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It’s noteworthy when Wall Street ratings agencies issue reports describing Oakland County’s financial outlook like this:
- “Well-embedded and comprehensive financial management practices that have driven operating strength.”
- “We view county management as highly effective given sophisticated, forward-looking policies.”
- “The county’s budgetary flexibility is exceptional compared with statewide peers.”
I know we are always doing everything we can in Oakland County to be outstanding fiscal stewards of taxpayer dollars, while positioning the county to weather any upcoming economic storms.
Still, it’s incredibly gratifying to have the Wall Street ratings’ agencies – Standard & Poors and Moody’s – validate these practices with the highest bond ratings available Aaa from Moody’s and AAA from S&P.
These top ratings place Oakland County in rare company. Of 3,143 counties in the United States, fewer than 100 have that top rating.
Moody’s said the county’s growing tax base, substantial reserves and strong management practices under my administration, working in collaboration and bipartisan support from the Board of Commissioners and Treasurer Robert Wittenberg, as key factors for the rating.
S&P cited the county’s resilience during the COVID pandemic, robust reserves and low debt costs as some of the governance practices that led to their top rating and stable outlook for the county.
And this isn’t just some obscure grade that Wall Street hands out. These AAA ratings help us save on the cost of initiatives that are improving the lives of our residents. It means lower interest rates when we embark on capital improvements and critical infrastructure projects. And it translates into the confidence that business leaders can have in Oakland County when they’re considering where to locate and expand their companies.
The recent rating came as a result of Moody’s and S&P’s review of the Water Resources Commission $18 million Huron Rouge Sewage Disposal System Capital Improvement Bond that will make vital improvements in Novi, ensuring the structural integrity of sewer pipes.
There are many people who help make these top grades a reality and they all deserve our sincere thanks, including my fiscal team led by Chief Financial Officer Brian Lefler, Treasurer Robert Wittenberg, Water Resources Commissioner Jim Nash and the Board of Commissioners, who have consistently provided bipartisan support for our budget priorities.
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