County of Lexington receives best-ever bond rating in County's history
Lexington, SC - For the first time in the organization’s history, the County of Lexington received its best-ever bond rating after an in-depth analysis was conducted of the County’s financial health.
Moody’s Investor Service awarded the County a AAA-bond rating, which means the County has strong financial fundamentals, is financially predictable and has a strong operating environment.
“This achievement is a testament to the hard work this county government does each and every day,” Lexington County Council Chairman Scott Whetstone said. “Our financial health is outstanding and that ultimately means savings for the taxpayers.”
Ultimately, the new rating allows the County to save an estimated $950,000 in interest over the next eight years as it pays its 2010 & 2013 general obligation bonds. These bonds, which were little over $12.8 million, were utilized to build the Marc H. Westbrook Judicial Center and the Saxe Gotha Industrial Park.
“Lexington County residents should feel encouraged that their government is doing everything with the taxpayers’ best interests at heart,” Lexington County Vice Chairman Todd Cullum said. “We know that it is upon us to earn our residents’ trust and be wise about our financial status and operations.”
Moody’s cited that the reasons the County received its highest-achievable rating was due to several factors, including financially responsible fiscal policies adopted by County Council, a fully-funded Other Post Employment Benefit liability, a responsible capital equipment replacement program and a healthy fund balance.
“The County has maintained very strong reserves despite financing a significant majority of its capital needs out of annual operating revenues. This practice has allowed the county to hold very little debt and keep its fixed costs low,” a statement from Moody’s said.