Standard & Poor’s lowered the underlying rating on Williamsburg, Mass.,’s general obligation bonds to BBB from BBB-plus. The outlook is now negative because of significant accounting and financial reporting issues. The rating is based on the town’s recent general fund deficits and shallow local economy. Offsetting these credit weaknesses are Williamsburg’s above-average income levels, manageable debt burden, and limited capital needs. “The negative outlook is based on the issues raised by the auditor about the town’s fiscals 2005 and 2006 financial control and reporting, which are also expected to affect the fiscal 2007 financial statements,” said analyst Henry Henderson. “While the town’s new financial staff believes the issues have been resolved and will have a minimal effect on the 2008 financial statements, this resolution has not been confirmed by an independent audit.” The town’s auditor said the fiscal 2006 financial statements did not fairly present the town’s financial position in conformity with GAAP. This disclaimer was due to the lack of reconciliation procedures and the existence of significant variances, which left the auditor unable to form an opinion as to the accuracy of the receivable balances for water, sewer, and real estate taxes.The previous year’s financial statements will be restated. While the fiscal 2007 financial statements are expected to have similar audit findings, the new town management indicates that the auditor’s findings have been fully addressed in fiscal 2008.
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The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.
March 28 -
LSEG Lipper reported fund inflows of $447 million while high-yield muni bond funds saw another round of inflows at $246 million, marking the 12th consecutive week of positive flows in that space.
March 28 -
Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.
March 28 -
D.C. promises $515 million in improvements to its existing downtown arena.
March 28 -
A bond-financed purchase of the Stanley Hotel in Estes Park, Colorado, which served as an inspiration for Stephen King's The Shining, is being pursued by the Colorado Educational and Cultural Facilities Authority.
March 28 -
In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.
March 28