Changed Bond Ratings, National Recognition, and Budget Adoption Compliment James City County Fiscal Management
May 12, 2010
FOR IMMEDIATE RELEASE
Contact: Jody Puckett, Communications Director
Phone: (757) 253-6605
In his last budget as County Administrator, Sandy Wanner thanked the Board of Supervisors for their support after they adopted the Fiscal Year 2011-12 budget in a 5-0 vote during their May 11 meeting. The budget adoption brings to a close a difficult budget process. However, Wanner brought positive financial news to the Board by announcing that the County’s Department of Financial and Management Services has been recognized for its financial reporting by the Government Finance Officers Association (GFOA) for the 25th year in a row. In addition, the County’s General Obligation Bond Rating has been changed by Moody’s Investors Service and Fitch Ratings through a recalibration of public finance credit ratings. The result is the County’s first AAA rating, the highest rating a bond can get.
"This triple A rating acknowledges the County’s outstanding financial policies and practices throughout its years of growth and the more recent difficult times will only aid in securing lower borrowing costs on future loans" said Wanner while recognizing the County’s sound financial management over the years.
The GFOA Certificate of Achievement for Excellence has been awarded to the County under Wanner’s leadership for 15 of the last 25 years of that recognition. The GFOA Award states that Certificate of Achievement is the "highest form of recognition in the area of governmental accounting and financial reporting".
The new James City County bond ratings are:
- Moody's rating changed from Aa2 to Aa1, one notch below AAA.
- Fitch Ratings changed from AA+ to AAA, the County’s first AAA rating.
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