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From YouTube: Finance Update - BOS Meeting - June 28, 2023
Description
This work session covered a wide range of financial topics including: a summary of the county's recent bond sale, an in-depth overview of the proposed budget amendments for FY2024 (consent), a review of the school-year adjustments for FY2023 (consent), the dissolution of the Chippenham Place CDA (consent), the addition of job order contracting as a purchasing tool (consent), as well as a preview of the evening's public hearings on the FY2023 budget adjustments and modifications to the county's ARPA spending plan.
A
B
All
right,
Mr,
chair
and
members
of
the
board,
Dr
Casey,
you
have
a
plethora
to
put
on
my
way
of
Finance
items
on
your
agenda
this
evening.
Some
of
them
are
probably
hearing.
Some
of
them
are
on
consent.
I'm
going
to
walk
through
these
before
I
turn
it
over
to
Mr
Harris
for
the
rest
of
the
finance
update.
B
The
first
one
you
see
here
is
a
public
hearing
that
will
be
held
tonight
on
the
county,
year-end
amendments,
as
we
typically
have
every
year
we
do
anticipate
a
surplus
on
the
revenue
side.
We
are
seeing
some
increased
pressures
on
the
expense
side
in
terms
of
overtiming
utilities,
but
we'll
brought
that
message
to
you
before
and
it's
something
we're
diligently
monitoring
as
we
move
through
24..
B
Typically,
we
have
waited
until
the
audit
comes
out
in
November,
but
we
do
have
a
high
degree
of
comfort
in
the
numbers
that
the
budget
staff
downstairs
have
projected
and
rather
than
wait
six
months
almost
to
jump
start
on
some
much
needed
projects.
We
are
recommending
to
appropriate
some
of
those
funds
right
now,
so
they
can
get
a
head
start.
Some
of
them
are
on
the
side
before
you
are
on
assigned
fund
balance
to
remain
in
compliance
with
our
eight
percent
policy
and
storm
water.
B
Real
estate
credit,
that's
more
of
a
kind
of
accounting
maneuver
to
make
sure
that
fund
is
showed
up
as
part
of
the
five
percent
rebate
on
the
CIP.
That's
where
most
of
the
action
will
happen.
We
are
proposing
to
add
funds
for
a
thought:
access
to
Cosby,
high
school
and
some
land
acquisition
for
any
Economic
Development
opportunities
that
arise
and
inflation
contingency
and
also,
as
you
know,
that
we
reserve
our
people
Revenue
Surplus,
typically
every
year.
B
B
I'll
talk
about
the
reserve
component
in
a
couple
minutes.
They
are
projecting
right
now,
an
estimated
surplus
of
about
11.9
million
dollars.
They
opposite
to
us
are
seeing
that
typically
more
on
the
expense
side.
There's
a
slight
Revenue
shortfall
due
to
the
state's
skinny
budget
that
Ms
Walker
referenced
earlier.
B
They
do
have
some
rollover
of
funds
for
things
that
started
in
23
that
will
roll
over
into
24.
That
is
a
typical
thing
that
they
have
every
year.
We
are
recommending
that
that
be
approved.
They
do
have
a
proposed
Reserve
allocation
of
surplus
dolls,
given
where
we
are
with
the
state
budget
process.
Right
now
we
are
recommending
not
to
approve
that
but
postpone
that
until
we
have
the
final
results
of
the
audit
later
this
year
in
October
and
November.
C
And
I
think
the
important
point
there,
because
this
this
can
be
a
sensitive
item.
This
is
not
advocating
to
take
or
divert
any
of
the
school
Surplus
to
any
other
use,
but
until
we
get
all
the
Miss,
Walker
and
Gerard
said,
you
know
sort
of
painting
that
very
uncertain
picture.
We
just
want
to
sort
of
hold
back
on
the
decision
for
how
to
further
invest
those
dollars.
C
The
difference
on
our
side
we're
doing
a
little
bit
of
that,
but
we've
also
got
some
of
the
timeliness
issues
that
that
are
talked
about
that
we
really
can't
wait
around
on.
So
it's
ours
is
a
little
bit
more
of
a
hybrid
they've
got
more
uncertainty,
so
we're
just
going
to
postpone
that
until
the
fall
come
back
and
have
a
fresh
conversation
about
how
to
invest
those
same
dollars.
B
And
then,
finally,
they
have
a
request
to
reallocate
some
CI
project
savings.
They
would
like
to
move
to
the
Western
Area
Middle
School
project.
It's
a
process
that
we
typically
have
on
our
shade
as
well
as
I
say.
We
do,
recommend
the
approval
of
the
rollover
and
the
CIP
allocations,
but
do
postpone
the
reserve
component
as
matches
pointed
out
until
the
order
in
October
and
November
moving
on
to
fiscal
year
24
we
do
have
some
slight
amendments
and
the
budget
that
was
adopted
on
April
5th
was
about
955
0.2
million
dollars.
B
There
is
one
major
reduction
in
the
general
fund,
that
is
the
three
and
a
half
million
dollar
reduction.
You
see
their
use
of
reserves
that
was
to
be
put
towards
River
City
projects,
but
as
I
mentioned
earlier,
we
did
have
some
Bond
proceeds
with
the
recent
sale.
They
will
then
move
that
three
and
a
half
million
dollars
towards
that
project
instead,
so
that
we're
not
using
reserves,
those
monies
will
stay
in
the
bank.
There
are
some
additional
positions
being
added
that
will
be
a
net
neutral
adjustment
to
the
budget.
B
I
won't
walk
through
them
all,
but
there
is
the
police
department,
reorganization.
The
sheriff
is
asking
for
a
part-time
to
full-time
re-accreditation
position,
and
then
there
are
some
Recreation
activity,
Specialists
for
parks
and
rec,
as
well,
overall
as
an
addition
of
aftes
and
then
for
the
other
funds.
You
just
heard
from
Mr
Palmer.
We
were
kind
of
when
we
adopt
his
budget
April
5th,
still
working
out
the
mechanics
of
how
this
would
work.
So
the
funds
now
do
include
some
startup
funds,
so
you
can
get
out
there
and
bring
the
sports
tourism
to
the
region.
B
C
And
just
just
to
point
that
out
for
everyone's
first
time,
through
this,
the
485,
that's
appropriated
there
in
the
tourism
fund
are
legally
restricted
dollars.
That
can
only
be
used
for
these
purposes.
So
again,
you
know
a
lot
of
competing
needs,
but
that
45
is
not
drawing
off
of
anybody
else's
column.
Those
are
dollars
that
we
get
back.
The
tot
tax
has
gone
up.
C
We
get
larger
and
larger
reimbursements
at
the
end
of
the
year,
and
so
now
we
are
employing
some
of
those
dollars
locally,
as
opposed
to
just
relying
on
on
others
or
third-party
groups
to
help
us
with
these
items,
and
so
that's
that's
the
source.
There
I
think
that's
really
important
to
to
note
for
folks
that
are
watching
at
home.
B
And
the
CIP
there
are
two
changes.
The
first
is
at
three
and
a
half
million
dollars
that
I
referenced.
The
second
one
is
the
reduction
in
the
state
portion
of
the
revenue
sharing
and
when
Mr
Harris
and
I
presented
the
proposed
budget
March
8th,
we
said
that
we
would
come
back
and
amend
the
budget.
With
this.
The
state
has
paused
us
to
at
least
fy25.
The
local
funds
in
there
for
five
million
dollars
do
remain.
B
They
will
be
part
of
an
overall
Transportation
contingency,
especially
with
the
inflation
environment
that
we're
facing
right
now
and
then.
Finally,
there
are
some
small
tweaks
to
some
other
funds
that
are
a
direct
correlation
as
a
result
of
phase
two
of
the
pay
study
that
you
see
there
before
you
before
I
turn
over
to
Mr
Harris.
Does
anyone
have
any
questions
all
right.
C
Jordan,
so
this
June
is
probably
our
second
busiest
month,
so
just
gonna
run
through
a
bunch
of
quick
hitters
here
for
the
rest
presentation,
first
and
foremost,
circling
back
last
month.
You
all
gave
final
approvals
for
the
bond
sale.
We
had
a
group
that
went
to
New
York
and
made
the
made
the
pitch
for
the
county
and
I
have
to
thank
Mr
Smith,
who
wouldn't
typically,
you
know,
think
he
was
part
of
that
group
and
I
think
it
really
speaks
to
the
the
holistic
view
that
the
agencies
take.
C
You
know
of
locality,
it's
not
just
sort
of
what's
in
your
financial
reports,
it
really
is
your
entire
Spectrum
quality
of
life
and-
and
it's
Mr
Carroll's
point
out
here
already
your
transportation
and
sort
of
that
development.
Part
of
it's
a
big
big
component
of
what
they
evaluate.
So
he
did
a
nice
job
and
helped
us
to
get
reaffirmed
from
all
three
agencies.
So
that's
that's
the
best
news
on
here
and
we
did
complete
the
sale
with
those
ratings
in
place.
We
priced
out
a
hundred
and
sixteen
million
dollars,
bonds
at
3.3
percent.
C
So
that's
you
know
much
lower
than
what
we
had
been
sort
of
modeling
this
transaction.
So
that's
Debt,
Service
savings.
That's
everything!
We
talked
about
we're
out
selling
the
the
referendum.
You
know
that
this
is
really
the
key
piece
of
this.
So
you
you
know
you
see
that
kind
of
come
to
light
here,
so
that's
fantastic
and
then
I
think
at
the
bottom
line
for
the
citizen.
This
means
that
that
referendum
that
they
approved
just
this
November
is
already
moving
along
here.
C
With
this
first
sale
and
you'll
see
a
pattern
from
us
over
the
course
of
the
next.
You
know
five
to
seven
years,
depending
how
the
economic
backdrop
is
to
have
these
sort
of
spring
sales.
So
we
can
get
these
projects
underway.
We've
touched
on.
You
know.
The
long
list
is
up
there
for
the
county,
River
City,
Horner,
Chester,
Fire,
Station,
Stonebridge,
police
station
Enon
library
and
some
of
the
conservation
areas
just
on
our
side
with
this
sale.
So
we
you
know
we
are
entrusted
with
the
citizens
to
execute
a
referendum.
C
It's
really
important
that
we
get
out
there
quickly
and
get
those
projects
moving
along
the
the
sort
of
odd
looking
graphic
up
in
the
top
Corner.
That's
a
a
nerdy
industry
paper
that
comes
out
every
week,
but
it
did
highlight
and
then
said
there
at
the
beginning
of
the
week
that
we
sold
at
Chesterfield
was
considered
the
most
influential
deal
in
the
country
that
particular
week.
C
So
our
fa
passed
that
along
to
us,
but
I
think
it
just
it
speaks
to
you
know
we
talk
about
that
less
than
50
localities
that
are
Triple
A,
but
folks
in
the
markets.
The
the
folks
that
live
this
every
single
day
do
really
watch
what
Chesterfield
County
does
and
the
second
third
party
sort
of
validation
of
all
the
things
that
we
talk
about
on
a
regular
basis.
So
nothing
but
good
news
from
from
our
recent
sale
Switching
gears
a
little
bit
the
Chippenham
Place
CDA.
We
put
that
in
in
place
back
in
2008.
C
C
It
comes
with
a
lot
of
administrative
overhead
and
it's
effort
from
staff
and
Audits
and
tracking
and
accounting
and
all
of
those
things
so
for
something
that
we
really
have
outgrown
from
a
financial
perspective,
also
frees
up
some
money
that
can
be
used
for
other
Redevelopment
efforts,
Hope
Spring
line
being
sort
of
the
top
of
that
list,
and
since
we
last
met,
the
Eda
and
CDA
board
have
voted
to
dissolve
The
Entity
and
you
are
the
third
part
of
that
sequence.
So
this
is
on
your
consent
tonight
board
vote.
C
C
For
your
eye
chart
test
of
the
day
we've
been
talking
about
this
feels
like
for
several
months
in
a
row,
but
no
changes
it's
from
what
we
talked
about
last
month.
This
is
your
arpa
recovery
plan.
Public
hearing
tonight
we
advertised
last
month
with
the
items
in
blue
are
the
ones
that
are
changing.
Most
of
this
is
just
sort
of
some
cleanup
items.
We
are
lowering
the
contingency
down
to
basically
nothing
to
move
these
out
into
projects
to
get
these
dollars
moving
along.
C
But
you
know,
one
of
the
biggest
changes
would
be
see:
school
construction,
switching
from
Fallen
Creek
to
AM
Davis,
to
help
assist
with
that
project.
So
we've
had
this
information
out
pushed
it
out.
You
know
pretty
continuously
over
the
last
30
days,
and
so
this
will
hopefully
be
the
final
tweaks
to
the
plan.
Again,
that's
a
public
hearing
at
the
tail
end
of
your
meeting
tonight,
just
a
couple
of
other
items
on
your
consent.
You
see
the
item
numbers
listed
there,
the
first
one
as
we've
done
over
the
last
several
years,
your
diff
funds.
C
These
are
your
operational
funds,
not
your
dsif,
which
already
automatically
roll
over.
Given
that
their
life
to
date,
Appropriations,
we
are
asking
the
board
to
remove
that
rollover
cap
for
another
year.
This
can
still
continue
to
be
some
supply
chain
constraints
and
it's
it's
been
a
little
difficult
to
spend
some
of
these
money.
So
it's
not
adding
money
to
any
of
these
accounts,
it's
just
to
the
extent
that
they
have
dollars
and
they're
in
excess
of
the
cap.
C
If
we
roll
over
the
full
amount,
just
to
make
sure
that
we
can
get
all
of
that
work
completed
and
that
resource
remains
at
the
board's
disposal
so
that
that's
been
a
standard
practice
the
last
couple
years
and
just
asking
for
another
year
to
do
that,
you
had
a
couple
of
accept
and
appropriate
grants.
The
first
one
DCJS
and
amount
of
324
thousand
dollars
to
continue
to
support
all
the
great
things
that
the
sheriff's
doing
from
no
Health
perspective
in
the
jail
and
then
unrelated
to
your
overall
arpa
plan.
C
There
were
some
State
arpa
dollars
that
they
are
Doling
out
through
again
DCJS
and
the
amount
of
over
just
over
half
a
million
dollars
for
police
equipment.
That's
on
your
consent
agenda.
You
see
the
items
up
there
and
then.
Lastly,
you
know
a
lot
of
hard
work
by
Ms
Brown
and
her
team
trying
to
broaden
our
roster
of
purchasing
tools.
So
this
is
a
sort
of
they
call
job
order.
Contracting
worked
closely
with
Clay
Bowles
and
his
team
a
lot
of
help
from
them,
but
basically
what
this
does.
C
It
gives
us
a
streamlined
process
for
smaller
projects
under
500
000.
We're
able
to
eliminate
a
lot
of
design
costs
that
come
with
that
speed
up
the
process.
This
is
a
state
program
that
they
have
piloted,
and
so
we
are,
you
know,
basically
with
board
approval
becoming
part
of
that
overall
State
pilot
to
see
if
it
works
to
see
if
it
truly
does
speed
up
and
make
these
small
projects
more
cost
effective.
C
If
so,
we
would
like
to
you
know
in
the
future
add
a
similar
program
locally,
but
again
it's
just
an
effort
to
make
sure
that
these
CIP
dollars
we
talk
about
on
a
continuous
basis.
You
know
Gerard
and
I's
part
of
it
ends
at
a
certain
point
and
then
is
up
to
folks
to
actually
execute
those
dollars.
So
this
is
just
a
tool
in
their
toolkit
to
try
to
help
them
to
do
that
in
a
more
efficient
manner.
And
with
that
we're
happy
to
take
any
questions
you
might
have.
A
I'll
comment:
Mr
chairman.
Thank
you.
First
of
all,
thank
you
all
for
making
the
Amendments
prior
to
the
conclusion
of
the
artist's
springing
forward
in
that
regard.
Also
very
complementary
of
the
renew
AAA
for
Chesterfield
County
I.
Think
it's
very,
very
important.
I
always
take
that
very
seriously.
A
If
anything
y'all
heard
in
terms
of
what
we
can
do
as
a
board,
what
we
can
do
as
a
county
relative
to
improving
in
any
area
we
can
improve,
we'll
get
better
or
work
toward
getting
better.
You
know
you
and
Dr
case
are
certainly
Weighing
on
that
and
Jared
as
well,
but
again
I'm
applauding
you
on
the.
If
what
we've
done
thus
far.
C
C
In
particular,
we
have
on
the
ground,
so
we're
trying
to
you
know
find
that
careful
balance
I
think
we're
in
a
point
in
our
history,
where
we
probably
lean
a
little
bit
towards
the
infrastructure
piece,
but
we
got
to
keep
an
eye
to
make
sure
that
we're
in
line
with
our
peers
from
a
reserve
position
and
then
I
think
as
I
touched
on
earlier.
It's
that
comprehensive
view
of
the
county
that
you
know
we
had.
C
C
Their
view
of
the
county
Not
only
was
what
we
were
saying
that
day,
but
what
they
had
come
down
and
seen
and
so
I
think
it's
really
important
that
we
continue
to
again
invest
all
the
way
across
the
Spectrum
and
not
just
be
policy
walks,
and
we
have
to
maintain
a
certain
Reserve
position.
You
know
Gerard
will
lay
down
in
front
of
that.
You
know
train
any
day
of
the
week,
but
we
got
to
make
sure
that
we're
balanced
in
our
approach.
E
C
I
mean
I
think
it's
that's
a
a
Statewide
limitation
by
and
large,
so
you
know
we
don't
pick
up
a
whole
lot
of
that.
I
think
the
fact
that
we
we
have
limited
Federal
exposure
here
is
is
better
from
a
revenue
perspective,
but
they
can
certainly
see
that
we
are
trying
to
diversify
as
much
as
we
can
and
then
certainly
you
know
the
course
of
the
last
four
or
five
years.
C
We
have
a
very
strong
story:
some
diverse,
diversify,
even
within
those
streams,
so
that
our
real
estate
taxes
are
not
just
you
know
predominantly
residential
I
think
that
that
goes
a
long
way.
So
they
understand
the
constraints
that
we're
in
but
I
think
they
recognize
we're
maximizing
to
the
greatest
extent
possible.
F
And
if
I
could
just
depend
to
that,
you
know
these
rating
agencies
have
been
familiar
with
us
for
Generation
plus,
so
they
heard
the
2007
stories
when
the
county
was
was
dealing
with
them,
and
the
rating
agencies
were
calling
around
to
every
local
government
at
that
time
across
the
country
reassessing
who
they
were
and
where
they
still
have
the
same
rating
magnitude.
Chesterfield
County
back
then
held
on
to
its
triple
Triple
A,
in
fact
that
at
a
point
in
time
was
actually
rated
higher
than
a
United
States
government
that
prints
money.
F
So
you
know
it
just
shows
you.
It
took
efforts
on
the
County's
part
to
come
across
and
do
all
of
that
part
of
it
is
these
Reserve
funds
and
rainy
day
funds
you
all
were
tested,
as
when
we
had
new
board
members
in
2020
in
March,
11th
to
March
25th
that
we
had
to
amend
and
change
and
entire
proposed
budget
in
a
matter
of
two
weeks.
While
that
wasn't
quote
unquote
a
recession,
necessarily
we
were
preparing,
as
if
there
was
one
coming
and
and
things
of
that
nature.
F
F
Here
two
IST
departments,
our
police
department
and
the
resources
that
you've
deployed-
you
know
in
just
the
recent
years
and
will
continue
to
deploy
a
on
cyber
security
where
answers
to
the
questions
that
they
had
gave
that
they
have
given
us
and
much
of
their
satisfaction,
not
that
we're
done
with
that
topic.
But
again
it's
another
worthy
topic
that
we'll
probably
have
to
bring
you
into
closed
session
and
show
you
how
what
our
defenses
are
like
here.
E
Dr
Miller,
thank
you.
Mr
chair
I
mean
one
of
the
things
I've
been
hearing,
especially
over
the
last
week
and
I.
Don't
think
that
it's
an
exposure
for
Chesterfield
County
specifically,
but
is
empty
office
space
and
when
those
leases
start
to
run
out
in
27-28,
these
major
cities
like
Philadelphia,
Washington,
DC,
New
York,
are
like
deeply
exposed
and
worried.
I
mean
I,
don't
think
Chesterfield
County
has
that
concern.
But,
oh
my
gosh
people
are
like
what
happens
when
those
leases
start
running
out
and
the
office
space
is
still
empty.
E
F
D
Man,
a
quick
one,
quick
question:
I
think
we
haven't
touched
base
on
this,
but
you
know
you
add
in
the
fact
that
the
cvta
has
been
created
and
now
that
the
county
gets
additional
funds
coming
in
as
an
additional
Revenue
stream
for
transportation
and
then
also
Regional
funds
that
are
available
for
transportation.
I
mean
that
probably
had
to
help
our
bottom
line
as
well
with
the
rating
agencies.