EAU CLAIRE — Throughout its assembly Monday, the Eau Claire County Finance and Funds Committee obtained a number of promising figures concerning the county’s monetary well being.
The county had about $12.82 million in its common fund on the finish of 2020. That’s $1.77 million greater than the 2020 goal common fund steadiness of $11.05 million. That focus on determine equates to 30% of the 2021 common fund expenditures of $36.82 million.
That encouraging common fund determine contributed to the county receiving a ranking of Aa1 from Moody’s Traders Service on its $43.3 million usually obligation bonds and notes for 2021.
Aa1 is similar ranking as final yr and the second-highest attainable ranking from Moody’s. Along with the final fund improve, the ranking relies on the county’s “broad tax base and numerous economic system that advantages from a big state college and regional financial middle,” in keeping with a Moody’s news release.
County Finance Director Norb Kirk, who has held his position since mid-2018, stated the dialog with the agency final week was “in all probability essentially the most optimistic name with Moody’s that I’ve had since I’ve been with the county.”
Of that $43.3 million complete, $24.4 million will fund a brand new county Freeway Division facility, $11.5 million will refund bonds and $7.4 million will finance county capital tasks.
Total, County Administrator Kathryn Schauf stated, the county’s economic system is “very sturdy proper now.”
Regardless of ongoing challenges confronted by native companies due to the COVID-19 pandemic, significantly leisure and hospitality, Schauf stated optimistic financial indicators exist, together with manufacturing industries recovering nicely.
The committee additionally obtained info on the county’s 2020 money steadiness. As of final December 2020, it had $30.25 million in adjusted money readily available. That determine is way greater than 2019, when the county had $20.16 million, however much like 2018, when the quantity was $29.35 million.
County Treasurer Glenda Lyons and Kirk stated among the clarification for the rise entails much less spending in 2020 by the county, which occurred partly in response to the impacts of the pandemic.
The subsequent common Finance and Funds Committee assembly is scheduled for April 5.