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7:09 pm
Wed August 14, 2013

Monroe County Responds To Moody's Criticism

A top Monroe County finance official is responding to a report from Moody's Investor Service that contained some criticisms of the county's finances.

Moody's downgraded the county's credit rating and lowered its outlook from stable to negative.

Among the issues Moody's has with the county's finances, is a dependence on one-time revenues.

The county's Chief Financial Officer, Robert Franklin says the county uses a mix of recurring revenues and one-time revenues in an effort to keep property taxes stable.

He doesn't sound particularly worried right now about the impact the Moody's downgrade might have on the costs the county incurs when it borrows money. 

"The reality here is we've done our borrowing for 2013 that is done and behind us, and the next time we go out to market, if we're going to issue bonds, we're going to have to right back to the ratings agencies so that's an opportunity we'll have to make a change to Moody's opinion.

Democrats on the county legislature indicate they weren't surprised by the Moody's report, and they say they have tried to suggest ways the county could save money, but say the Republicans have rejected those ideas.