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Newton Countys bond rating may be in jeopardy
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Newton County may be in danger of losing its excellent bond Aa2 rating and not being able to meet new state budget compliance requirements if county revenues continue to fall, according to a report by the county’s auditor Wayne Tamplin.The county’s financial audit for FY2009 was recently completed and presented to the Board of Commissioner at a Tuesday work session. During FY2009, which ended June 30, 2009, the county experienced the beginning of its major budget reductions, and as a result had to dip into its fund balance.Coming into the fiscal year, the fund balance was $11.9 million, 21