The following is a press release issued by the County of Mendocino:
The County of Mendocino recently received a credit rating upgrade from S&P Global Ratings (“S&P”). The County’s Issuer Credit Rating, which reflects the County’s overall creditworthiness, was increased from “AA-” to “AA”. In addition, S&P assigned a rating of “AA-” to the County’s upcoming $19.975 million County of Mendocino Certificates of Participation (“COPs”), Series 2022 and raised its rating on the County’s other outstanding COPs. S&P cited several key factors in the upgrade, including the County’s “improved financial position, supported by enhanced financial management policies and practices that (S&P) consider strong.”
Mendocino County Board of Supervisors Chairman, Ted Williams stated, “Leveraging a newfound drive to bolster professionalism, staff and the Board were able to convey the state and trajectory of County finances with inordinate transparency. When people asked for the County’s good news, I answer without hesitation: our hard-working staff. Their diligence is reflected in our new, upgraded credit rating, which will benefit bottom-line county finances for many years to come.”
The 2022 COPs will be issued to refinance the County’s existing 2012 COPs for cash flow savings and fund $10 million of new capital projects, including the expansion of County jail facilities and various roofing and HVAC projects at essential County facilities. The 2022 COPs are expected to price as early as the week of September 12th and close approximately 30 days later.
Hard work, financial diligence and perseverance – thank you Supervisor Williams for being our leader in this effort. Appreciate this.
Bowtie Ted has done nothing, just a month ago he said the County finances was in a financial crisis and now it gets an upgrade. Do you think his crisis claim was BS or has another motive? This guy is a joke!!!! Your first line in your comment, Bowtie has worked hard in casting employees in a negative manner and passing blame. No diligence, didn’t even talk to Treasurer/Tax Collector of 42 years about his reckless and coordinated effort to combine to financial offices which now leaves no check and balances to both offices. Yes he did that. Actually this rating shows that the people in charge of these financial offices have done the right thing, Bowtie hand no hand in that, he thinks there is three checkbooks and is calling for the State Auditor to review County finances. He doesn’t even know the County is audited every year by an outside auditor which is on the County website after their review. Just exactly what are you thanking him for, or did he put you up to this? That’s how he operates, it’s called deception. Nice try Bowtie.
I bet holding onto 22 million in cannabis grant money instead of giving it to the farmers really gave the county a “improved financial position”