Ocean County has maintained a bond rating of AAA, which officials said this week is indicative of the county’s financial stability.
Ocean County Freeholder John C. Bartlett Jr., who serves as liaison to the Ocean County Finance Department, announced that Fitch and Moody’s Investors Service has again given Ocean County the highest financial grade of AAA.
“While Ocean County continues its recovery from superstorm Sandy during already difficult economic times, the Ocean County Board of Freeholders has been able to maintain the top bond rating by adhering to sound financial planning,” Bartlett said. “This board continues to make fiscal responsibility a top priority and that is what is reflected in the bond ratings.”
Bond ratings range from Baa, the lowest, to AAA, the highest possible.
According to Moodys, the AAA bond rating reflects the county’s substantial tax base, solid financial management and modest debt burden with no short-term borrowing.
Bartlett noted that the Moodys rating came with a negative outlook that relates to the impact of superstorm Sandy on the county’s ratable base and Ocean County’s actions in providing the funding to complete the task of debris removal following the storm, which hit the area on Oct. 29, 2012.
“This negative outlook will be countered by future growth, albeit slow, in the county’s tax base as rebuilding and recovery continues,” Bartlett said. “The county also anticipates additional reimbursement from FEMA and the 18 municipalities that participated in the county’s debris removal efforts.
“It was important for the Board of Freeholders to take action that would help towns move mounds of debris from the streets in order for the rebuilding to get underway,” Bartlett said. “Because of sound fiscal practices, the county was in a position to undertake this part of the recovery, assisting its towns and its citizens in the aftermath of the storm.”
Fitch’s rating came with a stable outlook and highlighted improved financial stability, sound management, conservative budgeting practices, prudent capital planning, manageable debt and long-term liabilities, and a commitment to stabilizing its surplus as key factors in the rating, according to a press release from the county.
Freeholder Director John P. Kelly said the freeholders recognized the downturn in the economy several years ago and immediately implemented steps to keep the county’s finances stable.
“We made difficult decisions that left us in a sound financial position so that we could respond to the storm, help in the recovery and continue to provide essential services to our citizens,” Kelly said.