DATE: December 27, 2013
MEDIA CONTACT: Dr. Scott Miller, CFO and Director
Broward County Finance and Administrative Services Department
BROWARD COUNTY, Fla. - Broward County was recently awarded its third triple-A rating when Standard & Poor's raised the County's general obligation bonds to AAA from AA+ based on the County's strong economy and "very strong" budget profile.
Moody's Investor Service and Fitch Ratings had previously given the County triple-A ratings. The action affects more than $301 million of outstanding debt and will allow the County to obtain funds for capital expenses at a more competitive interest rate. Broward County is one of just four counties in Florida who have the triple-A ratings; the other three are Hillsborough, Palm Beach and Sarasota.
S&P reported the outlook on Broward's general obligation debt is stable and reflects the "County's consistent financial performance, which is supported by strong management." The upgrade is also the result of recent revisions to S&P's methodology for assigning general obligation ratings.
"We are proud to have obtained this level of recognition by S&P and the other agencies," said Miller. "We have made a commitment to develop and implement best practices in our financial and investment policies, in our fiscal management, and recruiting and retaining excellent financial staff."
S&P cited the County's strong economy and "very strong" budgetary flexibility with fiscal 2012 audited reserves at 25.6 percent of expenditures and adequate budgetary performance due to a proactive management team that has cut expenditures in response to declines in revenue.
The Finance and Administrative Services Department provides internal support services for all Broward County agencies. Divisions include Accounting; Enterprise Technology Services; Human Resources; Purchasing; Records, Taxes & Treasury; and Risk Management. This department serves as the County's banker, bookkeeper, buyer, insurance agent, record keeper, bill payer and bill collector. Services include the provision of information technology and human resource services. For more information, visit Broward.org/Finance.