Oakland County garners AAA rating

Oakland County Executive L. Brooks Patterson
announces that Wall Street has reaffirmed Oakland County’s AAA bond
rating – a remarkable feat in a struggling economy.

“This is incredibly good news,” says Patterson. “It gets tougher each
year to retain AAA given the region’s economic challenges. Clearly,
S&P recognizes Oakland County’s strengths and awarded us their
highest rating.”

Oakland County’s greatest strength, according to Standard & Poor’s,
is its balanced three-year budget. “S&P told us that our three-year
budget should be an example for every government in the nation,” says
Laurie Van Pelt, the county’s director of Management and Budget.

Patterson credits the hard work of his Budget Task Force – which
consists of his five deputy executives, VanPelt and Human Resources
Director Nancy Scarlet – for the AAA rating.

“This was a team effort,” Patterson says. “I’m proud of what my Budget
Task Force has done for Oakland County. This translates to
multi-million dollar savings for taxpayers.”

Standard & Poor’s issued the AAA rating on $5.8 million of Build
America Bonds for the new LEED-certified terminal to be built at
Oakland County International Airport and $12.56 million of refunding
bonds for 52-3 District Court in Rochester Hills. Garnering the AAA
rating means Oakland County will pay the lowest possible interest rate
on these bond issues.

Oakland County Treasurer Andy Meisner says that’s great news.

“Standard & Poor’s affirming Oakland County’s AAA bond rating is
great news for our taxpayers and our morale,” says Meisner. “Brooks and
his team have a strong record of fiscal management that the ratings
agencies really respect. I was very proud to join them in representing
Oakland County, and couldn’t be happier with the result of our working
together.”