Village of Oak Park Earns Strong “AA” Credit Rating from S&P Global
Published on February 11, 2026
The Village of Oak Park has once again earned a strong “AA” credit rating from S&P Global Ratings, a leading independent financial ratings agency, reaffirming confidence in the Village’s financial health, responsible budgeting practices and long-term planning.
The rating applies to Oak Park’s existing general obligation debt and a new $22 million bond issuance, which will be used to refinance prior debt at lower interest rates thereby saving taxpayers money over time. S&P also assigned Oak Park a stable outlook, signaling expectations that the Village’s finances will remain solid in the years ahead.
S&P highlighted Oak Park’s strong local economy, diverse revenue sources, disciplined financial management and commitment to economic development as key strengths. The report noted that household incomes in Oak Park exceed Cook County averages and praised the Village’s conservative budgeting, regular financial reporting and forward-looking planning, including a long-term capital improvement program and a developing 10-year financial plan.
Click here to view the report
“This acknowledgement reflects the hard work of our entire organization and our commitment to being responsible stewards of public resources,” said Village Manager Kevin J. Jackson. “It’s especially meaningful because it recognizes not just where we are today, but the systems and planning we’ve put in place to support Oak Park’s future. Our residents demand transparency, stability and smart investment in their community and this report shows we’re delivering.”
The report also credited Oak Park’s strong reserve levels and proactive financial oversight, including quarterly budget updates to the Village Board, formal reserve and investment policies and ongoing efforts to strengthen debt and financial planning practices.
“The ‘AA’ rating confirms that Oak Park is on solid financial footing,” Chief Financial Officer Kevin Bueso said. “Our team works diligently to budget conservatively, monitor spending and maintain healthy reserves. Refinancing existing debt for savings, improving pension funding practices and building long-term financial plans all help position the Village to meet today’s needs while simultaneously preparing for tomorrow.”
S&P also recognized Oak Park’s progress in pension funding, noting the Village’s recent use of independent actuarial reviews and its commitment to making required contributions. While pension obligations and long-term debt remain challenges for many municipalities across Illinois, S&P reports that Oak Park’s structured approach and financial discipline help support continued stability.
A strong credit rating benefits residents by lowering borrowing costs for major projects, protecting taxpayer dollars and strengthening Oak Park’s ability to invest in infrastructure, public safety and community services.
For more information, please visit www.oak-park.us/finance.
About Oak Park - The Village of Oak Park, located just nine miles west of downtown Chicago, offers a distinctive urban/suburban lifestyle in a thriving, multi-cultural community. Well-known for progressive values, tree-lined streets and bustling business districts, Oak Park serves as an ideal place to live, work and play. As a longstanding community of choice, the Village benefits from convenient access to local and regional transit, high-quality public schools, and arts and cultural attractions, including Frank Lloyd Wright’s home and studio and his acclaimed Unity Temple, which was recently designated as a UNESCO World Heritage site.