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Only two percent of counties, among approximately 3,100 counties in the United States, earn this prestigious outlook

ELLICOTT CITY, MD – Despite numerous rating downgrades across our nation, Howard County Executive Calvin Ball today announced Howard County has once again earned the highest possible credit rating, AAA, from all three bond rating agencies – Fitch Ratings, Moody’s Investor Services, and Standard & Poor’s. In 2026, Howard County again ranks among the top two percent of counties nationwide to earn this vote of confidence based on a stable outlook from experts. Being one of roughly 130 counties with this distinction among approximately 3,100 in the U.S. demonstrates that Howard County’s financial management is fiscally strong, trustworthy, and responsible.

“While federal impacts and tough fiscal realities and uncertainties continue to loom across our great state and country, Howard County stands as the ‘Gateway to opportunity’ having once again earned a AAA bond rating from all three credit rating agencies this week,” said Ball. “From our expanding international opportunities, booming local economy, and spurring new job growth, the state of Howard County remains strong thanks to the strategic decisions we continue to make to secure our present and future.”

After evaluating financial criteria including Economy/Tax base, Finances, Management, and Debt/Pensions, each agency issued a report that highlights Howard County’s strengths.

Fitch cited, “Howard County’s financial resilience is driven by the combination of its ‘High’ revenue control assessment and ‘Midrange’ expenditure control assessment, culminating in a ‘High Midrange’ budgetary flexibility assessment.” Additionally, “The overall strength of Howard County’s demographic and economic level indicators (unemployment rate, educational attainment, median household income [MHI]) in 2024 are assessed as ‘Strongest’ on a composite basis, performing at the 95th percentile of Fitch’s local government rating portfolio. This is due to relatively strong education attainment levels, median-issuer indexed adjusted MHI and unemployment rate.”

Moody’s highlighted, “The stable outlook reflects the likelihood that the county’s financial position will remain healthy, supported by steady revenue growth and strong management.”

Standard & Poor’s noted, “The county is a desirable, affluent community, with a very strong economy supported by a well-educated population, wealthy property tax base, high household incomes, and direct access to the Baltimore and Washington metropolitan statistical areas (MSAs). In our opinion, these factors, along with surplus financial operations and comprehensive financial management policies and practices have allowed the county to weather economic downturns, experience good tax base and revenue growth, and underpin the ‘AAA’ rating.” Moreover, “Howard County has historically maintained steady financial performance with robust reserve levels throughout economic cycles. Conservative budgeting practices, formalized and well-adhered-to fiscal policies, active participation by the county’s 22-member Spending Affordability Advisory Committee, and a well-seasoned management team are all factors that have sustained the county’s sound financial position.”

“Howard County’s Triple A rating reaffirmation by all three major rating agencies is an extraordinary achievement! This milestone reflects the dedication and expertise of the Department of Finance team, as well as the strong leadership of County Executive Ball and his steadfast commitment to fiscal responsibility and prudent financial management,” said Rafiu Ighile, Director, Department of Finance. “A special thank you to the Finance team and the entire county for their collaboration in earning this prestigious recognition, which helps keep borrowing costs low and ensures we can continue funding critical projects that benefit our community.”

ELLICOTT CITY, MD – Howard County Executive Calvin Ball today announced the County’s
 Department of Finance was recognized with three+one®’s cashVest 90+ Award at this past weekend’s National Association of Counties (NACo) Annual Conference, having achieved a perfect 100 cashVest® score. This award recognizes public entities and higher education institutions that excel in liquidity management. To qualify, an entity must achieve a cashVest® score of 90 or above for four consecutive quarters, which reflects the entity’s efficiency in managing its finances, optimizing cash flow, and minimizing borrowing costs. Photos from the conference can be found on the County’s Flickr webpage.

“Our Department of Finance team exemplifies what can be achieved when strong leadership, clear communication, and innovative tools align. Their results speak for themselves  - as evident by this award and their recent receipt of the Government Finance Officers Association (GFOA) of the United States and Canada’s Certificate of Achievement for Excellence in Financial Reporting – and their openness to innovation and continuous improvement has made them a standout example of excellence in public finance and financial stewardship.”

-Calvin Ball Howard County Executive

NACo partnered with three+one® in 2020 to strengthen county finances using its cashVest® portal, allowing counties to put dollars on deposit to work while still maintaining necessary cash flow balances. This partnership has supported hundreds of county governments and generated more than $3 billion in new revenue for public entities to date.

“This recognition and milestone in conjunction with the National Association of Counties and the Maryland Association of Counties reflects the forward-thinking leadership of County Executive Dr. Calvin Ball and the strong financial expertise of Finance Director Rafiu Ighile. Earning a perfect 100 cashVest score takes commitment, teamwork, and focus every day on making every public dollar work harder for the taxpayers. Howard County continues to lead by example in Maryland and beyond, and we’re proud to support their efforts in creating long-term value for the community.”

-Garrett Macdonald CEO, three+one

In 2024, the County took advantage of this invaluable partnership by leveraging three+one® powerful tools, like cashVest and rfpPrep®, to unlock revenue opportunities and deliver measurable impact for Howard County residents.

“Working with the dedicated team in the Department of Finance who consistently prioritize fiscal responsibility and the effective, efficient management of public funds made this accomplishment possible. Strong leadership from Dr. Calvin Ball has been instrumental in our success. The CashVest analysis validated the team’s efforts and reinforces our ongoing commitment to continuous improvement,” said Rafiu Ighile, Director, Department of Finance.

Additionally, while at the conference, Howard County was officially presented with its record 83 Achievement Awards and Office of Emergency Management with NACo’s Best in Category award for its Call Center Training in the category of Risk and Emergency Management. One outstanding program from each of NACo’s 18 award categories are selected as the “Best of Category.”

“We are honored to receive a ‘Best of Category’ award for our Call Center Training program,” said Maria Bernadzikowski, Director, Office of Emergency Management. “This achievement highlights the critical behind-the-scenes work that our emergency management team does every day to ensure that our County is ready to respond with confidence, compassion, and clarity when our community need us most.  We are thankful to our County partners for their endless support and to NACo for this recognition.”

NACo Achievement Awards are the premier national honor to recognize innovative and transformative programs that provide new services for county residents, improve existing programs, upgrade working conditions, and enhance public participation and policymaking. For 2025, NACo awarded a total of 1,592 Achievement Awards across 200 counties in 38 states. Howard County received a record breaking 83 awards this year, which reflects the highest number of annual NACo awards achieved by a County in Maryland’s history. In total, Maryland received a collective 136 awards.

Since Ball took office in December of 2018, he has led the County to become a national leader in innovation, achievement, and transformation, with Howard County earning a total of 195 NACo awards between 2019 and 2024.

ELLICOTT CITY, MD – Howard County Executive Calvin Ball today announced that the County’s Department of Finance has been recognized with the prestigious Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada for its  “Annual Comprehensive Financial Report.”

“The highest form of recognition in the area of governmental accounting and financial reporting, this recognition is a testament to the outstanding work and commitment our finance team continuously puts forward to maintain the highest accounting standards. Howard County remains committed to openly sharing our government spending activities with our taxpayers and ensuring our fiscal policy decisions are sound and responsible. Through these efforts, we remain accountable and responsible stewards for the taxpayer dollars entrusted to us.”

-Calvin Ball Howard County Executive

Each fiscal year, the County issues its official, independently audited, comprehensive financial statement. The comprehensive report details government accounting activity for the benefit of county taxpayers, elected officials, investors, vendors, and consumers in a transparent and impartial fashion. The annual submission includes statements of special revenue, capital projects, enterprise, internal service and trust, custodial and general funds. It also discloses the County’s long-term obligations and fixed assets, including infrastructure, and statistical charts on multi-year tax collection and assessable base figures.

“This remarkable achievement reflects our continued commitment to the highest standards of financial transparency and accountability. It is a testament to the dedication, professionalism, and hard work that each staff of the entire County brings to their role every day. A special thank you goes to the Department of Finance staff for sustaining this level of excellence year after year, which is no small task, and their work plays a vital role in our continued success. I am honored to work alongside such a talented and committed team.”

-Rafiu Ighile Director, Department of Finance

The County’s Department of Finance collects and invests Howard County revenues in a fiscally responsible manner, provides financial services to taxpayers, businesses, agencies, residents, and employees, and pays bills for the County.