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Investment firm affirms County's tax bond rating

New York investment firm affirms Sarasota County's Aaa tax bond rating

Post Date:07/21/2017

SARASOTA COUNTY - Following the Florida Supreme Court ruling on the constitutionality of a local law regarding the reimbursement to private hospitals for indigent care,  New York based Moody's Investor Services has affirmed Sarasota County's Aaa issuer rating and its outstanding limited ad valorem tax bond rating of Aaa.

The affirmation of the Aaa issuer rating reflects Sarasota County's large, growing tax base, ample revenue raising flexibility and healthy financial position, according to Moody's.

The Aaa general obligation limited tax rating is on parity with Sarasota County's long-term issuer rating, reflecting the county's ample available taxing "headroom" from collected property taxes.

According to Sarasota County Administrator Tom Harmer, the affirmation reflects the county's ongoing commitment to responsible management of public funds by county officials.

"While Sarasota County is disappointed that the supreme court overturned the Second District Court of Appeal's ruling, we're pleased that Moody's recognizes our strong financial position, which is achieved, in part, through a thorough budgeting process and dedicated staff in our Office of Financial Management," said Harmer.

The affirmed outlook also reflects the likelihood that Sarasota County's finances will remain sound, given the historically strong financial management and strict adherence to formalized reserve targets in the event of an increase in fixed expenditures for indigent care reimbursement.

Deputy County Administrator Steve Botelho, who also serves as the county's chief financial management officer, said Moody's affirmation of the bond rating reflects a continued resurgence of strong financial growth in Sarasota County.

"Our responsibility as stewards drives the efforts by county staff, and these efforts are seen in this affirmation. The Aaa rating represents the highest rating that the county can achieve from Moody's and with a stable outlook reflects the county's strong financial position," Botelho added.   

For more information, call the Sarasota County Contact Center at 941-861-5000 .

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