Jackson Free Press

While crime, potholes and boiled-water notices get all the headlines and make for easy punchlines, one of the biggest problems facing the capital city is rarely discussed outside of City Hall—Jackson's bond rating.

Like the credit rating we all have and that lenders use when deciding whether to loan us money and, more importantly, how much they will charge in interest, a city's bond rating can have a direct impact on the quality of life for people who live there.

Last month, in what has almost become ritual, Moody's downgraded the City of Jackson's credit rating. Basically, this means that borrowing money will be more expensive in the long term, and the City will have to sacrifice a few nice-to-haves for some must-haves.

For example, in the event of a catastrophic infrastructure failure that threatens public health and safety, Jackson may have no choice but to borrow money. In terms of things that are nice to have, the bond rating means that developers looking around the country to do smart public-private projects might overlook Jackson because we can't afford to put up our share of the money.

Like many people who end up in debt because of medical bills and unforeseen family disruptions, many of Jackson's fiscal struggles are not of the City's making. As Moody's points out, years of outmigration and high levels of poverty, which the recession exacerbated, are a strain for many cities, not just Jackson.

Redeveloping Farish Street alone will not get us out of the hole. The City has to have revenue. This means, the City must ensure that it is collecting all the revenue it should be collecting, including for treated water.

Getting rid of public-works employees running side hustles is a good first step, but that's only part of the solution. If the City follows through and fires 20 to 30 more water-department workers, it should be advertising for their replacements and beefing up its collections efforts now.

The other thing Moody's said could improve the economic outlook for Jackson is substantial tax-base growth. A popular mantra around City Hall is taking care of people who already live in Jackson, which is necessary.

But the City must also help create a climate so that people who live here help out with marketing by encouraging friends and family to move back to Jackson, as well.

It would help to make sure we're taking full advantage of federal programs like the Museum to Market Trail that pay for amenities to attract smart, active people that Jackson won't have to pay for out of pocket.

Most of Jackson's elected officials seem interested in being good stewards of the public's finances. Now, we have to think beyond belt-tightening and keep looking for ways to grow Jackson.