|SARASOTA COUNTY – Fitch Ratings has affirmed Sarasota County’s general obligation and capital improvement bond ratings, reflecting the county’s continued commitment to the responsible stewardship of public dollars.|
According to a press release from Fitch, the general credit rating of ‘AAA’ demonstrates the consistent maintenance of general fund reserves relative, along with a low long-term liability burden.
“The county’s independent legal revenue raising ability and solid expenditure control provide the county with a considerable ability to maintain a high level of fundamental financial flexibility throughout economic cycles and should provide sufficient resources to endure the current and future economic cycles,” the release states.
Sarasota County Administrator Jonathan Lewis said the rating is a clear indicator of the county’s financial health amid the ongoing response to COVID-19.
In addition, Lewis praised the county commission’s leadership, and the hard work of the Office of Financial Management.
“This independent ratings agency has affirmed our sound financial operations and the prudent actions of our county commission,” he said.
The press release from Fitch also states Sarasota County has a “strong capacity” to navigate economic cycles due to robust financial reserves, expected revenue and solid expenditure flexibility.
Deputy County Administrator and Chief Financial Officer Steve Botelho said the annual budget process is key to these positive results.
“We work tirelessly each year to present a balanced budget for the commission’s consideration, focusing on the community’s current needs while looking to the future. These ratings are indicative of the success of those efforts,” Botelho said.
Additional information is available by calling the Sarasota County Contact Center at (941) 861-5000 or visiting scgov.net.
Sarasota County prohibits discrimination in all services, programs or activities. View the complete policy at scgov.net (keywords: ADA compliance).