By ALINE CARAMBAT
Madison County continues to have the second highest bond rating available, according to a recent review by Moody’s Investors Services.
At Monday’s bi-monthly meeting of the Board of sSupervisors, officials said the county’s credit and bond rating remained an AA2.
“This is not an easy rating to get, and the county has had it for some time,” County Administrator David Overby said. “It is something to really be proud.”
Pertaining to Madison County, Moody’s review states, “Sound financial management has resulted in a healthy fund (cash) balance and the County’s liquidity position is solid and its debt level remains moderate. The County has favorable operations and ongoing expenditure controls and conservative budgeting practices. We expect that the County will continue to operate with healthy financial operations and support fund (cash) balance levels similar to the stated target.”
Overby gave special thanks to Chancery Clerk Arthur Johnston and Comptroller Shelton Vance for their part in helping to maintain a satisfactory rating. He noted the two did a great job working with the county’s financial information.
According to the Vance, one of the advantages of receiving such a high rating is having the ability to borrow money should the county find it necessary in the future.
“The best thing about this, which is similar to your personal credit score, is that it helps us to borrow money as economically as possible when the need for borrowing money arises,” he said. “There are very few cities and counties in the state of Mississippi that have this rating.”
Vance said that some counties and cities do not have a rating at all because they may fear receiving a bad rating. This would mean bonds would be sold at a higher interest rate, making them more difficult to sell. He said that keeping a watchful eye on expenses and making sure the county receives the best deal possible on purchased items has contributed to earning such a high score.
“We always pay close attention to expenditures that pass through the office to make sure we are receiving the best deal the county can get on purchased items,” Vance said. “We make sure that we are spending the money as prudently as we possibly can.”
