Virginia
S&P upgrades Petersburg’s bond rating to AA-, reflecting financial resurgence • Virginia Mercury
S&P Global Ratings has upgraded the city of Petersburg’s general obligation (GO) bond rating to AA- from A+, a move that highlights the city’s strengthened financial health and steady progress toward fiscal stability. The upgrade underscores Petersburg’s success in building reserves, improving liquidity, and achieving a secure financial position after years of turmoil.
Petersburg’s GO bonds are backed by the city’s full faith and credit pledge, affirming its reliability to meet debt obligations. The proceeds from the city’s 2024 GO bond issuance are set to fund several critical projects, including a new courthouse facility, the renovation of a police station, the construction of an animal care center and $1.3 million to refinance older bonds for net savings.
City Manager March Altman said in a statement that the upgraded bond rating reflects continued growth and economic recovery.
“Petersburg has a fund balance of approximately $50 million, which gives it the flexibility to move forward with needed capital projects,” Altman said. “I commend the city council and Petersburg’s Department of Finance for making decisions based on sound fiscal management and best practices.”
The enhanced credit rating not only reflects Petersburg’s financial stability but also unlocks key advantages, including lower interest rates, greater borrowing capacity for vital projects, expanded economic development opportunities, and increased appeal to potential investors.
It further signals to investors that the city’s creditworthiness has improved, potentially reducing borrowing costs for future projects. It also highlights the city’s steady recovery from a financial crisis that left it on the brink of insolvency less than a decade ago.
Petersburg’s financial woes reached a breaking point in 2016, when the city faced a staggering $7.7 million deficit, unpaid bills piling up to $18 million, and critical services at risk of interruption. Poor fiscal oversight, structural deficits and mismanagement led to the crisis, which garnered statewide attention. At the time, the city teetered on the verge of state intervention.
To address the dire situation, Petersburg implemented aggressive reforms, including staff reductions, tighter spending controls and measures to increase revenue. The city also partnered with outside financial advisors to help restore fiscal discipline.
By 2019, Petersburg reported a budget surplus for the first time in years and began rebuilding its financial reserves. The turnaround has since been bolstered by sustained economic growth, improved tax collection efforts, and successful community partnerships.
Mayor Sam Parham said that the city’s goal is to achieve a firm AAA rating.
“With the growth of the Pharmaceutical Campus, the recent approval of the Destination Resort Casino, and the many other economic development and tourism projects, the city is positioned to continue to grow its tax base and fund balance while addressing much-needed capital projects,” Parham said.
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CLARKSBURG, W.Va. (WBOY) — West Virginia has plenty of state symbols, be it the black bear as the state animal, the cardinal as the state bird or the rhododendron as the state flower, but did you know that the Mountain State also has its own official gun?
The Hall Flintlock Model 1819 was first manufactured in Harpers Ferry by John H. Hall in 1811 and was adopted by the United States Army in 1819, making it the first breech-loading rifle ever adopted by a country’s military.
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Model 1819 Hall Breechloading Rifle presented by Congress to Gustavous A. Bird for his participation in the Battle of Plattsburgh 9/11/1814 by John C. Bird via the Smithsonian Institution -
Model 1819 Hall Breechloading Rifle presented by Congress to Gustavous A. Bird for his participation in the Battle of Plattsburgh 9/11/1814 by John C. Bird via the Smithsonian Institution
All of this information is listed in Senate Concurrent Resolution 7, which was introduced and passed during the 2013 West Virginia Legislative session, and officially recognizes the Model 1819 as the official firearm of the State of West Virginia.
On top of being created in West Virginia, the resolution also points out that the rifle saw use during the Civil War, an event that directly led to West Virginia’s statehood.
While having an officially recognized state firearm may seem far-fetched, West Virginia is not the only state that has one. As a matter of fact, a fifth of the states in the country have officially designated a state firearm, including West Virginia’s neighbors in Kentucky and Pennsylvania.
CHARLOTTE, N.C. — In this world of college football, with the transfer portal and recruiting battles, bad blood is present more than ever before between head coaches.
That’s not the case between the Virginia Tech head coach and Clemson head coach Dabo Swinney, however. In fact, Franklin revealed at ACC Kickoff on Thursday that the two are actually close friends, dating back to their time at the Nike trip that various coaches take over the summer.
“Dabo’s my guy,” Franklin said on Thursday. “We go way back. We’ve been on the Nike trip for a long time. His wife and my wife are friends.”
The long-time Penn State head coach is making the move to the ACC after being fired from the Nittany Lions in October. 12 seasons of being with the program had Franklin hold a 44-21 record against top 10 opponents, an impressive record for a new conference foe of Swinney’s.
But when that trip comes around, there’s a camaraderie between Swinney and Franklin and both of their wives. In fact, the two hang out with each other instead of the other coaches at times. It simply comes to an “edgy” time in college athletics that raises tempers.
“I’m going to be honest, I wouldn’t say we’re necessarily like the type of people that love a lot of other coaches and a lot of other programs,” Franklin said. “It’s hard when you just compete year-round.”
On Swinney’s end, there are a few who could immediately come to mind among Clemson fans. Perhaps the most recent would be Ole Miss coach Pete Golding, who played the most significant role in the tampering of former linebacker Luke Ferrelli.
It’s a select list of coaches who make the good side of the Tigers’ head coach, and Franklin is certainly on that list. On the other hand, Hokies’ head coach has Swinney on his own shortlist.
“Obviously, tremendous respect for what he has built at Clemson and what he’s done at Clemson, and what he’s done for the ACC,” he said.
The two will see that close relationship face off at Memorial Stadium this upcoming season. Clemson will host the Hokies on Oct. 24 in what could be a potential title-eliminator for the ACC Championship.
Of course, the last game that we’ve seen the Tigers play in was against Franklin’s former team in Penn State at the Bad Boy Mowers Pinstripe Bowl. That game ended in a 22-10 contest that saw a foundation of Franklin players end Clemson’s season in disappointment.
Swinney will see many of those players once again in October, including starting quarterback Ethan Grunkemeyer, in that contest. The anticipated Hokie starter recorded 260 yards and two passing touchdowns on the Tigers in the Bronx that day.
Although friends become foes, another ACC coach has given Swinney his flowers for what he’s been able to do for the conference. In the upcoming moments, Franklin will look to prepare his team to prove itself on one of the biggest stages in the ACC, while Swinney looks to put his team back at the top of a conference he’s dominated for over 15 years.
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MARTINSVILLE, Va. (WSET) — Extreme drought conditions in parts of Virginia have prompted an emergency drought warning for a wide swath of the region, including Bedford, Campbell, Charlotte, Franklin, Halifax, Henry, Mecklenburg, Patrick, Pittsylvania and Roanoke counties, along with the cities of Danville, Roanoke, Salem and Martinsville.
The governor has warned that if conditions worsen, she will activate mandatory nonessential water-use restrictions.
In Martinsville, city leaders have issued a voluntary water conservation notice and are urging residents and businesses to cut back where they can. The request comes as local businesses that rely heavily on water say the drought is already affecting day-to-day operations.
SEE ALSO: Botetourt County residents adjust daily routines as voluntary water restriction continues
John Hughes, owner of John’s Car Wash, said the dry conditions have hit his business hard in recent weeks. “For the last 3 weeks, it’s been hitting pretty hard. We done three yesterday and haven’t done anything today with the drought and hot weather. Yeah, I’m really concerned about it,” Hughes said.
Restaurants are also feeling the strain. David Kitzmiller, an owner of Be Wiched, said water is essential for routine tasks such as washing dishes and preparing some menu items.
“We use a lot of water for washing dishes and some of our recipes if they limit us in anyway defiently can’t produce and its a scary aspect,” Kitzmiller said.
Kitzmiller added that cutting back is not always realistic for businesses that must meet sanitation needs. “Not really feasible for a business that depends solely relies on water to wash their dishes, so that can’t definitely be an impact there,” he said.
City leaders emphasized that the conservation request is voluntary for now, but they are encouraging everyone to do their part by taking shorter showers, turning off the faucet when it is not in use, washing only full loads of laundry, and limiting outdoor watering whenever possible.
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