Baltimore County News
Bond Sale Saves Taxpayers $20.2 Million
In its most recent bond sale on June 16, 2015, the County sold $170,895,000 of general obligation refunding bonds at a rate of 2.51 percent, creating a savings for County taxpayers of approximately $20.2 million over the next 16 years.
The bonds were rated triple-A by Moody’s Investor Service, Standard and Poor’s Rating Services, and Fitch Ratings. A triple-A rating is the highest possible rating for a municipality and allows the County to issue its bonds at the lowest possible interest rate. The County is one of only 38 counties nationwide that has been assigned this rating by all three rating agencies.
“Once again the County’s strong tradition of responsible fiscal and budgetary management has been validated by the rating agencies,” said County Executive Kevin Kamenetz. “This is a real tribute to our budgetary team, and is good news for County taxpayers.”
“I am proud to serve in a County that takes the management of taxpayer dollars seriously,” said 6th District Councilwoman and Council Chair Cathy Bevins. “That is what my constituents expect and what they deserve.”
Excerpts from the rating reports are as follows:
The stable outlook reflects our expectation that the county will continue to maintain a healthy financial position in the near-term that is supported by comprehensive fiscal policies and the maintenance of satisfactory fund balance levels.
Prudent management decisions and adherence to fiscal policies have helped maintain healthy reserve levels.
Standard and Poor’s
We view the county’s management as very strong with “strong” financial policies and practices under our Financial Management Assessment methodology, indicating financial practices are strong, well embedded, and likely sustainable.