CALLED A GOOD REPORT
Earl Blackmon of the Hartman, Blackmon and Kilgore accounting firm said Fairhope's finances had improved significantly in fiscal year 2010 (ending Sept. 30, 2010): "Seems to me this is a better statement than was presented a year ago . . . revenue exceeding expenses."
Blackmon singled out Police Chief Press for obtaining needed police equipment from military surplus: "Give Chief Press some props . . . discovered available under Sec. 10. 33 Defense Authorization Act . . . city could access assets available in the program . . . an addition to your city."
The Airport Authority helped too, by refinancing its 2007 bond -- reducing long-term debt by $1.1 million according to Blackmon.
FINANCES STILL IMPROVING SINCE 2008
Blackmon said it was the second straight year for improvement over 2008 when spending had actually exceeded the city's income: last year they had been about equal. (click article at right).
SOME BOND CREDIT RATINGS IMPROVING TOO
The city's utility bond rating was recently upgraded 2 levels to AA+ and may improve again this year because of the improving finances. Such improvements can reduce the cost of borrowing.
COUNCIL PRESIDENT CREDITS COUNCIL, COMMITTEES AND STAFF
Earl Blackmon of the Hartman, Blackmon and Kilgore accounting firm said Fairhope's finances had improved significantly in fiscal year 2010 (ending Sept. 30, 2010): "Seems to me this is a better statement than was presented a year ago . . . revenue exceeding expenses."
Blackmon singled out Police Chief Press for obtaining needed police equipment from military surplus: "Give Chief Press some props . . . discovered available under Sec. 10. 33 Defense Authorization Act . . . city could access assets available in the program . . . an addition to your city."
The Airport Authority helped too, by refinancing its 2007 bond -- reducing long-term debt by $1.1 million according to Blackmon.
 |
| last year's audit |
FINANCES STILL IMPROVING SINCE 2008
Blackmon said it was the second straight year for improvement over 2008 when spending had actually exceeded the city's income: last year they had been about equal. (click article at right).
SOME BOND CREDIT RATINGS IMPROVING TOO
The city's utility bond rating was recently upgraded 2 levels to AA+ and may improve again this year because of the improving finances. Such improvements can reduce the cost of borrowing.
COUNCIL PRESIDENT CREDITS COUNCIL, COMMITTEES AND STAFF
Comments