Dane County Maintains AAA Bond Rating, Agard Announces Steps to Strengthen County’s Long-Term Financial Position
September 09, 2026
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County Executive
S&P reaffirms highest possible credit rating but revises outlook
DANE COUNTY – S&P Global Ratings has reaffirmed Dane County’s AAA bond rating, the highest rating available, as County Executive Melissa Agard announced additional steps her administration will take to strengthen the County’s long-term financial position and protect its AAA rating into the future. Note: attached to this press release is a memo from Dane County Controller Chuck Hicklin outlining steps the Agard Administration has taken to address the fiscal challenges faced by Dane County.
S&P revised Dane County’s outlook from Stable to Negative, citing reserve draws and fund performance. A Negative outlook is not a credit rating downgrade, and Dane County continues to hold S&P’s highest possible rating.
“Dane County remains on strong financial footing, and we have taken significant steps over the past year to make it stronger,” said Dane County Executive Melissa Agard. “Maintaining our AAA rating is important to taxpayers, and we are going to use this moment to build on the work we have already done and strengthen how Dane County plans for its finances over the long term.”
When Agard took office, Dane County was facing a structural deficit of more than $30 million. Her administration responded with a series of actions to reduce ongoing costs and bring expenditures and revenues into better alignment, including a hiring freeze, early retirement incentives, elimination of vacant positions and significant reductions in departmental General Purpose Revenue spending.
Those actions, combined with stronger year-end financial performance, have significantly reduced the structural deficit projected for 2027.
Agard said the County will now take additional steps focused on long-term financial planning and maintaining the financial strength necessary to preserve its AAA rating.
The administration will:
- Direct the Department of Administration to begin developing a five-year Capital Improvement Plan to provide a comprehensive view of major capital needs, anticipated borrowing and the long-term financial impact of planned investments.
- Establish a formal fund balance standard for the Human Services Fund to ensure the County maintains an appropriate financial cushion and has a clear benchmark for monitoring the fund’s financial health.
- Develop a five-year operating budget forecast that projects major ongoing revenues and expenditures, including personnel costs, and provides policymakers with a clearer picture of the long-term impact of budget decisions.
“These are practical steps that will give Dane County a clearer picture of where we are headed financially, not just next year, but five years from now,” Agard said. “Long-term planning will help us identify pressures earlier, make better-informed decisions and ensure that the commitments we make today remain sustainable tomorrow.”
Dane County’s AAA rating allows the County to borrow at favorable rates for investments in infrastructure and other community priorities. Maintaining the rating helps limit borrowing costs and ensures more taxpayer dollars can be directed toward services and investments rather than interest costs.
The County’s strong local economy and progress addressing its structural deficit continue to provide a solid foundation. The administration will also continue working through the 2027 budget process to protect reserves and align ongoing spending with sustainable revenues.
“We have already made difficult decisions to address the structural challenges we inherited, and that work is producing results,” Agard said. “Our focus now is making sure Dane County has the financial planning and safeguards in place to sustain that progress. We are committed to protecting our AAA rating and ensuring Dane County remains financially strong for years to come.”
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