Despite economic uncertainties and other challenges due to the pandemic, in 2021, Olmsted County once again received a Aaa credit rating (with a stable outlook) – the highest possible rating – from Moody’s Investors Service. The rating designation equates to significant taxpayer savings by lowering the cost of borrowing for the county. Olmsted County received the Aaa designation for the first time in 2002.
“Olmsted County is pleased to be part of an elite group of counties – just 3% in the nation – that have a Aaa credit rating,” stated Olmsted County Board of Commissioners Chair Stephanie Podulke. “We instituted strong financial practices and policies long ago, that we still follow today. This has served Olmsted County well for many years.”
Various criteria are used to evaluate credit: outlook, economy, management, budgetary performance, budgetary flexibility, liquidity, debt and contingent liability, and institutional framework.
Moody’s noted Olmsted County’s credit strengths as a “very large and growing tax base,” “strong financial operations and significant revenue raising flexibility,” and “healthy reserves and liquidity.”
“We are very proud of our longstanding Aaa credit rating,” stated Olmsted County Chief Financial Officer Wilfredo Román Cátala. “Our team is dedicated to using public resources wisely and making sound financial decisions. We believe our credit rating is reflective of that dedication.”
2022 Olmsted County budget timeline
The Olmsted County Board of Commissioners will be voting on the 2022 Olmsted County budget in December 2021.
- September 21, 2021: The board adopted a preliminary 4.90% levy increase.
- December 2, 2021: 2022 Truth in Taxation (TnT) presentation before the board which contains information about Olmsted County’s budget and levy.
- December 14, 2021: Final 2022 budget goes before the board for approval.