Summary: Grosse Ile Township, Michigan; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Grosse Ile Township (Wayne County), Mich.'s $15 million series 2023 limited-tax general obligation (GO) bonds. At the same time, we affirmed our 'AA' ratings on the township's GO bonds outstanding. The outlook is stable. City officials plan to use bond proceeds for wastewater and road projects. The city's full-faith-and-credit limited-tax GO pledge secures the bonds and existing debt. The bonds are payable from ad valorem taxes levied on all taxable property, subject to statutory limitations. We rate the limited-tax GO debt at the same level as our view of the county's general creditworthiness, given that ad valorem taxes are collected from the county's entire tax base and that there are no

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 152 Market value per capita ($) 144,660 Population 10,654 9,967 9,998 County unemployment rate (%) 8.0 Market value ($000) 1,541,212 1,469,232 1,399,672 Ten largest taxpayers % of taxable value 2.9 Adequate budgetary performance Operating fund result % of expenditures (0.1) 1.3 0.3 Total governmental fund result % of expenditures (2.0) 2.3 (2.6) Very strong budgetary flexibility Available reserves % of operating expenditures 50.0 55.3 53.6 Total available reserves ($000) 3,853 4,007 3,868 Very strong liquidity Total government cash % of governmental fund expenditures 79 62 49 Total government cash % of governmental fund debt service 292 224 178 Adequate management Financial Management Assessment Standard Very weak debt & long-term liabilities Debt service % of governmental fund expenditures 27.0 27.5 27.4 Net direct debt % of governmental fund revenue 327 Overall net debt % of market...

Summary