12 May IDENTIFY THE BOND RATING OF THE REPORTING ENTITY?
Identify
the Bond Rating of the reporting entity?The bond rating for Culpeper
County is AA. Standard & Poors, Fitch, and Moody have all given the County
AA ratings.(http://www.dailyprogress.com/starexponent/news/local_news/s-p-upgrades-culpeper-s-bond-rating/article_d0587455-a41b-5392-af19-9cd059182b2f.html)What
is the economic outlook and financial challenges for the city?I believe that the economic
outlook is positive for the County. The County has been able to have $23 million
in unassigned funds that the County is able to spend at its discretion.
However, given the history of the County, it would need to ensure that it keeps
its spending and budgets under control to avoid a shortfall similar to what
occurred in 2008. In 2008, the County suffered a shortfall and ended up having
to freeze hiring and cut positions, to avoid that happing again the County
should forecast its budget carefully.4.
Determine
the following ratios, discuss and analyze the city’s performance accordingly: 1)
long-term debt vs. total assets, 2) debt service payments from the bond and
interest fund vs. governmental expenditures, and 3) amount of general
obligation bonds outstanding vs. population1. Long term debt vs. total assets:91,871,302 / 190,901,653 = 48.1%I think the Countys long term debt to asset ratio is pretty high.
Give the Countys history; it should try to minimize the amount of debt it
takes on to lower its debt to asset ratio.1. Total debt service payments from the bond and interest were $8,411,635.
The total governmental expenditures were $79,817,880. This ends up around
10.5%. I think that the County should work on lowering this ratio as well. It
could help the County to lessen its dependence on debt instruments used to
provide services to the residents.2. The County had $2,546,000 in County General Obligation Bonds and
$6,932,590 in School General Obligation Bonds, for a total of $9,478,590. The
total population was 47,114. This works out to be about $201.18 in general
obligation bonds per person. I think this is a very good ratio, because the
County can operate efficiently with only each person requiring a small amount
of general obligation debt.
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