Cannon County Receives High Bond Rating
Friday, April 27, 2012 10:55 am
"We're extremely pleased that, after a rigorous review process, Moody's Investors’ Service has recognized Cannon County’s financial strength with an A2 Bond Rating," says Bob Stoetzel, Chairman of the Cannon County Commission. That “A2” rating tells businesses interested in doing business with Cannon County that the county is a viable entity and are in the low risk bracket (like your own personal credit score).
The County Commission is looking towards the future and the financial security of our taxpayers” said Stoetzel. With the new rating from the Moody’s company we will save $63,718.30 on the upcoming fiscal year on bond insurance alone. Not to forget that the county’s name has been placed into the system to be seen by companies world-wide; companies who are looking to expand their businesses or invest their monies into a county’s growth which has been proven to be on their way towards financial soundness like Cannon County is. These companies look to Moody’s for a complete and concise financial statement of reliability and risk in doing business.
The County Commissioners have focused on debt management and has recently paid off three long term, high interest loan payments; in doing this the county has saved $400,000.00 that we would have paid over the length of the note. “We have made and passed a debt policy that when followed will make sure any loan, any contract, will insure that there is complete transparency and a non-conflict matters involved with the action taken,” said Stoetzel. This also includes the practice of not making any loan(s) where the county would be paying on the loan(s) long past the usefulness of the property in question. * Why pay on something you can no longer use?
Another plus for the county, the commission is looking to change the way the daily business is done here in Cannon County government. This includes the school system, roads, emergency medical, fire and Sheriff’s departments. The State of Tennessee is going to mandate a financial center to conduct the county’s money matters by having a centralized office to oversee the finances of our county. The commission was working to get that done before the state passes the legislation.
The commission is meeting 12 times a year now compared to the four times a year it had been meeting. More business is coming to the attention of the commission and they are working hard to make this county as financially sound as it is friendly. Contact your commissioners to tell them what a fine job they are doing (or not) doing. Watch for meeting schedules and come to the courthouse to see your commission in action. Dates and agendas are published on WBRY and the Cannon Courier newspaper.