Fayette County Finance Department

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Our Mission Statement

The mission of Finance is to provide timely, accurate, relevant, and accessible financial data, services, analysis, and guidance to our customers and to promote confidence in these products as sound foundations for effective management of County resources.

Our Vision Statement

The Finance Department will transition Fayette County into a more efficient Government by enhancing business financial reporting and budget analysis, converting to automated financial systems, increasing efficiency, measuring performance, and integrating financial systems into daily operations.

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Fayette County Achieves Coveted AAA Bond Rating

Placing Fayette County among the top 1 percent of counties nationwide. Fayette County, Georgia, June 13, 2014 – Standard and Poor's has upgraded its rating on Fayette County's general obligation bonds from AA+ to the highest rating possible: AAA. According to a press release from Standard and Poor's: "Standard & Poor' Ratings Services raised its rating on Fayette County Public Facilities Authority, Ga.'s general obligation equivalent bonds outstanding to 'AAA' from 'AA+' based on the application of our local GO criteria released September 12, 2013. The outlook is stable."

“In our view, despite three years of drawdowns from 2011-2013… management has since demonstrated a willingness to make budget adjustments to restore structural balance and stabilize performance in fiscal 2014. We believe the county’s very strong management conditions with strong financial policies and practices and limited additional debt needs provide stability to the rating. For these reasons, we do not anticipate lowering our rating during the two-year outlook horizon.”<

"The AAA rating will save taxpayers money in the form of reduced interest expense on the bonds that the County issues going forward," said Mary Parrott, Fayette County Chief Financial Officer. "This action by S&P continues to demonstrate that investors have the highest level of confidence in the county’s financial management and its economic outlook."

Commission Chairman Steve Brown said, "The bond ratings have a significant positive impact on the cost of borrowing money for needed improvements, and I'm glad we're able to save money through lower interest costs over the coming years. Affirmation of our ratings is solid evidence of Fayette County's financial stability as we navigate today's difficult financial and economic conditions."

“Our better choices have led to better results. And today, Fayette County has secured its position as one of only four counties in Georgia to earn the distinction of a Triple AAA rating. Our Finance Department, Directors and Constitutional Officers are to be commended for all working together over these past two years," said County Manager Steve Rapson. "We have achieved something few counties in the nation have been able to accomplish. The triple-A ratings is a strong statement of our county’s record of financial stewardship and governance. It is a testament to the work we do to manage our limited resources, leveraging what we have to focus on delivering services to our residents."

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Moody's Investors Service Upgrades Fayette County's General Obligation (GO) Debt to Aaa: Fayette County's Outlook Stable

In August 2014 Fayette County's general obligation (GO) bond rating was upgraded from AA+ to the highest rating possible of Aaa by Standard and Poor's and now the county is pleased to announce that, recently, Moody's Investors Service has also upgraded the county's outstanding general obligation debt from Aa1 to Aaa.

With $37 million in GO debt outstanding affected, Fayette County's outlook is stable.

As reported by Moody's, "...the expectation that county reserves will remain strong given management's demonstrated trend of conservative budgeting and stability of fund balance", is the contributing factor to the stable outlook.

"This is great news that Moody's has upgraded Fayette County to Aaa, following Standard & Poor's Aaa upgrade in August, 2014, confirming the level of Fayette County's financial strength," said Mary Parrott, Fayette County Chief Financial Officer. "County staff should be proud of the efforts they have made in cost containment which has been a vital part of maintaining the County's solid financial position."
"The County's strong bond rating is a great benefit for our community and a reflection of the excellent financial stewardship of our financial resources," said County Manager Steve Rapson. "Strong financial management coupled with a solid governance makes Fayette County a truly unique place to call home."
Fayette County has demonstrated a solid operating performance and healthy reserve. The 2014 fiscal year budget was "structurally balanced and audited results reported a $3.3 million surplus, increasing the General Fund balance to $32.3 million" and the Operating fund balance, coupled with the General Fund totaled $38.6 million.
The Board of Commissioners and county management, remain committed to maintaining a balanced budget and expect to see an increased reduction in expenditures due to recent changes to the county's pension plan.

Chairman Charles Oddo said, "Our new Moody's Aaa bond rating, coupled with our Aaa bond rating from Standard and Poor's in 2014, affirms the positive direction the Board of Commissioners laid out in 2013, and the expertise of our County Administrator and staff to achieve those goals. Our strong financial position and careful approach to spending help position Fayette County well, as our future becomes our present. Fayette Countians have many things to be proud of, and we can now add another Aaa bond rating to our list."