Citing “Consistently solid management of financial operations through application of multi-year planning and conservative budgeting” Oakland County Treasurer Andy Meisner announces that Moody’s ratings agency has affirmed Oakland County’s AAA bond rating relative to $25 million in delinquent tax notes issued by the Treasurer’s Office, as well as the county’s long-term outlook.
Oakland County’s AAA bond rating comes from years of prudent fiscal management and governance, with a focus on a 3-year rolling budgeting strategy, and maintenance of more than ample equity in the Delinquent Tax Revolving Fund.
“I’ve argued that protecting property values from foreclosure is key to keeping our bond rating, and in affirming Oakland County’s AAA, Moody’s cites ‘Multi-year tax base depreciation trend that resulted in 34% cumulative loss in full valuation over the five years through 2013’ as a ‘challenge’ facing Oakland County going forward. That’s why we must fight foreclosure and blight with every available tool, including in our County Seat of Pontiac.”
State law makes the treasurer the county’s agent for administration of the Delinquent Tax Revolving Fund (DTRF) used to help local cities, villages, and townships pay their bills when property taxes are paid after the deadline. Thanks to the AAA bond rating, Oakland County can borrow cheaply and pass those savings on to Oakland County taxpayers.
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