image description

City Officials Questioned About Current Bond Rating And Implementing Debt Limits

August 21st, 2019 by WCBC Radio

During the hearing of constituents portion of last night’s meeting of the Cumberland Mayor and City Council- the officials were questioned about current bond rating as well as possibly looking at implementing debt limits. The city has a bond rating of A- which is solid- but well below the high mark of AAA. One resident expressed concern with a recent $3.8 million bond bill- and questioned whether the city may have difficulty in paying it off. Mayor Ray Morriss said while the city’s fiscal picture isn’t ideal- it has been a work in progress and great strides are being made……

 

One Response to “City Officials Questioned About Current Bond Rating And Implementing Debt Limits”

  1. August 21, 2019 at 9:01 am, Robert said:

    He says that over the past few years the city financial position has improved quite a bit. But that was the former administration that did the work. Now they are spending like drunken sailors including taking out huge loans and over committing to projects. The downtown was quoted as costing $3 million before and now it’s reaching up to $10 million. This is very scary since the last few years were already capped by a tax rate increase to get things on the right track.

    Reply

Leave a Reply



View Mobile Site