Among the factors cited in the rating report are the County’s healthy financial position despite some use of reserves, positive steps taken to stabilize and improve reserve levels, and effective efforts to reduce the County’s above-average debt profile.
“The Moody’s Triple-A rating represents substantial savings for the taxpayers of Mecklenburg County,” said Harry L. Jones Sr., County manager. “It is also a testament to the fiscal discipline of the Board and staff during the most challenging economic climate in modern history.”
The report specifically cites the County’s effective financial management as credit strength, as well as its adequate reserves and substantial tax base with healthy wealth indices. The financial position of the County is expected to stabilize due to the aggressive steps taken to manage budget gaps through expenditure reductions, effective management of the use of reserves, and a continued commitment to reducing our reliance on reserves to balance the budget, according to the report.
“A Triple-A bond rating is the best possible,” said Dena Diorio, Mecklenburg County's finance director. “Overall, the report is extremely positive, and reflects the favorable steps the County has taken to manage its financial position during difficult economic conditions.”
The report also highlights the steps the County has taken to manage its debt profile, including a temporary hold on borrowing, the development and recommendation of a debt service fund, and conservative budgeting practices.
“Mecklenburg County has an enviable history of financial stability and sound fiscal management,” said Jennifer Roberts, chairman, Mecklenburg Board of County Commissioners. “The Moody’s Triple-A rating is further proof that the County continues to be a good steward of the public’s money.”
Credit ratings from the two other major rating agencies, Standard & Poor’s and Fitch Ratings, are expected soon. The County has consistently earned AAA ratings from all three agencies.