Finance Department
Karen Bell, Director of Finance, Audit and Budget, 731-425-8278
Alan Laffoon, The City of Jackson Recorder, 731-425-8248
The Finance Department (731-425-8210) is located on the first floor of City Hall, in the west end of the building. Hours are from 8:00 a.m. to 5:00 p.m., Monday through Friday. Karen Bell is the Director of Finance, Audit and Budget for the City.
The Finance Department oversees the security and management of the City's financial and property interests and the collection of most revenues, including property and business taxes. The Department helps the Mayor to prepare, implement and monitor the City's annual capital and operating budgets. The department also plans and executes the issuance of bonds and other financing mechanisms available to municipalities.
In addition to supervising the collection of taxes and other revenue, the Finance Department handles the treasury functions of the City. This includes investment of idle funds that the City may have and payment of all debt service.
Bond Issues
Periodically, the City issues bonds to fund long-term capital projects. Recent bond issues have funded major projects like: the new Municipal building, Pringles Park, the Urban interchange at 45 Bypass and Interstate 40, the extension of Ridgecrest Road, creation of Pleasant Plains Extended, complete conversion of City communication equipment to an 800-megahertz band, and numerous improvements to recreation facilities. These improvements include the rebuilding of Fairgrounds Park, creation of North Park and Malesus Park, and additional equipment at many other facilities.
Debt Information
As of July 2005, the general obligation debt of the City was $74.1 million. Current debt levels, on a per capita basis, are about average for Tennessee cities of 20,000 to 50,000 population. The City's annual debt service is approximately $10 million and is paid by a combination of property tax, sales tax proceeds from Pringles Park, other special revenues, and debt service fund surpluses.
The City of Jackson has an investment-grade bond rating of A2 from Moody's. Jackson bonds typically receive interest rates assigned to bonds rated A1 or AA, and usually sell extremely well upon issuance.
Investments
The City has an investment policy that is patterned after the Government Finance Officers Association model policy. An investment committee oversees the policy and an advisory committee of bank officers has been established to consult with the investment committee.
Most investments are extremely short-term due to the tax collection cycle. Short-term investments are normally kept in the Tennessee Local Government Investment Pool, which pays relatively high rates for overnight availability.
The City also places funds by bid when rates are favorable. Certificates of Deposit with approved banks, Treasury instruments, and short-term notes of government agencies are used when rates are favorable.
