Donna Deegan hails ‘strong and steady’ Jax bond rating as budget season, re-election campaign ramp up

Fitch is recognizing the city of Jacksonville’s prudent money management, and Mayor Donna Deegan wants to ensure locals recognize that.

The timing couldn’t be better for what the city calls a “top tier ‘AA+’ rating for our 2026 special revenue bonds … underpinned by the city’s solid operating track record and Fitch’s expectation that available reserves will continue to exceed 10% of spending” even as Jacksonville remains “an anchor of the northeast Florida economy.”

These special revenue bonds are covered by non-ad valorem revenues, insulating them from the potential revenue impact of increased homestead exemptions starting as early as next year if Amendment 3 passes statewide.

“We are grateful Fitch recognizes that we are financially strong and getting stronger,” Deegan said. “This year’s rating marks the third year in a row that we have received a top tier AA+ rating. It’s not just a trophy for City Hall. It represents savings for taxpayers. It tells the world that Jacksonville is serious, stable, and well managed. It confirms we’re a city on the rise that is worth betting on.”

The rating is predicated on continued population growth, a strong economy, and keeping the employee count flat (aside from public safety) despite more people in the city.

Deegan begins a series of budget town halls Wednesday night. It’s likely that the bond rating will be part of her opening remarks amid pressures from the right about city spending that are converging with budget deliberations over most of the next two months, along with the imminent entry of a serious challenger into the mayoral race.

House Speaker Pro Tempore Wyman Duggan, who has been quiet on local issues up until recently, criticized Deegan’s recent assertion that the city got 3x return from taxpayer dollars.

“Jacksonville deserves better than this. Your hard earned tax dollars don’t ‘triple’ in value when city government spends them,” the Westside Republican posted to social media Wednesday.

Duggan is expected to be the most formidable opponent for Deegan in 2027’s municipal elections.