“While the county has the financial flexibility to increase property taxes instead of drawing on its reserves, it currently lacks the willingness to do so,” the report said. Taylor pointed out that the Moody’s decision was made before the county set a $27.9 million budget and that further downgrades are possible unless the county rebuilds its fund balance. One million dollars in unreserved fund balance will be applied, leaving $14,880,726 to be raised through taxes. The budget proposed by the commission called for $17,329,033 to be raised by taxes and not using any of the fund balance to reduce taxes. The Moody’s report concludes that factors that could lead to a credit ratings upgrade include:• Demonstrated willingness to adhere to the county’s fund balance policy of having a $3.5-$5 million balance.

Source: Daily Sun March 22, 2018 04:30 UTC