Community Corner
San Antonio: Moody’s Praises City’s Recovery And Resiliency Plan And Voter-Approved Ready To Work SA Workforce Program
The program was approved by 77% of voters and it will be funded up to December 31, 2025.
November 4, 2020
SAN ANTONIO – The City of San Antonio’s voter-approved Ready to Work SA Workforce Program has garnered a credit positive notice from Moody’s Investors Service. The program will allocate a 1/8th cent sales tax to provide funding of $38.5 million annually for job training and education programs for thousands of San Antonio residents. The program was approved by 77% of voters. The program will be funded up to December 31, 2025.
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“The COVID-19 pandemic has devastated our community’s health but thanks to the quick work of the community and support of voters, the Ready to SA Work Program will provide thousands of residents with critical workforce training, while receiving a stipend to advance their skills,” said Mayor Ron Nirenberg. “I’m glad to see San Antonio receive national recognition for our commitment to economic recovery of our community.”
Moody’s noted in their positive credit alert that:
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As early as May, the city demonstrated strong governance by announcing an initial investment of $191 million as part of the Community Resilience and Recovery Plan to provide aid to small businesses and fund workforce development, increase access to technology (digital inclusion) and improve housing security.
“I’m pleased to see Moody’s acknowledge the coordinated, early response the City launched with our Recovery and Resiliency Plan. The plan, developed and implemented through the tireless work of the Mayor, Council and City staff, is helping our residents through housing security, workforce training, support for small businesses and digital inclusion. This work is happening while we respond to the ongoing impact of the COVID-19 pandemic,” said City Manager Erik Walsh. “Our goal is to ensure that San Antonio is in a stronger, more resilient position than before the onset of the pandemic.”
With mounting job losses and increasing unemployment levels due to the COVID-19 pandemic, Moody’s highlighted the approval of Proposition B as a measure which can help increase employment in San Antonio and ultimately lift sales tax revenue.
This press release was produced by the City of San Antonio. The views expressed here are the author’s own.