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Audit delay raises S&P monitoring concern; township staff working to restore reporting
Summary
Township staff told supervisors the municipal audit is late and S&P may withdraw the township credit rating if reporting deadlines are missed; staff said they were coordinating with S&P Global and bond advisors but could not quantify the consequences.
During departmental reports staff confirmed the township’s annual audit is delayed. The board was told S&P Global monitors audit reporting and that failure to meet required deadlines could lead S&P to withdraw the township’s credit rating. Staff said they were working with S&P Global to provide required materials and with the township’s bond consultant to understand any potential impacts, but that the effects on interest rates or investor behavior are difficult to quantify.
What staff said: the team has identified the items S&P needs to avoid withdrawing the rating and is targeting submission of those materials within a few weeks. Staff noted the township previously experienced a similar timing issue last year and that they expect to reestablish any withdrawn rating through standard S&P processes when materials are provided.
Board direction: supervisors asked staff to continue coordination with the bond advisor and S&P and to report back at the next meeting with an update. No formal votes were taken on this item; staff indicated follow‑up discussions with the consultant scheduled for April.
