The Virginian-Pilot
SUFFOLK - An investor's service has downgraded the city of Suffolk's credit rating after the city failed to follow its own financial policy.
The rating drop by Moody's Investors Service could lead to higher interest rates when the city borrows money, said Dennis Craff, a city spokesman. The city is awaiting its most recent rating from two other investment companies, he said.
Moody's rating change followed a consultant's report last month that said the city had violated some of its own financial policies, including a requirement to keep a reserve fund that matches at least 10 percent of its general budget, Craff said.
The city hired a budget officer last month and, in response to the consultant's report, created a finance committee to review ways to cut spending.
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Poor Credit Rating
Suffolk's tax dollars at work, or at waste.
After going up on property taxes!!!!
This is proof positive that it is indeed time to un-elect the entire city council and fire the managers and finance officers in the City of Suffolk. My real estate taxes went up by 30% last year and have more than doubled in the past five years. That means that the city has taken in more than double the revenue from just real estate taxes over the past five years, and they are in trouble? My income has not kept pace with the percentage increases of the taxes or cost of living, yet I still manage to maintain my credit rating. With the city's large increase in revenues over the past few years, you can only contribute this failure to one thing, mismanagement! These lifetime sponges and wild spending politicians and managers have to go. I hope the Pilot will help all the area cities by bringing all these failures to the forefront next election cycle. Listing the failures and accomplishments of politicians at election time would help us tremendously. Time for incumbents to go.