Montgomery County In 'Healthy Financial Position,' Consultant Group Says

A consultant group reaffirmed Montgomery County's bond rating with a stable outlook and said the county was in a "healthy financial position" during a recent analysis, the county announced Thursday.

Montgomery County has an Aa1 bond rating, which is related to a $51 million County bond offering which will refund the County’soutstanding General Obligation Bonds Series 2006A and 2009A. The County expects to receive bids for the 2016 Series B and C bonds through a competitive sale process on September 14, a press release states.

Moody’s, the firm which did the analysis, highlighted the County’s “third consecutive operating surplus despite the Commonwealth of Pennsylvania’s prolonged budget impasse that stalled $40 million in human services payments due to the County. Notably Montgomery County was able to continue paying these obligations… by using reserves instead of issuing short-term notes," the release quoted.

“Moody’s has re-confirmed that the County is on the right track and our responsible fiscal policies have established a stable and strong economy and are setting us up for a secure financial future,” said Josh Shapiro, chair of the Montgomery County Board of Commissioners. “Given where we were only a few short years ago – with huge budget deficits and a failure to address our financial obligations – the turnaround is quite remarkable. In fact, our fiscal management policies and our significant fund balance were sufficient to meet the most extreme fiscal circumstances the County has faced in decades.”

Moody's said that the county's growth is likely to continue given pending development of 4,300 residential units, 1.1 million square feet of commercial space, and the redevelopment of the Willow Grove Naval Station.

Patch file photo.