Standard & Poor’s Ratings Services raised the rating for the Town of Morrisville to AA+ from AA-, reflecting strong economic growth in recent years, with its population doubling and income rising to a strong level as a result of its location in Wake County and immediate proximity to the Research Triangle employment base. Unemployment has risen but remains below average at 8% as of June 2009.
The tax base continues to grow, an extremely strong $2.9 billion equal to nearly $207,182 per capita. Under what S&P considers strong management, the Town’s finances have remained solid, with an unreserved fund balance at 39% of expense as of fiscal 2008. The overall debt has also remained low to moderate despite growth, at 1.7% of market value and $3,572 per capita, while carry charges are moderate at 11% of budget.
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