Summit County officials this week announced a six-year capital plan, which includes $15 million to finance a series of promised improvements for Goodyear Tire and Rubber Co., which recently announced its decision to stay in Akron and build a new world headquarters there.
The company received at least $17 million in additional funds from the state.
The capital plan comes two weeks after Standard & Poor’s affirmed its AA rating and stable outlook on Summit’s general obligation bonds.
County Executive Russell Pry said plans include a new Veterans Service building, a new animal control facility, a new sheriff’s administration building, and an expansion of the sewer system.
Analysts noted the county’s strong financial position, anchored by an unreserved general fund balance of $65.7 million, or 59% of annual expenditures over the last five years. Summit County has a below-average debt burden of $1,383 per capita, with debt service at about 11% of general fund expenditures, and Standard & Poor’s said it expect future debt plans will continue to be manageable.
But analysts said the county’s financial position could be strained under a continuing economic slowdown, which would mean flat sales-tax growth and declining real estate taxes.