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It may seem like old news, but anytime we receive word that the financial markets have reaffirmed our AAA bond rating, it’s cause for at least a mention, if not an outright celebration.
The AAA rating isn’t simply a footnote in a financial report from the ratings agencies – Standard and Poors and Moody’s – or a point of pride for Oakland County, which it definitely is.
The rating means so much more for the county and its residents:
· It signifies that the county is best in class when it comes to sound fiscal management. Consider that only about 100 counties out of more than 3,000 nationwide have earned the AAA rating. Of note, Washtenaw and Kent counties also have the top rating.
· It means that when we borrow money for critical capital improvement projects, we’re getting the lowest interest rates available. That translates into savings for taxpayers.
· It is a sign that our budgets are balanced, we’ve got healthy reserves and that we’re in sync with our partners in the Board of Commissioners, Treasurer’s office and Water Resources Commissioner.
· And it means that when companies are looking for places to locate or expand, they can depend on Oakland County as a good bet for investment.
Both S&P and Moody’s cited the county’s strong local economy and prudent fiscal management of taxpayer dollars, including building reserves of $445 million, as not only reasons for the top rating, but a sign that the county is well prepared to face economic challenges in the future.
These particular ratings are tied to our efforts to help ensure clean and safe drinking water and for our residents by funding critical upgrades to Oakland Township’s Southwest Oakland Water System and the Clinton-Oakland Sewage Disposal System.
So, while I’m thrilled every time we get the news from the ratings’ agencies, it also serves as a reminder that we’re also making the critical capital investments that are making sure our infrastructure is working at full strength and we’re protecting both our residents’ health and the environment.
And that’s a cause for celebration.
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