Fitch re-affirms Manatee County's stellar credit rating
MANATEE COUNTY, FL (Feb. 3, 2017) – Manatee County Government’s strong financial footing was reaffirmed this week by New York-based Fitch Ratings.
Fitch rates Manatee’s long-term issuer default rating as AAA and its non-ad valorem revenue bonds at AA+. In a press release (attached), Fitch also noted that Manatee’s long term outlook is stable.
Fitch noted that the County’s AAA rating reflects “the county’s strong revenue framework, solid expenditure flexibility, low long-term liability burden and significant gap-closing ability which provides for exceptional financial resilience through economic cycles.”
Fitch also noted that Manatee County “finances are prudently managed” and that Manatee “benefits from solid expenditure flexibility given its strong legal ability to manage labor costs. Fixed costs for debt and pensions are moderately low … Fitch expect s the pace of spending to generally align with or slightly exceed revenue growth trends in the absence of policy action.”
A number of contributors played a part in the including healthy reserve levels, expenditure control, expanded employment opportunities, increased tourism, and retail sales growth, among others.
Manatee County Administrator Ed Hunzeker said the bond rating is the result of the Manatee County Commission’s prudent and responsible management of public funds, the county's strong economy and the government’s ability to meet future needs.
“The rating is another sign that our County Commission managed resources extremely well during the Great Recession and many years of difficult budgeting,” Hunzeker said. “The Board spent reserves responsibly, borrowed only when necessary and refinanced its debt at strategic points to save taxpayer dollars.”
For more information on Manatee County Government, visit online at www.mymanatee.org or call (941) 748-4501. You can also follow us on Facebook at www.facebook.com/manatee.county.fl and on Twitter, @ManateeGov.