City finances and the credit downgrade
Where it standsS&P cut Mission's credit rating in June 2026, citing weak reserves, and the council has since adopted a $197.3 million budget for 2026-27.
What's on the tableThe next council will set budgets and tax rates while the city works to rebuild reserves and deliver timely audits.
- S&P lowered Mission's general obligation debt rating to 'BBB+' from 'A-' on June 25, 2026, citing weakened reserves. S&P Global Ratings · Jun 25, 2026
- S&P said it could consider raising the rating if Mission posts timely audits and reduces its receivable and payable activity. S&P Global Ratings · Jun 25, 2026
- The council accepted its annual audit on June 26, nine months after its due date, according to the Progress Times. Progress Times · Jul 11, 2026
- Total appropriations in the 2026-27 budget, adopted Sept. 15, are $197,342,227. City of Mission · Sep 15, 2026