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Essex County financial advisers say reserves strong; model shows capacity for roughly $25–26M in new debt
Summary
Davenport told the Essex County Board of Supervisors on Feb. 10 that the county's unassigned fund balance was about $11.1 million (unaudited) in 2025 and that, based on conservative assumptions, the county could support roughly $25–26 million in additional tax-supported debt over the next 6–7 years while remaining within its formal policies.
The Essex County Board of Supervisors heard a briefing Feb. 10 from financial advisers at Davenport that mapped the county's reserves and debt capacity and laid out assumptions for future borrowing.
Davenport told the board the county is not rated by the national credit rating agencies and therefore has not sought an outside rating, but the presentation compared Essex’s metrics with rated peers. As of 2025, Davenport said, the county’s unaudited unassigned fund balance stood at $11,100,000 and the county’s policy sets a minimum reserve of 15% of expenditures with an 18% target.
Those reserves and current debt service levels…
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