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July 13, 2010

Cambria getting handle on its ledger

Anonymous The Tribune-Democrat The Tribune-Democrat Tue Jul 13, 2010, 01:00 AM EDT

— We applaud the Cambria commissioners’ continued efforts to improve the county’s financial standing, and we join them in hoping an improved bond rating is in the future.

The county has contracted with Wessel & Co. to develop a five-year projection on expenses and revenue for the purpose of seeking a higher bond rating from Standard & Poor’s.

Currently, the county’s rating stands at a stable BB – up from years past but still in the non-investment range, meaning county bonds could be more attractive to investors.

The report should be done in a month, the commissioners said. We look forward to the results.

Meanwhile, we join the county in celebrating yet another year-end surplus.

For the fifth time in six years, Cambria finished in the black in 2009 – some $116,000 to the good.

Auditors from Wessel said the county had a $6.1 million unreserved fund balance, a complete turnaround from Cambria’s $5.6 million negative balance in 2003.

The fund balance reflects money due to the county, not money in hand.

“That fund balance is not cash, but an accounting mechanism to reflect financial stability,” President Commissioner P.J. Stevens told reporter Sandra Reabuck.

The commissioners said regular budget review sessions with county Controller Ed Cernic Jr. have helped the county get in the black and stay there.

Cernic meets every two weeks with commissioners Stevens, Milan Gjurich and Sam Valenty.

“We look at the cash in the general fund and what bills are paid,” Gjurich said. “The open lines of communications helped.”

Other organizations should take note and take similar action to stay on the good side of the ledger during these challenging economic times.

They owe it to their shareholders.

For these commissioners, those shareholders are the taxpayers of Cambria County – who should be pleased with the financial news coming out of Ebensburg.

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