Editorial: Where credit is due

You can quibble with the fact that Iredell County commissioners didn’t ask for voter approval before authorizing $110 million in new debt for school construction and a future landfill expansion. (The Certificates of Participation sale planned for this spring will push the county’s debt load to more than $350 million.)

But it’s hard not to be impressed with the way County Manager Joel Mashburn and Finance Director Susan Blumenstein have managed the financial affairs of the county.

Guided by the commission’s otherwise fiscal conservatism, the duo’s efforts paid off handsomely this week when they learned the county’s bond rating had been upgraded to "AA" by Standard & Poor’s.

That will result in a slightly lower interest rate, which could save the taxpayers as much as $500,000 in interest payments, when the county begins making payments on the COPs. While that’s a paltry sum when you’re talking about $110 million, it’s not exactly chump change.

Almost as impressive as this accomplishment is that the county’s contingent realize that every penny they spend while doing the public’s business is, in fact, the public’s penny.

Mashburn, Blumenstein, Commission Chairman Marvin Norman and County Attorney Bill Pope demonstrated that last week during their trip to New York to meet with representatives of Standard & Poor’s and Moody’s.

Their one-day trip cost taxpayers a whopping $744, or slightly less than two John Edwards’ haircuts.

It’s difficult to imagine four people — public officials, no less — traveling to New York City on important government business and spending only $744 — including airfare.

Aside from airfare ($576 for all four tickets) and ground transportation ($140), Iredell officials spent only $28 during their one-day trip, or $7 each for lunch.

Taxpayers should rest a little easier knowing that the county treasury is in the hands of such good stewards of the public’s money.