Montgomery County’s recently received a negative financial rating from Moody’s. The County’s Chief Financial Officer, Uri Monson says, the rating is evidence of the previous administration’s problems with finances.
“In Moody’s own words, they pointed out that the fund balance in 2008 was nearly a hundred million dollars. When we came in it was 24 million. The year before we came in, 2011, just for that year the county spent 27 million dollars more than it brought in. Last year we got that down to just under 7 million.”
But Monson adds, Moody’s says the county need to make further improvements. The county recently made its first pension payment in five years. Moody’s viewed the move as a positive start in gaining more confidence in financial circles