MEMPHIS — Tennessee Comptroller of the Treasury Justin P. Wilson is warning Memphis officials about the city's fiscal problems.
In a letter to Mayor A C Wharton and the City Council, Wilson called a plan to defer city debt for a dozen years "scoop and toss" because it merely moves the problem to about 2025.
The Commercial Appeal reported Wilson outlined several measures that the city must undertake before he would sign off on a municipal bond refunding plan. Wilson said the city needs to deal with low fund reserves, a shrinking tax base and budgetary imbalance.
Wilson told the newspaper that Wharton realizes the city's position and the problems built up over a period of time.