Pension Bonds Outstanding.
Assessed Value: Total Assessed Valuation within the boundaries of the City.
Debt Burden: Direct Net Debt as a percentage of Revenues.
18 Debt Coverage
Airport Enterprise
(in thousands)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating Revenues (1) $ 22,976 $ 24,500 $ 25,891 $ 27,308 $ 26,789 $ 33,470 $ 41,093 $ 44,994 $ 50,893 $ 48,295 Less Operating Expenses (2) 14,934 16,117 17,355 18,701 19,962 20,626 21,290 24,165 25,691 33,531
Other Available Funds (3) 359 368 377 386 395 — 416 412 422 432 Net Revenues $ 8,401 $ 8,751 $ 8,913 $ 8,993 $ 7,222 $ 12,844 $ 20,219 $ 21,241 $ 25,624 $ 14,764
Series 2000 Bonds $ —
$ —
$ —
$ —
$ — $ — $ — $ — $ — $ —
Series 2013 Bonds 2,808 2,803 2,801 2,802 2,801 0 2,804 2,700 2,685 2,309 Less
Minimum PFC Contribution(4) (1,600) (1,600) (1,600) (1,600) (1,600) (1,600) (1,600) (1,600) (1,600) (1,600) Bond proceeds — — — — — — — — — —
Additional PFC Contribution (200) — —
—
— — — — — —
Net Series 2000/2013 Debt Service $ 1,008 $ 1,203 $ 1,201 $ 1,202 $ 1,201 $ (1,600)
$ 1,204 $ 1,100 $ 1,085 $ 709
Series 2007 Bonds 1,437 1,472 1,509 1,544 1,581 — 1,664 1,649 1,688 1,727 Series 2019 Bonds 1,945 1,942 1,939
Annual Adjusted Debt Service $ 2,445 $ 2,675 $ 2,710 $ 2,746 $ 2,782 $ (1,600)
$ 2,868 $ — $ 4,715
$ 4,375
Annual Adjusted Debt Service Coverage
3.44 3.27 3.29 3.27 2.60 -8.03 7.05 Not
Applicable 5.43 3.37
Notes:
(1) State of California law requires the exclusion of Customer Facility Charge (CFC) Revenues from the calculation of Debt Service coverage in excess of annual Debt Service associated with the Series 2007 Bonds.
(2) In accordance with the Indenture, unencumbered funds equal to 25% of Adjusted Debt Service may be designated by the City as Other Available Funds prior to the beginning of any Fiscal Year, and transferred to the Revenue Fund at the beginning of such Fiscal Year. (3) The Supplemental Indenture requires a Minimum PFC Contribution of $1.6 million. (4) Debt Service on the 2023 Bonds commences in fiscal year 2023/2024.
19 Water Enterprise
(in thousands) Fiscal Year
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Revenues
Charges for Services $ 77,959 $ 101,895
$ 107,377 $ 119,029 $ 120,252 $ 127,651 $ 136,479 $ 122,837 $ 124,655 $ 128,945 Less: Connection Fee Charges for Services (1,563) (1,917) (2,531) (2,138) (2,596) (1,835) (1,643) (1,206) (1,180) (1,057) Net Charges for Services (1) 76,396 99,978 104,846
116,891 117,656 125,816 134,836 121,631 123,476 127,888 Other Operating Revenues and Interest Income 1,147 17 — 4,9
6,906 (627) (9,26
(343) 13,00
15,394
Total Revenues $ 77,543 $ 99,995 $ 104,846
$ 121,865 $ 124,562 $ 125,189 $ 125,569 $ 121,288 $ 136,478 $ 143,282 Expenses
Labor and Benefits $ 12,436 $ 12,401 $ 12,176 $ 14,581 $ 13,075 $ 15,428 $ 15,232 $ 16,957 $ 16,019 $ 15,546 Pumping Power 8,150 9,064 9,549 8,358 9,419 10,252
11,516 11,508 13,885 14,813
Source of Supply 6,630 4,188 9,751 6,535 9,027 6,531 8,739 9,177 8,987 12,555 All Other Operating and Maintenance (2) 17,166 21,547 17,692
35,143 26,148 24,728 30,600 50,862 53,080 35,410 Total Operating Expenses (3) $ 44,382 $ 47,200 $ 49,168 $ 64,617 $ 57,669 $ 56,939 $ 66,087 $ 88,504 $ 91,971 $ 78,324
Net Current Revenues $ 33,161 $ 52,795 $ 55,678 $ 57,248 $ 66,893 $ 68,250 $ 59,482 $ 32,784 $ 44,507 $ 64,958
2003A Senior Bond Debt Service (4) $ 1,381 $ 1,380 $ 1,376 $ 1,379 $ 1,379 $ 0 $ 0 $ 0 $ 0 $ 0 State Loans Debt Service 120 — — — — — — — — — Total Senior Debt $ 1,501 $ 1,380 $ 1,376 $ 1,379 $ 1,379 $ — $ — $ — $ — $ — Senior Coverage Ratio 22.09 38.26 40.46 41.51 48.51 Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Net Revenue Available for Parity Debt
Service $ 31,660 $ 51,415 $ 54,302 $ 55,869 $ 65,514 $ 68,250 $ 59,482 $ 32,784 $ 44,507 $ 64,958 2010 Series A Bond Debt Service (5) $ 12,531 $ 12,508 $ 12,509 $ 12,504 $ 12,510 $ 7,020 $ 4,085 $ 4,084 $ 4,059 $ 9,167 State Loans Debt Service $ 2,786 $ 3,533 $ 6,021 $ 10,937
$ 18,562 $ 16,190 $ 16,489 $ 16,489 $ 17,201 $ 16,997 Total Parity Debt Service $ 15,317 $ 16,041 $ 18,530 $ 23,441 $ 31,072 $ 23,210 $ 20,574 $ 20,573 $ 21,260 $ 26,164 Parity Coverage Ratio 2.07 3.21 2.93 2.38 2.11 2.94 2.89 1.59 2.09 2.48
20 Notes:
(1) 1993 Indenture defines "Current Revenues" as all revenue from the operation of the Water System except for connection fees and charges. Beginning in fiscal year 2022, the BAB Subsidy is no longer included in Net Revenues and is now netted against interest expense on the 2010 Series A-2 Bonds. (2) All Other Operating and Maintenance includes Fleet Depreciation Charge (vehicle replacement fees paid to Fleet Department). (3) 1993 Indenture defines "Maintenance and Operation Costs" as all expenses incurred for maintaining and operating the Water Sys tem except for Debt Service, Depreciation, and Amortization.
(4) 2003 Water Bonds were the only remaining Senior Bond Debt Service after fiscal year 2016, and were paid off in fiscal year 2020. (5) Paid off Remaining 2010 Series A-1 Bonds in fiscal year 2021 with surplus cash. Beginning in fiscal year 2022, the BAB Subsidy is netted against interest expense.
21 Sewer Enterprise
(in thousands) Fiscal Year
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Charges for Services(1) $ 78,186 $ 83,635 $ 81,651 $ 81,085 $ 77,249 $ 77,940 $ 87,795 $ 84,086 $ 89,248 $ 78,121 Interest Income 2,779 492 2,04
5,548 4,702 (720) (7,943) (1,548) 12,020
12,124
Less: Wastewater Facility Connection Fee (1,844) (1,968) (1,996) (3,290) (2,600) (3,426) (3,393) (2,028) (2,176) (1,853) Total Senior Lien Revenues $ 79,121 $ 82,159 $ 81,701 $ 83,343 $ 79,351 $ 73,794 $ 76,459 $ 80,510 $ 99,092 $ 88,391 Operating Expenses(2) 35,935 38,058 37,237 45,835 43,522 44,630 51,088 32,873 $ 74,976 $ 50,550 Net Income Before Debt Service $ 43,186 $ 44,101 $ 44,464 $ 37,508 $ 35,829 $ 29,164 $ 25,371 $ 47,637 $ 24,116 $ 37,841 Senior Lien Debt Service(3) $ 10,723 $ 10,712 $ 10,701 $ 10,684 $ 373 $ 6,233
$ 40 $ 905 $ — $ —
Coverage Ratio(4) 4.03 4.12 4.16 3.51 95.96
4.68 637.0
52.64 — —
100% Coverage-Subordinate Lien: Net Current
Revenue after Senior Lien Debt (before
Connection Fees) $ 32,463 $ 33,389 $ 33,763 $ 26,824 $ 35,456 $ 22,930 $ 25,331 $ 46,732 $ 24,116 $ 37,841 Available from Senior Lien Revenues $ 32,463 $ 33,389 $ 33,763 $ 26,824 $ 35,456 $ 22,930 $ 25,331 $ 46,732 $ 24,116 $ 37,841 Subordinate Lien Debt Service $ 7,949 $ 7,949 $ 9,229 $ 5,928 $ 4,853 $ 1,286 $ 1,286 $ 3,397 $ 3,397 $ 4,191 Coverage Ratio 4.08 4.20 3.66 4.52 7.31 17.83
19.69 13.76 7.10 9.03
120% & 125% Coverage Subordinate Lien: Net
Current Revenue (Excl. Connection Fees) $ 32,463 $ 33,389 $ 33,763 $ 26,824 $ 35,456 $ 22,930 $ 25,331 $ 46,732 $ 24,116 $ 37,841 Wastewater Facility Connection Fee 1,844 1,968 1,996 3,290 2,600 3,426 3,393 2,028 2,176 1,853 Transfers From/To Rate Stabilization Fund — — — — — — — — — — Net Current Revenue (Including Connection
Fees) $ 34,307 $ 35,357 $ 35,759 $ 30,114 $ 38,056 $ 26,356 $ 28,724 $ 48,760 $ 26,292 $ 39,694 Portion Pledged to Senior Lien Coverage
Available From Senior Lien Revenues $ 34,307 $ 35,357 $ 35,759 $ 30,114 $ 38,056 $ 26,356 $ 28,724 $ 48,760 $ 26,292 $ 39,694 Subordinate Lien Debt Service $ 7,949 $ 7,949 $ 9,229 $ 5,928 $ 4,853 $ 1,286 $ 1,286 $ 3,397 $ 3,397 $ 4,191 Coverage Ratio 4.32 4.45 3.87 5.08 7.84 20.49
22.33 14.35 7.74 9.47
Net Income After Debt Service(5) $ 26,358 $ 27,408 $ 26,530 $ 24,186 $ 33,203 $ 25,070 $ 27,438 $ 45,363 $ 22,895 $ 35,503 Notes:
(2)The 1993 Indenture specifically excludes from Operating Expenses Debt Service, Amortization and Depreciation. (3)1993 Sewer System Revenue Bonds, Series A.
(4)Coverage Ratio is calculated by dividing Net Income before Debt Service by Senior Lien Debt Service. (5)Net Income after Debt Service and before cash financed capital expenses and any other expenses for lawful purposes.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
22 Appendix - Ratings History
Lease Revenue Bonds
Year
Moody’s S&P Fitch
Rating Outlook Rating Outlook Rating Outlook
2025 A2 Stable A+ Stable AA Positive
2024 A2 Stable A+ Stable AA ↑ Positive
2023 A2 ↑ Stable A+ ↑ Stable A ↑ Positive
2022 A3 Stable A- Stable A- Positive
2021 A3 ↑ Stable A- Stable A- Positive
2020 Baa1 Positive A Stable A- Stable
2019 Baa1 Positive A Stable A- Stable
2018 Baa1 Positive A Stable A- Stable
2017 Baa1 ↑ Positive A ↑ Stable A- Stable
2016 Baa2/Baa3 ↑ Positive BB+ Stable A- ↑ Stable
Airport Revenue Bonds
Year
Moody’s S&P Fitch KBRA
Rating Outlook Rating Outlook Rating Outlook Rating Outlook 2025 A3 Stable A Stable BBB+ Stable A+ Stable
2024 A3 ↑ Stable A Stable BBB+ Stable A+ Stable
2023 Baa1 Stable A ↓ Stable BBB+ Stable A+ Stable
2022 Baa1 Stable AA Stable BBB+ Stable
2021 Baa1 Stable AA ↑ Stable BBB+ Stable
2020 Baa1 Stable A Negative BBB+ Stable
2019 Baa1 Stable A Stable BBB+ Stable
2018 Baa1 Positive A ↑ Stable BBB+ ↑ Stable
2017 Baa1 Positive BBB+ ↑ Stable BBB Positive
2016 Baa1 Positive BBB Positive BBB Positive
Arrows indicate an increase () or decrease () from the prior rating.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
23 Note: Ratings for S&P in 2021 and 2022 reflect insured ratings. The underlying rating has been stable at "A". With the issuance of the 2023 Airport Revenue Bonds, the City solicited a rating for the first time from Kroll Bond Rating Agency ("KBRA").
Water Revenue Bonds
Year
Moody’s S&P Fitch
Rating Outlook Rating Outlook Rating Outlook
2025 A3 Positive AA- Stable AA/A+ Stable
2024 A3 Positive AA- Stable AA/A+ Stable
2023 A3 Positive AA- Stable AA/A+ Stable
2022 A3 Positive AA- Stable AA/A+ Stable
2021 A3 Positive AA- Stable AA/A+ Stable
2020 A3 Positive AA- Stable AA/A+ Stable
2019 A3 Positive AA- Stable AA/A+ Stable
2018 A3 Positive AA- Stable AA/A+ Stable
2017 A3 Positive AA- Stable AA/A+ Stable
2016 A3 Positive AA- ↑ Stable AA/A+ Stable
Wastewater (Sewer) Revenue Bonds
Year
Moody's S&P Fitch
Rating Outlook Rating Outlook Rating Outlook
2025 A1 Positive AA+/AA Stable AA/AA- Stable
2024 A1 Positive AA+/AA Stable AA/AA- Stable
2023 A1 Positive AA+/AA Stable AA/AA- Stable
2022 A1 Positive AA+/AA Stable AA/AA- Stable
2021 A1 Positive AA+/AA Stable AA/AA- Stable
2020 A1 Positive AA+/AA Stable AA/AA- Stable
2019 A1 Positive AA+/AA Stable AA/AA- Stable
2018 A1 Positive AA+/AA Stable AA/AA- Stable
2017 A1 Positive AA+/AA Stable AA/AA- Stable
2016 A1 Positive AA+/AA Stable AA/AA- Negative
Arrows indicate an increase () or decrease () from the prior rating.
CITY OF FRESNO | ANNUAL COMPREHENSIVE DEBT REPORT FISCAL YEAR ENDED JUNE 30, 2025
24