County Credit Rating Upgrade Points to the Need to Maintain Strong Fiscal Discipline
Supervisor Kathryn Barger called the credit rating upgrade announced by Moody’s from Aa2 to Aa1, a testament to the County’s fiscally prudent management and budget practices. Saying that the County was very creditworthy and unlikely to default on its financial obligations, Moody’s cited its strong and stable financial position and commended its management team who had positioned the County well to address ongoing challenges.
“This is great news for the County and the people we serve, and illustrates well why we must continue to follow strict budgetary guidelines and fiscally responsible spending practices in order to maintain a healthy municipality that can meet its obligations while operating efficiently and effectively,” she said. “These fiscally responsible practices helped the County survive the recent economic downturn without substantial service cutbacks or any layoffs.
Additionally, because of our good credit rating, we avoid high interest payments – money that can be used to fund services and programs to improve the quality of life for our citizens.
Supervisor Ridley-Thomas, Chairman of Board, along with County CEO Sachi Hamai and Treasurer/Tax Collector Joe Kelly, deserve credit for working with credit agency representatives to discuss the County’s determination to build reserves, address long-term liabilities, and manage other challenges associated with the Affordable Care Act.