County Mayor Mike Ragsdale and Chief Financial Officer John Troyer were advised today that the bond rating agency Standard and Poor's will issue a AA+ rating for Knox County. The AA+ rating is an upgrade from the county's previous rating of AA and represents the highest rating in the history of the county.
The bond rating agency considers a variety of variables in determining how a local government will be rated, including debt levels, per capita income and area unemployment rates.
"Knox County's economy remains strong and resilient. Our focus on the fundamentals of low taxes, economic development, and strong public education is obviously taking us in the right direction,"commented Mayor Ragsdale."Our willingness to make prudent investments in community assets such as libraries and senior centers helps us attract quality companies like Green Mountain Coffee, further strengthening our economic picture."
Knox County has not had a property tax increase since 1999. Currently the county has the lowest tax rate of any of the four urban counties (Davidson, Hamilton, Knox, Shelby).
Troyer noted that it is important for the county to remain vigilant in observing financial restraint in managing the public's money, "I am excited about this historic first for Knox County and for the statement it makes about our economic picture. However, these remain challenging times, and we will continue to restrain spending, make cuts where we can, and watch our financial situation very closely."
More information will be available when the County receives its official notice from Standard & Poor's.
