Post by Union Guy on Jul 9, 2006 10:07:09 GMT -5
IN YOUR COUNTY: MONMOUTH
BOND AGENCIES GIVE COUNTY TOP RATING
Posted by the Asbury Park Press on 07/8/06
REPEAT PERFORMANCE: Once again, Monmouth County has been granted AAA bond rating by Fitch, Moody's and Standard & Poor's, the nation's three bond rating agencies.
"This is the eighth year in a row Monmouth County has been awarded a Triple-A rating by these bonding agencies," Freeholder Director William C. Barham said.
WHO GETS THE RATING: Only a small percentage of counties throughout the United States have been granted the AAA rating, the highest rating, and only a handful of those can claim they have received the highest score from all three rating agencies, said Mark E. Acker, the county's finance director.
WHAT DOES IT MEAN? The AAA rating is in recognition of Monmouth County's sound financial management, stable growth and low debt burden, according to the three bond rating agencies. As a result, each agency also gave the county a favorable stable-future outlook.
MOODY'S SAYS: According to Moody's Investors Service, the AAA rating is a reflection of the county's strong local economy, active residential and commercial retail development, substantial and rapidly growing tax base, wealth and income levels that exceed the state and national levels, regular operating surpluses and high current fund balances, and manageable overall debt.
"Moody's anticipates the county will continue to benefit from low unemployment rates that are consistently below the state and national medians," Moody's reported in its credit profile of the county.
STANDARD & POOR'S SAYS: S&P pointed to the county's conservative financial management, which it said has resulted in continued strong operation and financial flexibility, stable growth in its $90 billion tax base, and low debt levels. Conservative budgeting practices contribute to Monmouth's performance, S&P said.
"Monmouth County consistently exhibits strong financial performance and management," Standard & Poor's said in its financial report. "Historically, the county has managed to steadily increase its current fund balance through strong revenue performance related to sustained economic and tax base development, along with conservative budgeting practices."
FITCH SAYS: Fitch commented on the county's strength in the areas of financial planning, management and budgeting.
"The county effectively manages its budget to meet increased expenditures due to population and economic growth," Fitch said. "The adopted 2006 budget maintains the county's practice of controlling expenditures while conservatively estimating revenues and is performing as expected."
IMPACT OF FORT CLOSING: Moody's, Standard & Poor's and Fitch also anticipate that the eventual closing of Fort Monmouth will not have any long-term impact on the county's economy.
QUOTE: "As liaison to the finance department, I am very pleased that Monmouth County was rewarded once again for its continued demonstration of sound, fiscal management," Freeholder Anna C. Little said. "We are able to enjoy greater flexibility in providing services to our residents because we have been conservative in our spending and we continue to maintain very low debt levels."
Staff report
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BOND AGENCIES GIVE COUNTY TOP RATING
Posted by the Asbury Park Press on 07/8/06
REPEAT PERFORMANCE: Once again, Monmouth County has been granted AAA bond rating by Fitch, Moody's and Standard & Poor's, the nation's three bond rating agencies.
"This is the eighth year in a row Monmouth County has been awarded a Triple-A rating by these bonding agencies," Freeholder Director William C. Barham said.
WHO GETS THE RATING: Only a small percentage of counties throughout the United States have been granted the AAA rating, the highest rating, and only a handful of those can claim they have received the highest score from all three rating agencies, said Mark E. Acker, the county's finance director.
WHAT DOES IT MEAN? The AAA rating is in recognition of Monmouth County's sound financial management, stable growth and low debt burden, according to the three bond rating agencies. As a result, each agency also gave the county a favorable stable-future outlook.
MOODY'S SAYS: According to Moody's Investors Service, the AAA rating is a reflection of the county's strong local economy, active residential and commercial retail development, substantial and rapidly growing tax base, wealth and income levels that exceed the state and national levels, regular operating surpluses and high current fund balances, and manageable overall debt.
"Moody's anticipates the county will continue to benefit from low unemployment rates that are consistently below the state and national medians," Moody's reported in its credit profile of the county.
STANDARD & POOR'S SAYS: S&P pointed to the county's conservative financial management, which it said has resulted in continued strong operation and financial flexibility, stable growth in its $90 billion tax base, and low debt levels. Conservative budgeting practices contribute to Monmouth's performance, S&P said.
"Monmouth County consistently exhibits strong financial performance and management," Standard & Poor's said in its financial report. "Historically, the county has managed to steadily increase its current fund balance through strong revenue performance related to sustained economic and tax base development, along with conservative budgeting practices."
FITCH SAYS: Fitch commented on the county's strength in the areas of financial planning, management and budgeting.
"The county effectively manages its budget to meet increased expenditures due to population and economic growth," Fitch said. "The adopted 2006 budget maintains the county's practice of controlling expenditures while conservatively estimating revenues and is performing as expected."
IMPACT OF FORT CLOSING: Moody's, Standard & Poor's and Fitch also anticipate that the eventual closing of Fort Monmouth will not have any long-term impact on the county's economy.
QUOTE: "As liaison to the finance department, I am very pleased that Monmouth County was rewarded once again for its continued demonstration of sound, fiscal management," Freeholder Anna C. Little said. "We are able to enjoy greater flexibility in providing services to our residents because we have been conservative in our spending and we continue to maintain very low debt levels."
Staff report
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