Moody's Rates Washington County Fiscal Health Triple A

I just got this from our County Administrator, Moody's has given the County a rating of Aaa, which is their highest rating.

From the report:

The credit position for Washington County is outstanding, and its Aaa rating is higher than the median rating of Aa2 for US counties. Notable credit factors include a very healthy financial position, an extremely small debt burden and a mid-ranged pension liability. The credit position also reflects an extensive tax base with strong wealth and income levels.  

Finances: The county has a robust financial position, which is aligned with the assigned rating of Aaa. The cash balance as a percent of operating revenues (59.1%) is much higher than the US median, and saw an impressive increase between 2012 and 2016. In addition, the fund balance as a percent of operating revenues (27.2%) is roughly equivalent to the US median.  

Debt and Pensions: The debt and pension liabilities of the county are exceptionally low overall and are consistent with its Aaa rating. The net direct debt to full value (0.1%) is slightly under the US median, and stayed the same from 2012 to 2016. Furthermore, the Moody's-adjusted net pension liability to operating revenues (1.3x) is on par with the US median.  

Economy and Tax Base: Washington County has a very healthy economy and tax base, yet the factor is slightly weak when compared to the Aaa rating assigned. The full value ($13.8 billion) is stronger than the US median, and grew between 2012 and 2016. Also, the median family income equates to a healthy 126.1% of the US level. Lastly, the full value per capita ($103,207) is slightly above other Moody's-rated counties nationwide.

The fiscal responsibility we've employed over the last 2 years is paying dividends.  I am proud to be a part of the County Board that made the decisions that led to such a strong fiscal report.