Council president orders an outside audit and revenue forecast after the county's bond rating is downgraded

What happened

Citing the county's credit rating (a grade that helps set how much interest the county pays when it borrows money) being downgraded one notch, from AA- to A+ with a negative outlook — a change a financial advisor told the council was driven mainly by weaker financial reporting and unresolved state audit findings — Council President Steve Ellis used a procedural power under the council's own rules to hire an outside attorney to audit the county's finances and require the county auditor to deliver an 18-month revenue forecast by October 13. He separately required the county commissioners to report, by November 3, on transportation and building-maintenance spending and plans covering the past and next 18 months. A council member objected on the record to the president taking these actions without a council vote.

The outcome

Executed unilaterally by the council president under existing council rules; no council vote was taken.

Sources

• "In light of the recent credit downgrade," 11:47
• Financial advisor explains the AA- to A+ downgrade, 45:13
• Outside audit and revenue forecast ordered, 12:19
• Commissioners' infrastructure report ordered, 12:49
• "Vehemently in opposition to the unilateral actions," 17:19

Also known as: bond rating downgrade · S&P downgrade · AA- to A+ · county financial audit · revenue forecast · credit rating