GAINESVILLE - Moody's Investors Service has upgraded Hall County's general obligation bond rating from Aa3 to Aa2, citing "the county's strengthened reserve position following several years of operating surpluses, driven by conservative budgeting management."
The upgraded bond rating will translate into a lower interest rate for Hall County and signifies increased stability for investors.
"We are pleased that Moody's has recognized the sound fiscal management of Hall County's elected officials and staff," Hall County Finance Director Zach Propes said. "We will continue to work hard to maintain this positive rating by being responsible stewards of the public's funds."
According to the opinion released by Moody's last week, the rating also incorporates the County's sizable tax base and manageable debt profile.
"The rating upgrade is undoubtedly a reflection of the Hall County Board of Commissioners' fiscal responsibility and conservative budgeting principles," said Hall County Administrator Randy Knighton.
This news comes on the heels of the completion of Hall County's audit, which revealed no findings and $1.3 million added to the County's fund balance. The audit, which was released at Thursday's Board of Commissioners meeting, also revealed that Hall County's General Fund cash and investments is nearly three and a half times more than its liabilities. That's above and beyond the 2 to 1 ratio recommended by the Carl Vinson Institute of Government.
In addition, the fire fund saw a surplus of $777,000 and Special Purpose Local Option Sales Tax (SPLOST) collections for FY 2015 increased $1.8 million over the previous year. Overall expenditures were under budget $134,000.
For a full copy of Moody's Rating Report, click here.
