Three bond rating agencies have once again placed Frederick County among the most financially efficient counties in the country, granting it a AAA rating that will save government and taxpayers millions in interest.
The AAA bond rating can be likened to an 850 credit score — it’s as good as it gets, County Executive Jan Gardner said during a press briefing Thursday.
The agencies have reaffirmed the county’s AAA rating every year since 2016. In an interview last week, Gardner attributed the county’s consistently high rating, in part, to economic diversity. The gains that biotechnology and life science companies made when COVID hit helped the county’s economy remain stable and offset losses that sectors like hospitality and tourism suffered.
The rating also received a boost from an increased general reserve — or rainy day fund — that served as a financial cushion during economically trying stretches of the pandemic, Gardner said.
Less than 50 counties nationwide received a AAA rating from all three agencies, Gardner said. In their reports, the agencies noted the county “performed extremely well through the pandemic.”
The rating comes a week after the County Council approved the county’s latest $163 million bond sale, which will help pay for large government expenditures. Officials plan to use much of the funding for general government projects like roads, water and sewer infrastructure, environmental restoration and fire vehicle upgrades. The bonds will also benefit Frederick County Public Schools and Frederick Community College, among other county institutions.
In other county news Thursday:
The county executive’s briefing began with acknowledgement for the first responders and public works crews who worked “tirelessly” Wednesday as flash floods swept the county, contributing to more than 80 road closures and prompting public service personnel to respond to more than 20 water rescue calls, nearly 60 service calls for flooding conditions and at least 13 vehicle accidents, according to the Division of Fire and Rescue Services.
Gardner also thanked the teachers and staff who remained at schools across the county for hours to ensure students got home safely amid a wave of bus delays.
In the wake of the flooding, she urged county residents to stay out of the remaining water.
“The water is very dangerous,” the county executive said. “We also need, after this event, to make sure people do not think that this is still a fun thing to do — it really does carry a lot of risk.”
Gardner also said during her briefing that progress will resume on an initiative to preserve the county’s more than 80 miles of rural roads — a project that stalled when the pandemic hit. As part of the reboot, an advisory committee will create a list of roads to be considered for the preservation program. The body will also make recommendations for enhancing tourism in the county and will issue a report to the county executive within one year.
“Our rural roads offer outstanding views of rolling farmland and natural features, and they provide access to many of our rural historic structures and resources,” Gardner said. “These lanes are hidden gems and they have really become a tourist attraction.”
The committee will convene virtually for its inaugural meeting on Sept. 8.
Follow Jack Hogan on Twitter: @jckhogan
