NEWS RELEAS= E
FOR IMMEDIA= TE RELEASE
CONTACT PER= SON: JON CARE
PHONE: (810) 257-3020
Genesee County Receives Positive Bond Rating
Standard a= nd Poor’s has assigned a positive SP-1+ short term rating and an A\Stable long term rating to Genesee County’s General Obligation Limited Tax Notes and General Obligation debt.
Standard &= amp; Poor’s statement regarding Genesee County’s financial operation stated, “for fiscal 2010, management implemented expenditure reductions, including a hir= ing freeze and elimination of more than 50 full-time equivalent (FTE) positions, which resulted in essentially breakeven operations. With the breakeven operations, the coun= ty transferred the remaining unrestricted net assets from its delinquent tax revolving fund, which increased the unreserved general fund balance to near= ly $8 million, or what we consider a good 12.9% of expenditures and 8.7% of expenditures and transfers out….. = As a result of these reductions and conservative budgeting, management does not expect to draw on reserve in fiscal 2011. Management is also working on additional reductions, including energy efficiencies, department consolidation, building closures, and program reductions……The stable outlook on the long-term rating reflects Standard &a= mp; Poor’s expectations that management will continue to implement timely expenditure reductions to maintain balanced operations in fiscals 2011 and 2012.”
Genesee County Finance Commi= ttee Chairperson Patrick Gleason said the rating shows the priority that the Board of Commissioners has placed on responsible management of the County’s finances. “Genesee County has gone= about its work quietly, but effectively. Outstanding management is hard work,” Gleason said, “but it necessary to have a stable financial setting in which to deliver excellent public services.”
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