Fitch Report Stresses Local Fund Balance Policies

Vadum, Matthew
January 2005
Bond Buyer;1/26/2005, Vol. 351 Issue 32057, p4
Trade Publication
This article reports that local governments policies on fund balances and reserves are key management tools that can add strength to a locality's overall credit. The fact that the city council voted on the policy and enshrined it in law represents a much greater credit strength than merely having a fiscally conservative finance director on staff that has specific objectives. Howard County, whose general obligation debt Fitch rates AAA with a stable outlook, goes one step further with respect to its replenishment policy.


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