Olmsted County maintains high credit ratings from Moody's

September 9, 2024

Olmsted County continues its Aaa credit rating streak – the highest possible rating – from Moody’s Investors Service.  

In its latest ratings, Moody’s indicated a stable outlook for Olmsted County.  

These credit ratings equate to significant taxpayer savings by lowering the cost of borrowing for the county.  

“The Aaa rating reaffirms our position as a strong and well-managed organization in the eyes of the financial community. It also underscores the impact of our collective efforts in maintaining transparency, robust financial practices, and forward-thinking management strategies,” stated Olmsted County Chief Financial Officer Wilfredo Román Cátala. “Most importantly, it allows Olmsted County to borrow money at the lowest interest rates possible, which translates to taxpayer savings.” 

Moody’s noted the following as Olmsted County’s credit strengths: 

  • A very strong financial position. 
  • Modest leverage and fixed costs. 
  • A healthy local economy anchored by the Mayo Clinic.  

"Receiving the highest possible rating again this year underscores the dedication of our staff and leadership to maintaining strong financial health for the benefit of our residents,” said Olmsted County Board of Commissioners Chair Sheila Kiscaden. “Achieving this rating allows Olmsted County to continue investing in essential services and infrastructure while ensuring the best value for our taxpayers." 

Municipalities have their financial conditions re-evaluated every time they issue new long-term debt. This rating was done in anticipation of $21.4 million in general obligation bonds to be sold on September 17, 2024. The proceeds of the bonds will be used for: 

  • The county's 2024 Capital Improvement Plan projects. 
  • Solid waste facility improvements. 
  • The purchase of equipment 
  • Costs associated with the issuance of the bonds.  

The bonds are structured based on estimated useful life of assets financed and will result in rapid amortization. 

2025 Olmsted County budget timeline 

Residents can learn more about what the county is planning for 2025 and how it plans to use taxpayer funds. Below is the timeline of events as it relates to establishing the 2025 Olmsted County budget. 

  • September 17, 2024 - 6 p.m.: Certify the proposed 2025 levy for the Olmsted County Housing & Redevelopment Authority. 
  • September 17, 2024 - 6 p.m.: Certify the proposed 2025 levy for Olmsted County. 
  • December 5, 2024 - 6 p.m.: Truth in Taxation public meeting. 
  • December 17, 2024 - 6 p.m.: Olmsted County commissioners adopt the final 2025 budget and levy.  

Details about these public meetings are available on our Olmsted County website. Residents may choose to join these meetings in-person in the board room at the Olmsted County Government Center. Residents may also join the meetings virtually via the Microsoft Teams link provided in the meeting agendas.  

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Media contact: Rachel Wick, Communications Specialist, 507-328-6537