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The Finance Department is responsible for maintaining Cabarrus County's accounting and reporting system in accordance with generally accepted accounting principles. The department provides critical information for both financial and strategic planning at all levels of management. It records the receipt and disbursement of County funds, as set forth in the budget ordinance and NC General Statutes.
An integral part of the department's function involves managing cash to maximize investment income while still meeting the organization's cash flow needs. The department also manages capital assets, debt, grants and payroll.
A bond rating performs the isolated function of credit risk evaluation. There are three major rating agencies for municipal bonds: Moody's Investors Service, S&P Global (formerly Standard & Poor's) and Fitch Ratings. “AAA” - Issuers or issues rated AAA demonstrate the strongest creditworthiness relative to other US municipal or tax-exempt issuers or issues. “Aa” - Issuers or issues rated Aa demonstrate very strong creditworthiness relative to other US municipal or tax-exempt issuers or issues. Bonds in the Aa, A, and Baa are also assigned "1", "2" or "3" based on the strength of the issue within each category. Accordingly, "A1" would be the strongest group of A securities and "A3" would be the weakest A securities. S&P's ratings are similar except that all letters are capital letter and ratings within a rating category are assigned a "+" for the strongest credits within a group or "-" for the weakest credits within a group.