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05/09/2017

THE FAIRMONT CITY COUNCIL MONDAY APPROVED THE 2016 AUDIT AND COMPREHENSIVE FINANCIAL REPORT PRESENTED BY KYLE MEYERS OF ABDO, EICK AND MEYERS ACCOUNTING FIRM. MEYERS ADDRESSED THE COUNCIL BY SAYING THE CITY HAD AN UNMODIFIED CLEAN AUDIT REPORT AND AN AA3 CREDIT RATING WITH MOODY'S.

THAT GOOD CREDIT RATING COMES IN TO PLAY AS THE CITY APPROACHES A BOND SALE AMOUNTING TO 2 MILLION 951 THOUSAND DOLLARS IN JUNE. CITY FINANCIAL CONSULTANT BILL FAHEY ADDRESSED THE COUNCIL AND INFORMED THEM OF NEW REGULATIONS BY THE I R S MAKE IT MORE FEASIBLE FOR THE CITY TO MOVE AWAY FROM AN ONLINE AUCTION THAT THE CITY HAS USED SUCCESSFULLY IN THE PAST.

FAHEY HAD A LIST OF EIGHT LIKELY BIDDERS FOR CITY BONDS. HIS RECOMMENDATION IS TO SELL THE BONDS ON JUNE 26 THIS YEAR, TWO WEEKS AFTER THE EFFECTIVE DATE OF THE NEW REGULATION AS MOST RISK SHOULD BE PAST BY THEN AND UNDERWRITERS WILL BE BACK TO NORMAL BUSINESS.


ROD HALVORSEN
© 2015 KSUM KFMC


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