In making the announcement, Standard and Poor’s said, “The rating reflects what we consider to be good cost containment and a focus on maintaining strong reserves levels, efforts that offset the moderate declines in revenues associated with a weakening economy.”
They also cited the county’s track record of maintaining solid finances and having a manageable debt level, as well as the fact that county employees reduced their wages to address declining sales tax and property tax revenues.
What does it mean to the taxpayer? By affirming the rating on outstanding general obligation debt, Washoe County will be able to refinance the existing debt at lower interest rates, which will ultimately result in savings to taxpayers.
“This is certainly good news for us and our citizens during these challenging times,” said Washoe County Finance Director John Sherman.
Information about Washoe County’s rating upgrade can be found at Standard & Poor’s public website at www.standardandpoors.com. Select your preferred country or region, then ratings in the left navigation bar, followed by “Find a Rating.”