Lancaster, PA – On Monday, July 15th, Moody’s Ratings (Moody’s) assigned an Aa2 rating to Lancaster County’s proposed bonds for 2024. Additionally, Moody’s affirmed Lancaster County’s Aa2 issuer rating on general obligation bonds and guaranteed bonds.
“The Aa2 issuer rating anticipates that the county’s growing economy and strong financial management will assure a healthy balance sheet for the foreseeable future” Moody’s said in their report. Moody’s also described the County as an economic outperformer, showing both population growth and personal income growth that exceeds other counties in the state over the past few years. “The county’s financial position has strengthened considerably over the past decade, and conservative management and growing taxable property will support this position going forward,” Moody’s continued.
County officials have worked consistently over the past several years to improve the County’s financial position to benefit taxpayers. Over the past decade, the County has paid down $100 million of debt, increased reserves, instituted a Capital Improvement Program, and taken actions to advantageously restructure remaining debt. Additionally, the county has grown at a steady rate increasing tax revenues without having to raise taxes in over a decade. All of this has put the County in a strong financial position in anticipation of the construction of a new correctional facility.
“We have always made it a priority to be good stewards of taxpayer dollars, the rating by Moody’s is a recognition of those efforts” Lancaster County Commissioner Ray D’Agostino said “We have worked diligently to put the County in the best possible position financially before undertaking the large, new correctional facility project. Moody’s positive affirmation of our financial stewardship and the desire of people to live, work and invest in Lancaster County is a testament to the strong work ethic of our team and our community.”
Controller Lisa Colón agreed, stating “The rating reflects the strength of our local economy, growing tax base, and wise financial decisions made over the past few years. I commend our Board of Commissioners and Budget Services Department for their work with my office and staff for their sound fiscal management and quality decision making.”