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WNC Business

Haywood County debt on track for significant reduction

Dec 04, 2023 04:42PM ● By WNC Business

Haywood County is making progress on reducing its debt. At the Board of Commissioners meeting on November 20th, Management Analyst Will Scarbrough provided an overview of the county’s debt profile to the Board of County Commissioners and the public. The presentation highlighted the county’s strong financial position and projected debt reduction. 

“We are pleased to report that the county’s debt profile is strong,” said Scarbrough. “We have made significant progress in recent years to reduce our debt, and we are on track to pay it off by fiscal year 2059.”  

The county’s total debt is currently $29.4 million. This is down from $39 million in fiscal year 2021. The county expects to reduce its debt to $17 million in fiscal year 2026. The county is projected to pay off the loan for the current Law Enforcement Center (county jail) by the next fiscal year.  

“We are committed to fiscal responsibility,” said County Manager Bryant Morehead. “We are reducing our debt while maintaining a high level of service to our residents.” 

The county’s credit rating is currently an Aa3 from Moody’s Investors Service and an AA from Standard and Poor’s. These ratings reflect the county’s financial management.        

County staff have worked to manage the county’s finances effectively. Their efforts have contributed to the county’s strong financial position and projected debt reduction. 

“We are grateful for the hard work of our county staff,” said Morehead. “They have been instrumental in reducing our debt and improving our financial position.” 

“We are pleased with the progress we have made on reducing our debt,” said Scarbrough. “We are committed to continuing to make progress and to ensuring that Haywood County remains a financially sound county.”  

Source: Haywood County Public Information Officer