PONTIAC, Mich., December 11, 2009 – Oakland County Executive L. Brooks Patterson announces that Wall Street has reaffirmed Oakland County’s AAA Bond Rating, making it one of only two counties in Michigan to garner this recognition. But the good news does not end there. Oakland County is the only county in Michigan with a “stable outlook” as well.
Moody’s Investors Service awarded the AAA Bond Rating on $930,000 Donohue Drain Bonds because of the county’s efforts to diversify its economy during the downturn in the auto industry, its management practices, and three-year line-item budget.
“The county continues to be proactive in its effort to diversify its tax base through its emerging sectors initiative,” Moody’s says. “The county’s financial position will remain strong, given… (its) history of prudent financial management. Despite expected declines in taxable valuation… the county has identified ways to close the projected budget gaps through 2013.”
Patterson’s Budget Task Force is leading the way to help maintain Oakland County’s AAA rating. “My Budget Task Force is doing a great job at identifying financial roadblocks miles ahead so that by the time we reach them they are only speed bumps,” says Patterson. The Budget Task Force consists of the five deputy county executives, the director of Management and Budget, and the director of Human Resources.
AAA rating from Wall Street means Oakland County can borrow money at the lowest interest rates on the market today, which in turn saves Oakland County taxpayers money over the long term.
For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.