The financial story of Anderson County in the last three years has been one of stability and progress. For the first time since 2006, Anderson County was removed from high-risk audit status in 2013, and placed on low-risk status. That held for 2013, 2014, and 2015.
As we closed out the books on 2015, our Accounts and Budgets and Schools cheered zero audit findings in our Comprehensive Annual Financial Report by the State of Tennessee’s Division of Local Government Audit.
Through partnership of our Budget Committee and County Commission, we saw three consecutive years of growth in fund balance, improved cash flow position, and a commitment to raising the bar on dipping into the fund balance by requiring a supermajority approval (12 of 16 members.) In 2013, we raised the supermajority requirement to $3.5 million, in 2014 to $4 million, and in 2015 to $4.5 million.
We kept new debt to a minimum, and for two consecutive years also modified existing debt agreements to save taxpayer money over the life of the bonds without extending the maturity dates of the debt. [Read more…]