Budget and Management
July 9, 2019
CHESTERFIELD COUNTY, VA — Recently, the nation’s top three ratings agencies reaffirmed Chesterfield County’s triple-AAA bond rating, solidifying Chesterfield’s position among a small group of peers able to demonstrate exceptional fiscal management. Only about 1 percent of counties nationwide currently hold the AAA credit rating from each of three agencies.
The county has earned a triple-AAA rating for the past 22 years, resulting from its robust and diverse economy and record of fiscal conservatism and strong financial management. The ratings come from Standard & Poor’s, Moody’s, and Fitch Ratings.
“This highest rating provides our citizens tax savings by getting the lowest interest rate possible, and for businesses looking to expand or relocate here, it shows our fiscal house and related capital investment are in order and have been for a very long time,” said Dr. Joe Casey, county administrator. “It is simply who we are and who we will continue to be.”
The triple-AAA rating ensures Chesterfield County can borrow funds for the community’s capital and infrastructure needs at the lowest available interest rates. The rating review process also provides residents and businesses with a thorough, independent assessment of the county’s management and financial practices.
The county’s status was reviewed in preparation for a bond sale this month.
The county has a bright outlook, according to the ratings agencies.
According to Fitch: “The county workforce is well-educated and its employment base exhibits steady growth. Economic indicators remain strong with unemployment below the state and nation and average wealth levels.”
Moody’s says, “Chesterfield County's consistently sound financial position is supported by a history of conservative budgeting, which we expect to continue in the near-term. In addition to sound financial and debt policies, the county does monthly budget monitoring and five-year financial modeling, which will continue to position the county favorably for strong operations.”
According to Standard & Poor’s: “Chesterfield County has a long-standing record of fiscal conservatism with well-adhered-to management policies and practices.”