Politics & Government

Passaic Boasts Highest Credit Rating in County History

County praised for conservative budgeting, low overall debt.

Passaic County has a new accomplishment to be proud of as freeholders announced last month the county's credit rating has reached AA, the third highest rating that can be assigned.

This is the first time the county has achieved such a rating in its history, freeholders announced on the county website. Standard & Poor's Credit Ratings Services assigned the rating based on the county's general obligation debt.

“We were confident we would receive a favorable rating from S&P because of the hard work and tough decisions we’ve made over the past seven years. We identified a long-term financial plan and stayed the course throughout that time; even when it was unpopular or would have been just easier to cave into the pressure and divert from that plan,” said Freeholder Pat Lepore, the county's Budget Committee chairman.

“Our hard work has resulted in the county receiving its highest credit rating. This rating represents real dollars and significant savings when we go to the market to finance capital projects for improvements to our infrastructure.” 

Find out what's happening in Waynewith free, real-time updates from Patch.

The rating agency said Passaic County has a capacity to meet its financial commitments, according to the freeholders, and praised the county's conservative budgeting, low debt and a five-year management plan. 

“S&P affirmed the county's prudent financial management practices as it looked favorably that our annual budget is based on conservative assumptions,” said Freeholder Director Bruce James. “By implementing sound fiscal policies, decreasing the workforce to its lowest levels in 20 years through attrition, and without budget gimmicks, we continue to save tax dollars and do more with less. This positive rating will lead to hundreds and thousands of dollars in tax payer savings.” 

Find out what's happening in Waynewith free, real-time updates from Patch.


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