Biennial Budget 2 0 0 9 - 2 0 1 0 - Cobb County Government

Fine Print
Chairman’s Budget Message
CONCLUSION
The FY 09/10 Biennial Budget is the eighth biennial budget prepared and presented
for Cobb County. The two-year budget process is yet another planning tool
implemented to clearly define immediate and future budget needs. The merit of the
biennial budget was highlighted by Moody's Investors Service in 1995 when the Cobb
County General Obligation Bonds were upgraded from Aa1 to Aaa, referencing strong
financial controls, performance and long-term strategic and capital planning. For
similar reasons, Fitch IBCA was the second rating agency to rate Cobb's credit Triple
"A" in 1996.
In 1997, Standard and Poors became the third of the nation's top three bond rating
agencies to rate Cobb's credit Triple "A" - the highest grade possible. In March 2008,
Cobb County's Triple - Triple "A" credit rating for the General Obligation and
Revenue Bonds was reconfirmed by all three rating agencies. Thus, the county has
maintained its Triple - Triple "A" credit rating for the eleventh consecutive year.
Also in March 2008, the county received the same excellent credit rating for the Tax
Anticipation Notes (TANs), which are issued annually. This outstanding credit rating
allows Cobb County to incur short-term and long-term debt at the lowest possible
interest rate. As a result, Cobb County remains in the top 1% of financially secure
counties across the nation.
The three rating agencies cited several factors that attributed to the county's renewed
ratings. Those factors included the county's low property tax rates, low debt levels,
financial management fund balance reserve policy, diverse economy, a significant use
of current resources for capital needs, and the practice of biennial budgeting.
It is with great pride that I present to you, my fellow Commissioners, the FY 09/10
Biennial Budget that communicates the leadership and vision of the Board of
Commissioners to define our present opportunities and anticipate our future
challenges.
Respectfully submitted,
Samuel S. Olens, Chairman
Cobb County Board of Commissioners
FY 09/10 BIENNIAL BUDGET
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