On Wednesday, June 8, Morris County announced that Moody’s Investors Service issued a top AAA rating for the county’s financial stability for the 47th consecutive year.
In the investor service’s review, Moody’s analyzed $5.2 million in county-guaranteed bonds offered for facility improvements at the County College of Morris (CCM). The funded improvements for CCM included building modifications, upgrades to HVAC systems, accessibility improvements, and stormwater management improvements.
Moody’s attributed the county’s sound level of financial stability to the combination of a strong statewide institutional framework and conservative budgeting. The investor service report recognized Morris County’s financial strength and the county government’s efforts toward providing numerous forms of assistance to the local governments residing under its authority.
The report found that the county’s credit strengths are drawn from a substantial tax base and diverse economy, strong wealth and household income, the financial flexibility provided by reserves outside the county’s Current Fund, and the overall conservative financial management practices being implemented.
The Moody’s Rating Outlook statement indicated that they expected the county’s financial position to remain strong over the near term and that the county will continue to benefit from its substantial and diverse tax base and above-average resident wealth and income.
To read the Morris County press release, visit www.morriscountynj.gov.