Naperville homeowners and utility customers stand to save money on the city's next round of infrastructure work, thanks to bond ratings that most municipalities can only envy.

Both S&P Global Ratings and Moody's Ratings reaffirmed their highest possible marks for Naperville's general obligation bonds in early July, the city announced Wednesday, July 16. S&P assigned its AAA rating; Moody's gave its equivalent Aaa. The city says it has held both for more than 30 years.

The timing matters. Naperville plans to issue $40 million in new bonds before the end of July to fund electric and water utility projects. The top-tier ratings lower the interest rate lenders demand, which reduces the total cost of that debt for taxpayers. For comparison, the city's last bond issuance in 2024 was $21 million for water and wastewater work. The new borrowing is nearly double that amount.

Moody's cited Naperville's "growing economic base" and its role as the second-largest local economy in Illinois, behind only Chicago. S&P pointed to high reserves, low debt, no immediate budgetary pressures, and what it called "a sophisticated and knowledgeable management team."

Retail dominance holds for ninth straight year

Naperville also retained its title as the top retail sales tax-generating suburb in Illinois, according to the 2026 Melaniphy Chicagoland Retail Sales Report. The city has held that distinction since 2017, when it surpassed Schaumburg. In 2025, Naperville recorded more than $5.7 billion in retail sales, leading all suburbs in grocery, dining and drinking, home improvement, and auto dealer and gas purchases.

That retail engine feeds directly into city coffers. Mayor Scott Wehrli said in the city's July 16 news release that the connection between retail sales tax and property tax relief is the part residents should care about most.

"When businesses generate strong sales tax revenue, that money helps pay for city services, roads and public safety, so the burden doesn't fall as heavily on homeowners through property taxes," Wehrli said. "Businesses want to open their doors here too, and when they do, they help keep Naperville affordable for the people who call it home."

One gap the city is still chasing

Even with $5.7 billion in sales, Naperville lags in one retail category: home goods and furniture. Wehrli acknowledged the gap at a June 17 city council discussion about the Block 59 Business District at Aurora Avenue and Route 59, where the city is working to attract a home goods retailer to Westridge Court. That district has generated $1.47 million in reimbursement sales tax since July 2023.

The exact date of the $40 million bond sale has not been publicly posted on the city's Legistar calendar. The city's communications office, led by Director Linda LaCloche, can be reached at (630) 420-6034 for details on the issuance timeline.