Borrowing discussed at Supervisors' work session

For 14 years Campbell County has received a certificate of excellence in financial reporting from the Government Finance Officers’ Association. One of the County’s current objectives is, as Frank J. Rogers, County Administrator, explained in an interview, to “codify our current financial processes.” These processes are being documented in “Financial Policy Guidelines” that County staff and its firm of financial advisors, Davenport & Company, have worked on and distributed to the Board of Supervisors for their finalizing. 

While the County’s financial health is strong, the guidelines will be used to further document to lenders some of the County’s financial strengths.

At its most recent work session, the Board of Supervisors and County staff discussed borrowing funds. The County plans to obtain both interim and permanent financing in the near future. The interim loan amount that is being considered is $7.5 million. Five banks are each prepared to approve a $7.5 million line of credit for the County: BB&T, Capital One, First National Bank, Wells Fargo, and Zions Bank. More than one bank has offered to make the transaction with no collateral required.

For more on this story, see this week's Altavista Journal.