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Resident warns Sumner County commission that invoking 1981 act could force restatement of 12 years of reports
Summary
A Sumner County resident told commissioners during public comment that applying a 1981 financial-management statute instead of the 2012 Financial Management Act could require restating 12 years of annual reports, potentially exposing the county to investor claims and credit risk.
Charlene Allmiller, a Sumner County resident, told the Sumner County Commission during public comment on June 5 that applying an older 1981 financial-management law could force the county to revise as many as 12 years of annual financial reports and expose the county to securities litigation.
“I do think that if you guys do the 19 81 act, then there's a concern that 12 years of the annual reports will need to be re revised and restated, which could put us in at issue with our debt,” Allmiller said. “You are held responsible if you have bonds issued in the securities market to make sure that your annual reports are materially stated correctly.”
Allmiller said she believes…
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