Smyrna touts AAA Moody’s rating, low debt and $83 million leveraged to fund projects

Mayor Mary Esther Reed opened Smyrna’s State of the Town address by pointing to the town’s fiscal strength, saying the council’s stewardship earned a AAA Moody’s bond rating in 2023 and that the town carries low overall debt.

"Our credit rating was upgraded to the coveted AAA Moody's bond rating," Reed said, adding that Smyrna is "only one of five municipalities in the entire state" with that designation. Reed said the town carries $15,500,000 in general‑fund debt and $44,000,000 in water and sewer debt and uses roughly 18% of its total debt capacity, allowing many infrastructure projects to be paid with cash rather than long‑term borrowing.

Reed also highlighted outside funding that reduced the burden on residents. "Over the past five years, Smyrna has received more than $83,000,000 in development fees, utility tap fees, and state and local grants," she said, noting those dollars support infrastructure, public safety and essential services.

The mayor credited conservative reserves, a diverse tax base and targeted investments with keeping Smyrna's property tax rate low relative to the state's larger cities. She framed the fiscal position as allowing the town "flexibility as a town to invest strategically in new opportunities as they arrive."

What’s next: Reed said the council will continue prioritizing projects that balance growth with maintaining Smyrna’s character; she did not announce new tax changes or specific bond issuances during the address.

Sources: Remarks by Mayor Mary Esther Reed during the Smyrna State of the Town.