Improvement Noted in Laurens County’s Financial Condition

Moody’s credit agency has removed their negative outlook on Laurens County’s credit rating as a result of improved financials. County Administrator Jon Caime yesterday noted that two years ago, Moody’s issued a negative outlook which indicated worsening financial conditions and could have resulted in a degrading of Laurens County’s financial conditions, including a downgrading of the county’s credit rating now. Caime said the removal of the negative outlook may save Laurens County Taxpayers money on debt the county will soon be issuing for major construction projects.

County Council has already begun the process of borrowing $3,300,000 to pay for the roof and HVAC projects at the Hillcrest Courthouse and $700,000 for stabilization of the historic courthouse.  Jon Caime said, “With this timely positive bond rating by Moody’s we may be able to save money on this debt that is about to issued.”

Council has also had a new EMS Headquarters as a top priority.  That project will also require additional debt in excess of $2,000,000.  Council has also recognized the need to move county E911 operations, which will require future debt also in the multimillion-dollar range.  In addition, there are other large projects such as a new Law Enforcement Center, and a remodel of the historic courthouse which will also require future debt. Caime added, “A positive or better bond rating will most likely save the taxpayers money when these projects are funded.”

County Council chair David Pitts reviewed the results with County Council last evening.