Fayette

County's finances are in great shape, auditor Dan

Post told county commissioners.

During

the last ten years, county revenues grew from

$14.2 million to $28.9 million, while

expenditures grew more slowly, from $12.5 million

to $25.5 million, said Post of Post and

Associates PC.

With

reserves of $13.9 million at the end of 1999 and

currently no bonded indebtedness, the county's

bond rating has improved from Aa to A1, reducing

the cost of borrowing, said Post in presenting

his annual audit report.

In

fact, Fayette's credit is so good that the county

could issue up to $263 million in general

obligation bonds, Post said.

That's

good news as the county weighs its options for

raising about $60 million to build a new jail and

courthouse over the next few weeks.

The

water system also is in sound shape, he said,

with 1999 revenues of $9.8 million and operating

expenses of $3.6 million, leaving a $6.2 million

income before depreciation. After depreciation,

net income was $1.4 million.

That's

1.7 times the system's debt service, said Post,

well above the legally required 1.2 times debt

service.

Borrowing

power for the water system also has improved, he

said, from A1 to A.

"You

are in sound financial condition both in fact and

in form," said Post, commending the county's

financial staff for repeatedly receiving

achievement awards for the quality of their

financial reporting.

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