Hall County’s credit rating has been upgraded by S&P Global (S&P) to AA from AA-, citing the County’s “strong revenue and expenditure assumptions in the budgeting process, and strong oversight in terms of monitoring progress against the budget during the year.”
The upgraded rating signifies increased stability for investors and will positively impact Hall County’s future financing endeavors through lower interest rates.
“This upgraded bond rating is further evidence of sound fiscal management by Hall County’s elected officials and staff,” Hall County Board of Commissioners Chairman Richard Higgins said. “We continue to work diligently to maintain this positive rating by being responsible stewards of the public’s funds.”
According to the opinion released by S&P on Wednesday, Hall County’s upgrade is supported by strong management, including good financial policies and practices, strong budgetary performance, very strong liquidity and a very strong debt profile.
“This upgrade is reflective of the Board of Commissioners’ strong financial stewardship, including strategic, short- and long-term planning and ensuring key financial indicators are adhered to, utilizing various forecasting models,” said Hall County Administrator Jock Connell.
In addition, the opinion found Hall County’s unassigned fund balance to be at 21 percent of annual operating expenditures, which is well within the Government Finance Officers Association’s recommendation of 15 to 25 percent (or approximately two to three months of operating expenses).