A.G. Gancarski
Last fall, there was an unusual amount of reporting about the JEA, Jacksonville’s utility provider. Much of it had to do with Mayor Lenny Curry‘s decision to change the composition of the JEA Board in accordance with his vision.
He got those moves made weeks ahead of the annual JEA bond rating trip to New York City, which was described last year by Curry as “positive” and by JEA CFO Melissa Dykes as “excellent,” with the mayor’s presence “greatly appreciated” by analysts.
Evidence of that appreciation came through Friday afternoon, with JEA reporting that Standard and Poor’s gave JEA a AAA bond rating, which is unprecedented in the utility’s history.
“This is outstanding news for JEA, the city of Jacksonville, and our citizens,” said Curry. “This level of ratings’ increase clearly demonstrates that leadership really does make a difference. I could not be more proud of the visionary work of our JEA board. Having achieved a similar rating upgrade earlier this year, the city of Jacksonville and JEA are continuing to work collaboratively to make a difference in our city.”
In late February, the news release notes, Standard and Poor’s Rating Services upgraded the rating on the City of Jacksonville’s sales tax revenue bonds to an “A+” from an “A” the previous year. The improved ratings are going to make it easier for both the city and the utility to borrow for capital improvements.
“I am proud to be a part of JEA at such a crucial time,” said Tom Petway, chairman of the JEA Board and a Curry campaign supporter.
“The rating reflects the strength of JEA’s entire operation, from the leadership team to the men and women in the field providing high-quality service to our customers and community. This rating change lowers our debt costs, which lowers our costs for everyone. This is all about providing reliable and affordable water and sewer service to the community we serve,” Petway said.
The fractious relationship between JEA and the city, described last fall by Councilman Bill Gulliford as being at “cross purposes and cross goals,” is a distant memory. With an agreement between JEA and the city ratified through 2021, it is clear that when it comes to these once-controversial board moves, Curry’s boldness paid off big.
In March, Curry noted that when he came into office, there “didn’t look like a way forward” for the mayor’s office, the Council, and JEA on an agreement.
However, with “one team working together,” obstacles were cleared.
Part of that process: the remodeling of the JEA Board, for which Curry “took a lot of heat.”
Now, the heat is finally off for good.
