Burlington County’s stellar credit rating was reaffirmed by Moody’s Investor Services last week and it’s already helping the County achieve savings from low-interest borrowing.
Moody’s maintained the County’s Aa1 rating and reported that “its continuing improving finances will remain solid” both in the near- and medium-term future. The report cited the County’s wealthy local economy, stable reserves, strong governance and favorable location.
“The latest Moody’s report confirms what we’ve been saying for some time now: Burlington County’s finances are strong and they continue to grow stronger thanks to sound fiscal management,” said Burlington County Commissioner Director Felicia Hopson. “The report affirms that we’re keeping the county affordable and doing right for Burlington County taxpayers while still maintaining our infrastructure and providing services and support for all residents.”
The Aa1 rating is at the top of Moody’s rating scale and allows the County financial team to negotiate lower interest on its debt. The agency’s report was in response to a $10 million bond approved by the Commissioners to support road and bridge improvements and capital equipment purchases.
During that recent note sale, Burlington County was able to negotiate a net interest cost well below the average net interest from similar note sales in New Jersey during the previous 45 days.
Moody’s report singled out Burlington County’s governance and budgeting as a key factor in its rating decision. It also pointed to the County’s healthy finance reserves and growing revenues from a strengthening economy.
“The county has built a deep bench of civil servants and outside professionals to implement its policy objectives. This, plus a combination of a strong state-wide institutional framework and highly conservative budgeting, has allowed the county to not only strengthen its finances but to do so while providing various forms of assistance to its local governments,” Moody’s wrote in the agency’s report.
In addition to maintaining its outstanding credit rating, Burlington County continues to have the lowest average county tax in New Jersey in 2019, 2020, 2021 and 2022, according to New Jersey Department of Community Affairs property tax data. The County also had the lowest cost per resident of any New Jersey county those years.
“Our bond rating saves taxpayers thousands of dollars annually because of the low interest rates the county obtains,” Hopson said. “The rating is an example of the kind of smart and responsive government that Burlington County residents have come to expect and it helps us maintain our standing as the most affordable and responsive government in the region.”