Financial rating firm Fitch Ratings has confirmed Cobb County’s status as a “AAA” rated county for the 24th consecutive year.
This rating is the highest possible for the county’s financial outlook, according to Cobb County Communications Director Ross Cavitt, who said other rating agencies also have indicated they will follow suit.
The Fitch Ratings analysts cited Cobb County’s history of conservative budgeting and proactive measures in the face of an uncertain economic future caused by the coronavirus pandemic, he added.
“The county is well-positioned to withstand the current period of economic weakness due to its sound reserves and superior inherent budget flexibility,” the agency said in a news release.
“The fact that we had our AAA rating reaffirmed during the most challenging economic time in a dozen years shows the fiscal soundness of the county,” said Cobb County Commission Chairman Mike Boyce. “It is a tribute to our staff, the board and our work with the community to make sure we continue to show diversity in our county’s economic base.”
Fitch pointed to the county’s reaction to the last recession as one of the reasons it has confidence Cobb County can weather this storm.
“This is exciting news, and I couldn’t be prouder that Cobb County is one of three counties in the state with a AAA rating from all agencies,” said County Manager Dr. Jackie McMorris. “I’m especially proud of our finance team for their fiscal prudence during difficult and challenging times. Thanks to the Board of Commissioners for making the tough decisions that have allowed us to maintain our triple AAA rating, especially in the current environment.”
The rating is good news for taxpayers, allowing the county to save money when borrowing money for routine operations or special needs, Cavitt said.
On a short-term basis, he said Cobb County must borrow money each year to bridge the time from budget adoption to when taxes are collected.
Later this summer, Boyce will present the fiscal year 2021 budget to the board that includes a steady millage rate.
Information: cobbgov.tv/media/Fitch_2020.pdf
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