County gets A-plus credit rating
Posted By Sparta Live | March 29, 2012 12:00 am
Finance Director Mark Farley was proud to announce White County has an A-plus credit rating that was provided by Standard and Poor’s Ratings Services.
Farley made the announcement during the recent White County Board of Commissioners’ meeting. Standard and Poor’s also listed the outlook as “stable.”
“In this day and time with everything that’s going on [economically] I thought that was quite an accomplishment,” Farley said. “This isn’t really just a credit rating for the White County government. It’s the credit rating for White County. They look at our housing numbers. They look at our foreclosures. They look at our unemployment numbers.”
The rating reflects Standard and Poor’s view of the county’s steadily expanding property tax base, very strong financial position, and low debt burden with limited identified additional capital requirements.
Standard and Poor’s also stated these credit strengths are offset, in part, by the county’s:
•Somewhat shallow local economy as evidenced in the county’s below average income levels and historically high unemployment rate, and
•Elevated debt service carrying charge, due, in part, to a faster-than-average amortization schedule.
Standard and Poor’s reported stated the county’s tax base continues to grow at “a health rate,” with a 10 percent increase in assessed value since 2009. Most of this growth is attributed to reappraisals in the county.
The report also stated the county’s financial position continues to remain very strong.