Salt Lake County Mayor Ben McAdams is praising Salt Lake County’s fiscal management team and the Salt Lake County Council after receiving notice that a national ratings firm – Fitch Ratings – has assigned new, higher financial ratings to Salt Lake County bonds, including its transportation tax revenue bonds and its excise tax bonds.
“This confirms the county’s financial health and also sends a strong signal that we’re a good long-term investment. It speaks to our determination to be a government with a fiscally-responsible balance sheet and a careful eye on budgets,” said Mayor McAdams.
Chief Financial Officer Darrin Casper says the county has been notified by Fitch Ratings that, in addition to its existing triple-A rating on its general obligation bonds, two categories have been upgraded from AA+ to AAA. Casper said that with such an excellent credit score, Salt Lake County will pay less interest and save taxpayer dollars when it enters the market with an upcoming issuance of bonds. In November, Salt Lake County voters approved a $90 million parks and recreation bond measure, to help fund new parks and trails and to contribute to upgrades and maintenance of other facilities.
“Salt Lake County remains one of the top 41 counties nationwide for financial strength. Sound, conservative fiscal policies have made this possible, along with prudent financial management by Salt Lake County Councilmembers of both parties and our competent staff,” said County Councilman Sam Granato.
“I’m proud of our fiscal management team. They serve the taxpayers well in how they manage governmental operations and the financial world is taking notice,” said McAdams.
Written 12 February 2017
