Tuesday, July 7, 2015
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Lost & Found


VideoFound: Female medium sized dog, Hickory Hill Dr., La Vernia, picture on Wilson County News online ad, probably not neutered, very playful and gets along well with cats. Call 830-947-3458.
Our beloved Gracie is missing since October, Dachshund/Lab mix, microchipped, about 30 pounds, black with little white. $1000 reward for safe return. Call with any information, 830-393-9999 or 419-250-9099.

VideoLost: German Shepherd, in the Blue Creek/Warncke/Church Rd. area, La Vernia, last seen Tues., June 23, very friendly, purple collar. If found call or text 210-792-7875.
More Lost & Found ads ›

Help Wanted

Seeking individual to work in a local child-care center, paid holidays, etc., must be high school grad or GED. Apply in person at Cubs Country Childcare, 212 FM 1346 in La Vernia.
Class A CDL driver, must have at least 2 years drive experience with references, clean driving record, $20/hour. Must pass background and drug/alcohol test. 830-579-4487, email resume to teika@oscenergy.com.
More Help Wanted ads ›

Featured Videos





Video Vault ›
Richardson Chevrolet homeRE/MAX homeTNMC
You’ve been granted free access to this subscribers only article.

Section A: General News


S&P downgrades Floresville debt rating




E-Mail this Story to a Friend
Print this Story
Wilson County News
July 3, 2013 | 1,414 views | 6 comments

DALLAS -- Standard & Poor’s Ratings Services has lowered its underlying rating (SPUR) on the city of Floresville’s general obligation debt outstanding two notches to “BBB” from

“A-.” The outlook is stable.

“The downgrade is due primarily to our view of the deterioration of the city’s financial position to a level that we no longer deem to be commensurate with an ‘A-’ rating,” said Standard & Poor’s credit analyst Lauren Spalten.

In addition, the rating reflects S&P’s view of the city’s:

•Lack of willingness to align recurring revenues with spending, coupled with lower-than-budgeted revenues and higher-than-budgeted expenditures;

•Adequate wealth and income levels; and

•Moderately high overall net debt burden as a percent of market value and elevated debt service carrying charges.

The stable outlook reflects Standard & Poor’s anticipation that the city’s operations will remain imbalanced during the near term, as well as its view of the city’s adoption of an insolvency plan to achieve a positive fund balance.

“We could raise the rating if the city fully implements the steps outlined in its insolvency plan and its financial position improves,” the agency stated. “However, if the city fails to implement the steps outlined in its insolvency plan and its financial position deteriorates further, we could lower the rating further.”

The downgrade, the insolvency plan, and how they will factor into the city’s fiscal year 2014 budget were part of a discussion during the Floresville City Council’s budget workshop prior to its June 27 meeting. Councilman Jim Miller said the city will be looking more closely at how it implements a salary plan for the coming year. Miller said that a cost-of-living adjustment for employee pay could not be considered until the city can meet its commitment to a contribution to its reserves and to debt reduction.

City Manager Andy Joslin said there likely will be no increase in staff, as he and the council continue to carve out a zero-based budget plan. With this approach, the city projects the overall operating cost for the next fiscal year before adjusting the proposed tax rate accordingly.
 

Your Opinions and Comments

 
The Marcelina Muse  
Dry Tank, TX  
July 4, 2013 12:39pm
 
Eyes wide shut, except of course for Jim Miller. He is different. He can be investigated while those that caused this mess sit back and laugh. Why is this do you think?

 
LaLa Land  
Floresville, TX  
July 4, 2013 12:23pm
 
It is quite obvious that the previous regime did nothing but spend money. Did City Hall do any work? It seems like nothiing was done. There are millions unaccounted for. Where is the outrage in this town?

 
Fed Up With Arrogance  
Sin City  
July 4, 2013 7:06am
 
Tell me again, what did "We Built"?

 
Senior Citizen  
Wilson County  
July 3, 2013 6:28pm
 
Are we waking up yet, Floresville?

 
Untrue Resident  
Floresville  
July 3, 2013 4:28pm
 
Here is a shocker: We told you so. "Lack of willingness to align recurring revenues with spending, coupled with lower-than-budgeted revenues and higher-than-budgeted expenditures" .. translation you are spending ... More ›

 
Something else to say 2  
July 3, 2013 1:41pm
 
This is SAD!!! This should be a immediate dismissal of the City Manager, Financial Director, City Secretary, and Assistant City Secretary!!! This is unexplainable! This proves they DO NOT know what they are doing!

Share your comment or opinion on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Section A: General News Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Corner Store grand opening is set for July 2 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Crouch Memorial Bull Riding (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Dan Patrick weighs in on same-sex marriage decision (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Disabled veteran license plates available for widows (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Does the EPA control your stock tank? (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. East Central ISD decisions will save taxpayers millions (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Changing the past to fundamentally transform America (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Donald Trump tries to put his brand on GOP (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Hillary and history: Best-known is not the same as best-qualified (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Event highlights seniors, vets, services July 17 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. FELPS aims to improve reliability systemwide (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville ISD adopts $39M budget (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville keeps city manager, 'extravaganza' (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Free July training for business owners (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Guadalupe deputies hunt fugitive after bar fight near Seguin (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. H-E-B recalls burger buns (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia approves $26M-plus budget (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Frightened aging bones (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Falls City City Council (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Miles Svoboda earns saddle in chute dogging event (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. New battalion commander recalls Floresville roots (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Nixon residents respond to shooting with prayer (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Parkside Homes wins planning and zoning approval (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Scam email: Pay up or die (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Skloss retires after four decades with Karnes Electric (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tanker, tow truck crash on U.S. 181 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tour vintage aircraft at Stinson Municipal Airport (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Traps to avoid after graduation (July 1, 2015)