In a recent announcement, Moody's Ratings awarded Washington County its prestigious "Aaa" rating, the highest accolade for municipal government debt, before the county issued full faith and credit bonds intended to generate $150 million. This financial boost is earmarked for the county's essential Major Streets Transportation Improvement Program, a plan showing the community's investment in its future mobility.
According to Washington County, Moody's decision was influenced by the county's "strong and diverse economic base, strong financial position supported by prudent fiscal management and low leverage." For the residents and stakeholders in Washington County, this translates into a tangible benefit, with reduced costs for critical transportation projects. "We are delighted with this great news! This designation speaks to Washington County’s commitment to long-term financial stability and to providing critical services to our community, all within our available resources," Washington County Board Chair Kathryn Harrington said, as per Washington County's news release.
The report by Moody's assessed the county's financial standing, indicating that despite facing limitations on property tax revenue growth and expiring revenue sources, like Strategic Investment Plan (SIP) agreements, the county will hold steady. It cited the area's sophisticated and conservative fiscal management as the balancing force amidst these challenges. Washington County stands out, with its $2 billion budget and a workforce of 2,396 full-time equivalent employees dedicated to serving a dynamic population of over 611,000 on the western edge of Portland.
