Albuquerque earns top financial rating from S&P

Local News

KRQE FILE

ALBUQUERQUE, N.M. (KRQE) – The City of Albuquerque has earned the top financial rating from Standard and Poor’s Global Ratings. This is due, in part, to the city’s Quarter-Cent Transportation Tax Bond which allows for approximately $50 million in roadway-specific infrastructure projects.

The voter-approved Transportation Infrastructure Gross Receipts Tax has provided hundreds of millions of dollars in funding for city road rehabilitation, maintenance, road deficiency repair, and transit operations since it began in 2000.

According to S&P Global Ratings, Albuquerque’s diverse economic base and steady GRT revenue were cited as the main drivers for the rating. The also praised Tim Keller’s administration’s “strong management practices,” which “support stale financial reserves and balanced operations by taking advantage of revenue opportunities to offset growing expenditure pressures,” and acknowledged the adjustments made by the administration to cut expenditures in response to the pandemic.

City council passed the final list of projects under the Quarter-Cent Transportation Bond, which includes increasing road safety on East and West Central, Marquette, Rio grande, San Pedro, Alameda, Wyoming, and other major roads. Upcoming projects also include adding lanes to Paseo del Norte west of Calle Norteña, adding streetlights ot major arterials, and upgrading ADA access throughout the city.

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