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County Update
with Kelli Scott,
Calhoun County Administrator
County Update
with Kelli Scott,
Calhoun County
AdministratorCounty Update
with Kelli Scott,
Calhoun County AdministratorCOUNTY
with Kelli Scott,
Calhoun County AdministratorWe received good news on the
financial front this week, with S&P
Global Ratings issuing a strong
“AA” credit rating with a stable
outlook on our upcoming capital
improvement and refinancing bond
issuances.
This rating affirms the county’s
financial stability and our ongoing
commitment to responsible fiscal
management.
S&P (Standard & Poor’s) Global
notes in its report that this “AA” rat-
ing – second only to the top “AAA”
rating – “is based on Calhoun
County’s good management policies
and practices that have contributed
to more than a decade of general
fund operating surpluses and the
maintenance of very strong available
reserves,” while at the same time not
asking voters to authorize property
tax increases.
As noted in our mid-year budget
amendment documents, we expect to
end fiscal year 2024 with a planned
$500,000 operating surplus, driven
mainly by property tax revenue
growth and cost control measures,
supplemented by a one-time federal
solar energy rebate from our recent
installation of solar panels at our
largest county buildings.
We will also utilize our remaining
$2.5 million in American Rescue
Plan Act (ARPA) funding for rev-
enue replacement within this year.
Looking ahead, the 2025 budgeting
process has begun, with our Board of
Commissioners and Internal Budget
Committees meeting together on
Aug. 6.
At that meeting, we reviewed pre-
liminary 2025 and five-year forecastsS&P gives Calhoun
Co. ‘AA’ rating
and the key assumptions that drive
them.
At this point, we expect that con-
tinued increases in the county’s
property tax base, along with new
economic growth and coupled with
increased state funding and rebound-
ed charges for services, will allow
for budget sustainability even after
our several-year ARPA allocation is
depleted.
S&P Global also notes its ratio-
nale for its “stable outlook” for the
county, with their report stating that
“we believe that the county willcontinue to take necessary actions to
maintain balanced operations and has
sufficient reserves to cushion against
unexpected budgetary pressure.”
A strong credit rating benefits our
taxpayers and our local government
partners for whom we secure capi-
tal bond financing because higher
credit ratings result in more investor
demand, and thus, lower debt service
interest rates.
These savings can then be rein-
vested into our community, support-
ing critical infrastructure projects
and other important initiatives thatbenefit all of us.
I want to thank our Board of
Commissioners, Finance staff,
Treasurer’s Office and countywide
leadership for their parts in maintain-
ing financial stability.
We all work well together dur-
ing the budgeting process to deliver
responsive leadership, which will
continue to allow our residents and
visitors to thrive.
On July 22, county officials hosted
a visit to the County Building by