News Section: Local Government
Manatee County Retains Strong Credit Ratings on Debt
BRADENTON – At Tuesday's BOCC meeting, Jim Seuffert, Manatee County Financial Management Director, gave a summary of debt outstanding as of September 30, 2013. Seuffert covered the General Obligation Debt, Public Utility Debt, Port Authority Debt and Covenant to Budget and Appropriate Debt.
|photo by Dennis Maley|
As of September 30, 2012, Manatee County's Debt outstanding totaled $309,643,004. The county's total debt outstanding decreased by $25,519,936 during the past fiscal year, to $284,123,068.
Manatee County is placed in the top five Florida counties in credit rating with Moody's, S&P and Fitch, rating institutions. It is maintaining a steady decline in the amount owed on bonds issued. The county remains healthy with cash on hand and credit available.
In a debt and credit update to Manatee County Commissioners during the workshop, an MBS Capital Markets analyst said Manatee has borrowed wisely over the years and its prompt, regular payment on large public projects has helped save millions of taxpayer dollars over time. Only four Florida county governments out of 66 others have a stronger rating than Manatee, said MBS managing partner Ed Bulleit.
“The Board of County Commissioners have consistently made good decisions, and county staff has managed local debt very well,” Bulleit said. “One reason you have such strong debt is that you’ve had a dramatic decrease in upcoming outstanding debt. Your long-term borrowings have been much shorter than asset life.”