(Pittsburgh) July 17, 2020 Allegheny County Controller Chelsa Wagner said strong credit ratings issued to the County by Moody’s Investors Service and S&P Global Ratings show the benefits of the independent fiscal oversight of the Controller’s Office.
“The County’s continued strong ratings even amid the economic downturn owe in large part to a robust fund balance that I have advocated since my first days in office, which provides essential budgetary flexibility as we enter a very challenging period for government finances. In addition, my office works daily to closely monitor revenue and expenditures and provide information on our fiscal standing to County departments and managers in closer to real-time than ever before, which will be absolutely critical in this unprecedented time,” Wagner said.
The General and Debt Service Fund Balance, which was nearly exhausted when Wagner took office, had grown to $96.5 million at the close of the 2019 according to Wagner’s Popular Annual Financial Report (PAFR).
The ratings from Moody’s (Aa3) and S&P (AA-) are within each agency’s second-highest category for credit security.
“While the whole of County government—from Council to the budget office to many department heads and managers—share in the credit for our fiscal accomplishments, the vigilance and expertise of the dedicated employees of my office plays a unique role that has contributed greatly to the County’s fiscal success over the past eight years,” Wagner said. “The objective and unvarnished analysis of our finances provided by my office will be especially critical as we operate within the confines of the global economic downturn, but these ratings underscore the strong position in which we enter an uncertain period.”