Oakland County Treasurer Andy Meisner announced last Friday that Oakland County has maintained the highest possible bond rating assigned by Moody’s Investors Service with a stable outlook. Moody’s also assigned a MIG 1 rating, the highest given to short-term bonds, to $25 million in delinquent tax notes issued annually by the Treasurer’s office.
“The MIG1 reflects…high predictability and strong record of timely collection of delinquent property taxes pledged to note repayment, very strong liquidity across county funds, and a history of solid financial operations and fiscal management,” the rating agency reported.
The Aaa rating results in lower borrowing costs for Oakland County taxpayers.
“Oakland County’s AAA bond rating saves taxpayers real money and is an example of our absolute commitment to fiscal responsibility,” said Oakland County Treasurer Andy Meisner.
The county’s financial position is expected to remain strong going forward due to continued application of solid fiscal management practices, according to the ratings report issued last Friday. S&P also assigned the tax notes an SP-1+ rating, the highest available.
The county’s successful financial management strategy includes a three-year rolling budget, maintenance of equity in the Delinquent Tax Revolving Fund, and many successes in attracting new jobs and industries to Oakland County.
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