Bloomfield Township’s AAA bond rating reaffirmed

Standard & Poor’s reaffirmed Bloomfield Township’s “AAA” long-term bond rating and underlying rating on Monday, March 11. This is the highest rating a municipality or even a corporation can achieve. There are only three counties, three cities, and one other township in the State of Michigan with AAA ratings.* Series 2013 bonds, in the amount of $3,250,000, are being issued to pay for improvements to the township’s water supply system.
Bloomfield Township Supervisor Leo Savoie said, “This rating shows that Bloomfield Township is well-run at every level, from its elected officials to its front-line employees. We all care deeply about delivering top-quality services in a fiscally responsible manner.”
In its summary, Standard & Poor’s said that economic indicators for the township reveal strong wealth and income levels. Median household income levels were 202% of state and 194% of national averages. While the township’s taxable valuation declined 2% in 2012, this decline is less severe than the declines from the past two years. Market value in 2012 increased to $6.51 billion, or $158,490 per capita. The taxable valuation is very diverse with the 10 leading taxpayers accounting for just 1.9% of the total.
The upgrade also reflected Standard & Poor’s view that Bloomfield Township’s financial operations are strong. Despite a drop in taxable value, the township is expecting to post a $300,000 – to $400,000 surplus for the fiscal year that ends on March 31, 2013. The summary also stated that the township’s financial management practices are good, with strong revenue and expenditure forecasting.
Bloomfield Township Treasurer Dan Devine said, “Our investment strategies have yielded positive outcomes, beating all the comparable benchmarks. We are recognized as being prudent and conservative, yet effective in managing our finances.”