Citing the county's strong financial practices, low net debt, healthy financial liquidity, and a consistent ability to maintain balanced budgets,
"The S&P credit rating reflects well on
Like Standard & Poor's,
These ratings are important because they enable the county to attract lower interest rates and save money on capital improvements and other needs, according to Levinson. "A bond rating is like a credit score, and we have managed to maintain an excellent score that saves our taxpayers millions," he said.
In his tenure as county executive, Levinson has made it a priority for county government to enlist "pay as you go" financing rather than to pass on debt to future generations. The county has also maintained a surplus that provides some flexibility when faced with the unexpected.
"In essence it's like saving for a rainy day. This has softened the impact of the economic downturn on
Standard & Poor's noted the fact that the county's reserves are above 6% of expenditures for the past three fiscal years with no plans to significantly spend them down. "In addition, the county has managed well-under the 2% levy cap."
"This year alone,
Standard & Poor's also highlighted the county's strong management techniques that include a seven-year financial plan, quarterly monitoring of the current fund budget as well as a five-year capital improvement plan with identified projects and funding resources.
"This is not to say that
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