1/31/14 - Thanks to a strong financial position, Hartland Township has had its credit rating improved by one of the countryâs major credit-rating companies. Standard & Poors has upgraded the municipalityâs credit rating from an âAâ to a "AA." The company published a report outlining the reasons for the upgrade, including a strong local economy benefiting from its proximity to Ann Arbor and Detroit, strong budgetary reserves and flexibility, plenty of liquid funds, and quality budgetary management and policies. The report also identified some of the weaknesses of the township that need to be overcome, including weak budgetary performance in the most recently audited fiscal year and a very weak debt liability position, especially related to delinquent sewer fund special assessments. However, the report says budgetary performance is expected to improve in 2014, and that Standard & Poors may upgrade the townshipâs credit rating again in the next two years if the sewer special assessments will not negatively affect governmental funds. The company does not expect to downgrade the townshipâs credit rating anytime soon. (TD)
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