Good financial planning and fiscal management will save Stearns County taxpayers some dollars. Standard & Poor's upgraded the county's bond rating, meaning we'll get a lower interest rate on our bonds, or the money we borrow.

Citing the county's strong financial performance, increased reserve levels and improved financial management, Standard & Poor's (S & P) raised the County's bond rating from AA to AA+, only one step from the top.

Stearns County has made it a financial priority to manage its debt service; S & P took notice, and revised that management practice from "standard" to "good."

The rating also reflects the county's health and strength as a whole. The report noted household income levels are at 98 percent of the national average. Tax base and market value growth continues at an annual rate of about 10 percent, equaling $98,000 per capita. The unemployment rate within the county remained near state levels and below national levels, at 7.8 percent in 2009. Plus, it mentioned the significance of Stearns County serving as a regional hub for Central Minnesota and having an economy supported by a variety of industries.

In the past 10 years, Stearns County's bond rating has improved dramatically. Jumping five notches, on a scale of 10, from a Moody's A2 rating to an S & P's rating of AA+. This is only one notch below the highest level of AAA, which only a few counties in the state attain, usually the metro areas.

"This is good news for Stearns County, but it's great news for taxpayers," said County Auditor-Treasurer Randy Schreifels. "The higher our bond rating, the lower our interest rate, the lower our tax levy and the quicker we pay off our debt. It means we have to tax less to pay for the purchase of items because we have a lower interest rate that we're paying on those items."

The county recently issued bonds to fund its Capital Improvement Plan and to refund for a lower interest rate on a previous Capital Improvement Plan bond, and because of the county's credit rating increase the bonds came with very low interest rates, 0.83 percent and 1.6 percent.

"These are really excellent results. Our very strong credit rating enabled us to do very well," commented Schreifels.

The S & P report also noted that the county's financial position has historically been strong and has improved in recent years. The outlook reflects that the county will maintain its strong financial performance and very strong reserves.