Ongoing Preparation for Bond Rating Presentations

About the Program

Category: County Administration and Management (Best in Category)

Year: 2021

Fairfield County implemented a program to proactively prepare for bond rating presentations. Objectives of the program were to increase organizational knowledge about bond rating requirements, increase the internal reviews conducted about budgetary and management items, update cash reserve and debt management policies, prepare long-term financial plans, and maintain the excellent bond rating the county had achieved. By obtaining elected official and department head buy-in and participation, the county initiated regular reviews and developed an ongoing process to maintain qualitative and quantitative records to prepare for rating presentations. Senior leaders indicated the process of preparation contributed to their learning. New employees appreciated the opportunity to engage in the process and stated the process helped them learn about county government. Records about qualitative factors, such as narratives about management collaboration and budgetary flexibility, are now readily available. The program helped management connect more and understand the value of these connections. There is improved knowledge about how qualitative factors impact the financial condition. An excellent bond rating was maintained, even during the pandemic. Cost savings were achieved as there were no contracted services for professional consultation with the reassessment of the bond rating.