Fitch Ratings gave the county an AAA with a stable outlook;
The rating agencies looked at the
"We made a lot of tough decisions," Commissioners President
The ratings put
"People ask what the ratings mean. It's like a credit score, the better the ratings, the better the score. It can save millions for the county," Young said.
"It means better interest rates for the county, better financial deals for infrastructure on loans," Murray, of
"It is especially good for the county in this climate of a sluggish economy, tax revenue is down and we don't have full employment," Murray said.
The rating is also good for the investor, whether a pension fund or individual investor, seeking a more secure financial decision.
"They won't get a higher interest rate but will be secure. If investors want higher interest rates, they will go to the equity market, not bonds," Murray said.
Young said since the current board took office, commissioners have listened to the rating agencies when it came to dealing with budgetary issues and ensuring stability on pension funds.
"The ratings are one of several improvements seen from bond rating agencies since we took office in 2010," Young said.
When the current board took office, Young said, the county had ratings by Fitch at AAA with a negative outlook; Moody's, Aa1 with a stable outlook, and Standard & Poor's, AA+ with a stable outlook.
But there is more to consider than looking at specific current financial reports, County Commissioner
Gray had accompanied Young to
"I'm just as proud as anyone else to see the ratings," Gray said.
"Bond rating agencies look at a narrow part of the budget," Gray said, "not issues that
Gray said issues such as overdevelopment, care for the elderly and trust the residents have in the county were not discussed.
"We do look good on paper, but the county is facing a lot of expense from development that was not paid upfront," Gray said.
He said there should be a more broad discussion of issues vital to the future of the county.
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