We pointed out back in October, 2015 that the County had no audit for year ended September 30, 2014 (not a typo - 2014). To our knowledge nothing that Michael Thompson has EVER done has been able to be audited. Now, the taxpayers will suffer the consequences. How will Tunica County be able to move forward on any meaningful project and realize savings through refinancing debt when it has all but lost it bond rating.
This is what came out from Standard and Poor - it is very sad. Notice the very problems that we raised back in October are the driving force for Tunica County losing is "A" rating. Standard & Poor understands counties facing difficult situations. How a county handles the difficult situation is what matters.
Tunica County has no effective leadership - the Board President is complete ineffective. The prior administration was incompetent. Right now is the time to demand accountability. Every citizen and taxpayer should be demanding answers as to why Tunica County has no audit. What are the Supervisors trying to hide?
So, from Standard & Poor:
"Standard & Poor's Ratings Services said it lowered its rating three notches to BBB from A on Tunica County, Miss.'s general obligation debt and placed it on CreditWatch with negative implications.
"The
downgrade is based on our view of the county's deteriorating financial
position, reflected by its very weak budgetary flexibility and budgetary
performance, as well as vulnerable financial management practices," said
Standard & Poor's credit analyst Oscar Padilla. "The CreditWatch
action follows repeated attempts by Standard & Poor's to obtain timely
information of satisfactory quality to fully access our rating on the
securities in accordance with our applicable criteria and policies."
The basis of the
analysis is fiscal 2013, the county's latest available audited information.
While the county has provided budgeted information for fiscal 2014, 2015, and
2016, the absence of audited information for fiscal 2014, following material
financial deterioration in fiscal 2013, means there is insufficient information
of quality to provide clarity on the county's fiscal position.
Failure to receive
the requested information within 90 days will likely result in withdrawal of
the affected rating, preceded by any change to the rating that it considers
appropriate given available information.
The bonds are
secured by the full faith and credit of the county, and the pledge of a direct
and continuing tax to be levied annually without limitation as to rate or
amount upon the taxable property within the limits of the county."
Thank you for a post. We have been missing hearing from you.
ReplyDeleteWord is Randy Steward was not reappointed EM director due to James Dunn wanting his brother Willie Dunn who was recently fired from the Sheriff dept for sexual harassment.... Go figure
ReplyDeleteMS Code § 25-1-53
ReplyDeleteIt shall be unlawful for any person elected, appointed or selected in any manner whatsoever to any state, county, district or municipal office, or for any board of trustees of any state institution, to appoint or employ, as an officer, clerk, stenographer, deputy or assistant who is to be paid out of the public funds, any person related by blood or marriage within the third degree, computed by the rule of the civil law, to the person or any member of the board of trustees having the authority to make such appointment or contract such employment as employer. This section shall not apply to any employee who shall have been in said department or institution prior to the time his or her kinsman, within the third degree, became the head of said department or institution or member of said board of trustees;