Financial rating firm Fitch Ratings recently confirmed Cobb County’s status as a “AAA” rated county due to its flexibility, proactive measures and significant reserves. “AAA” represents the highest rating possible for a county’s financial outlook. Other rating agencies have indicated they will also follow suit with the rating.
The Fitch Ratings analysts cited Cobb County’s history of conservative budgeting and proactive measures in the face of an uncertain economic future caused by the coronavirus pandemic.
“The county is well-positioned to withstand the current period of economic weakness due to its sound reserves and superior inherent budget flexibility,” the agency said in a news release.
“Cobb County Government has once again shown its fiscal responsibility as an efficient, transparent, and effective government enterprise by affirming its AAA bond rating,” said Dana Johnson, COO of the Cobb Chamber and Executive Director of SelectCobb. “As a business community, we are proud of the work our elected officials undertake to ensure our local government’s fiscal house is sound. As the economic development organization that helps to expand economic opportunity through business recruitment and expansion, this provides another example as to why Cobb County, Georgia is the best place to do business. Thank you Cobb County Board of Commissioners, County Manager, and staff for doing what is best for all Cobb County taxpayers.”
Fitch pointed to the county’s reaction to the last recession as one of the reasons it has confidence Cobb County can weather whatever lies ahead.
The rating is good news for taxpayers, allowing the county to save money when borrowing money for routine operations or special needs. Cobb County must borrow money each year on a short-term basis to bridge the time from budget adoption to when taxes are collected.
Cobb Commission Chairman Mike Boyce will present the fiscal year 2021 budget to the board later this summer that includes a steady millage rate.