KINGSPORT TENNESSEE

Moody and S&P reaffirmed
the city’s high grade bond
ratings of Aa2 and AA
respectively.
S&P revised city’s financial
management from “good”
to “STRONG.”
Excellence in Financial Reporting - Only 8% in nation
For the sixteenth-year in a row, the City of Kingsport
received a Certificate of Achievement for Excellence in
Financial Reporting from the Government Finance Officers
Association for their June 30, 2015 Comprehensive Annual
Financial Report (CAFR).
A CAFR is a detailed review of city government, including
schools, from a financial perspective. It covers 36
separate funds and all manner of financial issues from
debt to assets. Only 8 percent of governments receive
this prestigious award on their CAFR.
Bond Refinancing Saves City Over $2.3 Million
Kingsport issued $23.2 million in bonds to help with
upcoming projects, such as the new KATS transit center,
library improvements, the Indian Trail Drive extension,
MeadowView renovations and the Bays Mountain dam
repairs.
The city expects to add $300,000 to the June 30, 2016
General Fund balance (the “rainy day” fund). This is in
addition to the $1.9 million of year-end revenue over
expenditures previously allocated by the Board. So, the
total is $2.2 million. By allocating these year-end savings
(in cash), it reduces the city’s reliance on more borrowing
(debt).
It is also important to note that existing debt was
refinanced a few months ago, resulting in a savings of
$3.6 million over the life of the bonds.
We have operated in the 6% range in the recent past
and are projecting to do so through 2020, which is our
financial planning horizon.
Found a Pothole?
Let us Know with
YourGov
YOUR GOV
YourGov is a reporting system that allow residents to report nonemergency
issues, such as a tree down, minor water leak, water hydrant
issue or a pothole. If the YourGov app is downloaded onto a smart phone,
users have the ability to take a picture of the issue and submit that along
with the relevant information.
Earlier this year, the City of Kingsport Public Works Department received
an efficiency award from Cartegraph, the system that operates YourGov.
Public Works uses the data gathered from app submissions to help
guide and plan department projects. The YourGov reporting system will
automatically input the data from residents into the Cartegraph system.
To download the YourGov app, visit kingsporttn.gov and click on the
YourGov icon. In that tab, you’ll find a link to the App Store for iPhones
and a link to Google Market for android phones.
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