MOUNT VERNON — Moody’s Investors Service has upgraded the County of Knox, Ohio general obligation limited tax (GOULT) bond rating to Aa2, the third highest possible ranking. By doing so, Knox County joins an elite group of just 20 of the 88 Counties in the State of Ohio who have earned the distinction of receiving this standing. Knox County was formerly rated Aa3.
The Aa2 GOLT rating reflects the County’s growing tax base, positive demographic trends, and very healthy financial profile. Also incorporated into the rating is the county’s very low debt burden which is balanced against its above average pension burden.
“This is a significant achievement for our county,” said County Auditor Jonette Curry. “When the county borrows money, the interest rate should be more favorable because of this rating. We earned this upgrade because everyone here is working towards the same goal of fiscal responsibility.”
On November of this year, the commissioners approved an increase in the county’s sales tax to help offset the loss of revenue from state funding, and to support improvements to the county’s infrastructure.
“This rating upgrade is a confirmation of the county’s commitment to operating in a fiscally responsible manner, while providing the quality of services the residents of Knox County expect”, said County Commissioner Teresa Bemiller.
The district’s financial consultant, David J. Conley, President of Rockmill Financial Consulting, LLC of Lancaster, Ohio says, “Moody’s upgrade is proof that the County’s ongoing efforts to improve its financial condition through prudent management of resident’s taxes, is working. “Continued practices of spending wisely and in managing the County’s debt could position the Knox County for yet another upgrade in the future.”
