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Crowe: S&P affirms Floyd County's A rating; bond plan for $2.2M health building coming in March
Summary
A Crowe consultant told the Floyd County Council that S&P affirmed the county's long-term rating at A with a stable outlook. Crowe will return in March with bond parameters to finance a $2.2 million Health Department building, with additional funds set aside for remodeling.
Tim Berry of accounting firm Crowe told the Floyd County Council on Feb. 11 that Standard & Poor's reviewed the county's finances and "affirmed Floyd County's ratings as an A and to affirm that on a stable basis." He credited recent council actions to stabilize LIT revenues and singled out Auditor Diana Topping and staff for providing documentation to reviewers.
Berry said Crowe will return in March to present bond parameters for a Health Department facility estimated at $2.2 million. He said some funds already are set aside for remodeling and renovation costs; the council did not vote on financing at the Feb. 11 meeting and will consider formal bond parameters when Crowe returns.
Why it matters: an affirmed A rating helps the county borrow at lower interest rates and affects long-term capital planning. The Health Department project represents the next major capital request tied to those borrowing plans; Crowe's parameters will guide timing and market approach.
What happens next: Crowe will present bond parameters to the council in March; staff and the auditor will provide additional backup documentation as requested.
