Tag Archives: Special Purpose Local Option Sales Tax

Larry Hanson retiring as Valdosta City Manager

Congratulations, Larry Hanson.

Valdosta, PR, 1 November 2017, City Manager Larry Hanson Retires From Valdosta with Exceptional 42-Year Career: Hanson has been named the Georgia Municipal Association Executive Director

Larry Hanson will retire from the City of Valdosta, effective Dec. 8 after 42 years of public service, 22 of which he served as the Valdosta City Manager. Hanson will assume his new role as the Georgia Municipal Association Executive Director, where he will oversee the advocacy, training and various programs for more than 500 Georgia cities.

Hanson is the 10th and longest-serving city manager for the City of Valdosta, where he oversees Continue reading →

Moody’s confirms excellent bond rating for Lowndes County School District

Lowndes Schools’ decrease of $4.1 million in annual bond payments after 2013 is more than the total $3.6 million in bonds Dublin Schools issued to pay for their megawatt of solar power. So Lowndes Schools could float bonds for solar panels at Lowndes High School like Dublin Schools did for Dubin High School. Or on the new Pine Grove Middle School, which already has some energy efficiency features. Either would decrease outgo in the future, thus evening up the financial structural balance and increasing reserve levels. The SPLOST mentioned by Moody’s is the educational ESPLOST, which passed by more than 4 to 1 in March 2011.

Moody’s PR 17 July 2013, Moody’s confirms Lowndes County School District, GA’s Aa3 GO rating,

$34.9 million in GO debt affected

New York, July 17, 2013 — Moody’s Investors Service has confirmed the Aa3 general obligation rating of Lowndes County School District, GA. The Aa3 rating affects $34.9 million in outstanding general obligation bonds. The bonds are secured by the district’s general obligation, unlimited tax pledge but are expected to be paid from proceeds of a one percent Special Purpose Local Option Sales Tax (SPLOST). The district has an additional $10 million in general obligation bonds not rated by Moody’s.

SUMMARY RATING RATIONALE

The confirmation of the Aa3 rating reflects the district’s sizeable and growing tax base, SPLOST support of debt service, modest debt burden, and rapid payout. The rating also incorporates the district’s below average socioeconomic indicators and recent trend of General Fund operating deficits. Excluding a slight 1.7% decline in fiscal year 2011, Lowndes County School District has consistently experienced growth in the $3.87 million tax base, which is expected to continue going forward. The base benefits from the institutional presence offered by Moody Air Force Base, Valdosta State University (A1/stable), and South Georgia Medical Center (A2/stable). The current SPLOST is authorized through September 2017 and should provide sufficient revenues to make debt service payments. In fiscal year 2012, SPLOST revenues were $12.4 million compared to debt service payments of $12.2 million. Following fiscal year 2013’s payment of $12.1 million, the district’s payments will decline to just under $8 million annually. Amortization is rapid with all debt fully matured by fiscal year 2018. The district does not have any plans to issue additional debt.

Continue reading →

Kickoff speeches @ SPLOST 2012-09-28

Apparently WCTV’s “at the South Georgia Medical Center Parking Garage”> meant actually in the nearby parking lot, because that’s where we found some city and county employees and a few volunteers standing in the shade of a Valdosta Police van. An invocation and six speeches from five speakers ensued, all in support of SPLOST VII, the Special Local Option Sales Tax on the November ballot. Several of the speakers were not so positive off the podium about the library and auditorium projects, and nobody from the library board spoke.

Here are videos of all of the speeches.

Also the VDT was there, and Jason Schaefer wrote for the VDT yesterday, Committee kicks off SPLOST campaign,

The major theme of the event was a firm reminder that SPLOST VII is not a new tax, just a continuation of a penny sales tax that has been in place since 1987.

Fair enough. However, Sam Allen’s second talk summed up what’s wrong with SPLOST VII: Continue reading →