Financial Agencies Confirm Cobb County’s “AAA” Rating
June 20, 2019
For the 23rd straight year, Cobb County has earned the highest financial rating by the New York-based firms that analyze the county’s financial outlook. Moody’s Investors Service and Fitch Ratings both announced today Cobb County would receive their highest rating.
Moody’s rating also came with an upgraded outlook from “negative” to “stable.” Their report cited last year’s budget vote as a reason for the upgrade.
“Following a tax rate increase in fiscal 2018, the county reported a sizable surplus, strengthening reserves to a sound level,” the report states. “The county's debt and pension burdens are manageable and fixed costs are low.”
The rating is good news for taxpayers, allowing the county to save money when borrowing money for routine operations or special needs. Cobb County must borrow money each year on a short-term basis to bridge the time from budget adoption to when taxes are collected.
“I would like to thank all three rating agencies for their continued confidence in Cobb County,” said Cobb Chairman Mike Boyce, who was part of the county contingent that met with agencies. “I’m especially grateful for their patience as we worked to address various fiscal issues last year and the ratings reflected that work.”
Boyce also thanked Cobb residents who supported his efforts to raise the millage rate last summer.
“The benefits of their support are clearly reflected in this year’s ratings and it has provided a sound foundation for the county to continue to provide the high quality of services people in Cobb County have come to expect from their government.”
Chairman Boyce is scheduled to present his Fiscal Year 2020 budget to commissioners later this month. “I look forward to working with the Board in approving a budget for 2020 that will maintain this noteworthy achievement of fiscal responsibility,” Boyce said.
Ross Cavitt | Cobb County Communications | [email protected]