Diversifying economy boosts Oakland County's bond rating

Seven years ago, Oakland County executive L. Brooks Patterson saw a headline proclaiming that 200,000 jobs had left Michigan. He turned his director of economic development onto a research project: look into what new sectors of business were being developed.

By the next year, they had a program - Emerging Sectors, dedicated to growing new economy jobs.

Now, six years after that program took effect, the county is reaping awards in addition to the jobs now in place -- Emerging Sectors was among the reasons the county's AAA bond rating was reaffirmed on the $3 million Bloomfield Township Combined Sewer Overflow Drainage District bonds and $1.2 million Highland Township Well Water Supply System bonds.

What this means for the taxpayer is millions of dollars in savings. With a higher rating, there's less interest on the bonds, and taxpayers end up paying less. "It's a reflection of the confidence by Wall Street of how Oakland County is managing in these tough times," Patterson says.

And, "It gives me as an elected official bragging rights," he jokes.

Through Emerging Sectors, the county focused on growing the health care sector and worked to diversify the county's job base. "When we're done, we won't be recession proof, but we will be recession resistant because we have diversified our economy among many sectors," he says. "Wall Street saw that."

"It's proof that we can and we will manage our way through these very tough times," he says.

The sale of bonds was approved earlier this year for inspection and rehabilitation of the Bloomfield Township system; the Highland Township system will see 6,500 feet of new water main to connect two well water systems.

Source: L. Brooks Patterson, Oakland County executive
Writer: Kristin Lukowski
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