DALLAS — The rapidly growing South Texas town of Pharr needs to update aging infrastructure but years of financial mismanagement have led to a low investment-grade rating with a negative outlook.

In a report to the City Commission last month, current finance director Juan Guerra presented numerous memos from past finance officials showing decades of negative fund balances, negative cash flow, and transfers from one fund to another to cover expenses.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.