Fitch Affirms Leelanau County, Michigan’s LTGOs at ‘AA-‘ from MarketWatch is kind of a dry topic, but it does say something about our region’s economic outlook. It discusses the $6.3 million Law Enforcement Center Bonds which are secured by the county’s general obligation pledge:
The ‘AA-‘ rating reflects the county’s stable financial results, strong general fund balances, and low debt levels, balanced with the tourism-dominated economy and likelihood of slower taxable value growth in the near term. Although taxable value gains has averaged 8.8% in each of the past five years, the Leelanau County housing market has been impacted by the slowing Michigan economy, which will reduce taxable value growth. The county’s second largest taxpayer, LeBear Resorts, which makes up a small 0.3% of taxable value, is in foreclosure, although to date all tax payments are current.
The county’s economy is dominated by tourism, recreation, and second-homes.
What do you think about Leelanau’s economic outlook? Post in the comments.
The photo is North Lake Leelanau. by John Levanen.