County’s fiscal stability earns two national honors

The San Bernardino County Board of Supervisors for many years has been consistently recognized as a leader among the nation’s local public agencies for its strong fiscal and policy leadership.

County residents received two more assurances during the past month that the county’s financial standing is among the nation’s strongest and that its budgeting practices meet the highest standards of forward-thinking planning and public transparency.

S&P Global Ratings has affirmed the County’s AA+ credit rating, which the County has maintained since June 2019 and throughout the global financial uncertainties unleased by the global pandemic.

At about the same time, the County earned the Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA). This marks the 16^th year the County has claimed this honor during the past 17 years.

“The public has the Board of Supervisors to thank for these honors,” said County Chief Executive Officer Leonard X. Hernandez. “The Board’s consistent commitment to wise and conservative planning and spending allows us to provide the highest level of service to our residents in the areas of economic development, health care, infrastructure, recreation, social services, and more.”

“These dual recognitions are a testament to the dedication, innovation, and competence of the County’s executive and fiscal teams and all of our more than 22,000 hard-working County employees,” said Board of Supervisors Chair Dawn Rowe.

S&P Global affirmed the County’s AA+ credit rating, one of the highest ratings possible, as part of a standard credit rating review that occurs every few years. The review included an assessment of the County’s financial condition, operating performance, policies, and risk management strategies, and their effect on the County’s creditworthiness.

In its report, S&P cites a strong underlying economy with employment opportunities in medical, industrial, logistics, government, and education; strong financial policies and practices; strong budgetary performance; very strong debt and contingent liability profile and a strong institutional framework score. S&P also acknowledged the County’s achievement of meeting the 20-percent reserve target.

“Considering the challenges brought on by the pandemic, it is a testament to the Board and County leadership team’s strong management policies that our credit rating would be reaffirmed as ‘AA+’ as we emerge from the financial uncertainty of COVID-19,” said Board of Supervisors Vice Chairman Col. Paul Cook (Ret.).

The GFOA Distinguished Budget Presentation Award for the County’s 2022-23 Adopted Budget reflects the County’s commitment to meeting the highest principles of governmental budgeting, GFOA stated.

To earn this recognition, budget documents must meet a tough series of criteria and excel as a policy document, financial plan, operations guide, and communication tool. Multiple GFOA reviewers marked the County as “outstanding” in the areas of financial summaries, departmental information, and overall presentation.

“The affirmation of our credit rating and the consistent accolades for our budget document prove that superior public service and fiscal responsibility continue to be our highest priorities,” Rowe said.

Additional County Update News – May 12, 2023