BC 2007 03 26 Regular - Laserfiche WebLink

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March 26, 2007 (Regular Meeting) Page 316 Cabarrus County Volunteer Fire Departments submitted their recommendations for appointments to serve as Fire Protection District Commissioners. UPON MOTION of Commissioner Privette, seconded by Commissioner White and unanimously carried, the Board appointed the following individuals as Fire Protection District Commissioners for two-year terms ending March 31, 2009: Allen - Mike Faggart, Randy Dozier, and Edwin Phillips; Cold Water - James H. Preddy, Jr., John Walker, and Roy Casper; Flower Store - Tony Bridges, Artie Craig,. and Jim Bailey; Georgeville - Kelly Whitley, Brian Smith, and Ronald Honeycutt; Jackson Park - Ben Mabrey, Sr., Clyde Furr and Bill Heglar; Midland - Howard Troutman, Jerry Tucker and Rick Haigler; Mt. Mitchell - Jim Mann, Doyle Bost and James Simmons; Northeast Cabarrus - Eddie Moose, Richard Bergeron and Rick Earnhardt; Odel - Jake Williams, Bernard Smith and Harvey Morris; Rimer - Richard Shue, William Simmons and Marty Ritchie. (H-2) Transportation Advisory Board Vice Chairman Juba reported the potential appointee to the Transportation Advisory Board does not currently reside in Cabarrus County. At the request of the Board, the County Attorney, Richard M. Koch, recommended this item be tabled until the candidate is a county resident. UPON MOTION by Commissioner White, seconded by Commissioner Privette and unanimously carried, the Board tabled its consideration of Rick Leissner's appointment to the Transportation Advisory Board until he is a resident of Cabarrus County. (I) REPORTS Bond Rating Plua Results of the COPS Sales and Renegotiation of Pam Dubois, Deputy County Manager, verbally presented the following report on bond ratings: MEMORANDUM To: Board of Commissioners From: Pamela S. Dubois, Deputy County Manager Date: March 19, 2007 Subject: Rating Agencies Notifications and outcomes of COPS and Renegotiation of Installment Financing with First Charter This memo is intended to inform you that the three (3) major rating agencies have affirmed our current ratings for the last COPS issue. The COPS were issued on February 22, 2007. The ratings are as follows: Moody's Aaa/Aa3, Standard and Poor's AAA/AA-, and Fitch AAA/AA-. Each rating agency has issued a rating and disclosed their opinion for our current and future outlook. The detailed reports are attached for your review. Two years ago, I notified the Board of the negative outlook that was being assigned by Moody's. Moody's stated "The negative outlook reflects the narrowing of the County's reserves in recent years, resulting in a fiscal 2009 audited level below its formal policy." Moody's pointed out that "the county's financial flexibility has been reduced by a four year trend of declining General Fund Balance." The declining General Fund balance is the result of relying on one-time revenues for recurring expenditures. Based on the report from Moody's two years ago, I must highlight a paragraph from their report this year so the Board can be commended for their actions taken during the 2006 Budget process. "FINANCIAL POSITION STRENGTHENED BY PROPERTY TAX INCREASE AND NEW POLICIES IN FISCAL 2006" Moody's believes the county's finances have improved to a healthy position, following the implementation of prudent fiscal policies put in place in 2005. After two years of