By DAVE HAMRICK
dhamrick@thecitizennews.

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.