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From YouTube: Finance Update - BOS Meeting - May 26, 2022
Description
At Thursday's Board of Supervisor's meeting, Deputy County Administrator for Finance and Administration Matt Harris covered a wide range of finance topics including a preview of the ARPA amendment public hearing; an update on personal property billings; a discussion of the Riverside Regional Jail
consent item; a primer on GASB 87; and an update on the 2022 referendum schedule.
C
Mr
chairman,
members
of
the
board,
this
is
a
sort
of
wide-ranging
presentation:
we're
not
going
to
drill
down
too
deep
on
any
one
particular
topic,
but
there's
a
good
number
of
finance
topics,
some
of
them
consent.
Some
of
them
are
just
information,
we've
coupled
them
all
together.
So
there's
no
overarching
theme
other
than
just
trying
to
pass
along
some
much
needed
information.
C
C
She
is
retiring
as
of
june
30,
she's,
basically
out
of
here
next
friday,
but
I
thought
it'd
be
a
good
opportunity
for
her
to
explain
a
concept
that
fits
in
today's
storyboard
because
it
this
issue
is
absorbing
and
eroding
our
debt
capacity
and
she'll
explain
that
in
a
second,
but
more
so
one
that
had
just
a
quick
moment
to
recognize
somebody
that
has
you
know
really.
If
there
was
a
finance
financial
hall
of
fame
for
chessville
county,
she
would
be
a
first
ballot
inductee.
D
Good
afternoon
to
you
and
to
my
fellow
board
members,
thank
you
matt
for
those
kind
words
what
I'll
share
with
you.
It's
been
an
honor
and
a
privilege
to
serve
this
county
for
for
so
many
years,
and
you
know
I'm
grateful
for
every
opportunity.
That's
come
my
way
and
really
have
been
in
awe
of
the
many
talented
colleagues
that
I've
worked
with
over
the
years.
You
know
many
have
served
as
mentors.
D
Many
have
served,
as
you
know,
are
just
friends
and
it's
been
a
an
experience
beyond
my
wildest
dreams
from
when
I
walked
in
here.
You
know
20
23
years
ago.
So
so
thank
you
for
that.
So
today,
I'm
tasked
with
you
to
talk
about
that
slide
that
popped
up
about
leases
87.,
mr
holland.
I
know
that
you're
very
familiar
with
what
the
term
gatsby
means,
but
for
those
who
are
not,
that
is
the
governmental
accounting
standards
board.
D
That
is
the
body
that
propagates
how
we
account
for
transactions,
how
we
take
those
transactions
and
put
them
into
our
reporting
they
have
seen
fit
to
to
take
the
rules
that
we
followed
for
recording,
leases
and
kind
of
throw
them
out.
You
know
and
they've
they've
introduced
a
whole
new
set
of
standard
of
rules
that
are
a
little
bit
tricky
a
little
bit
complex,
but
we
have
a
team.
That's
been
working
on
this
for
a
good
year.
They've
worked
really
hard
and
done
some
heavy
lifting.
D
D
When
we
made
payments
on
those
leases,
we
recorded
those
transactions
as
debt
service
as
principal
and
interest.
The
second
category
of
leases
is
operating
leases.
Those
particular
leases
were
ones
where
we
had
paid
so
much
per
month
or
so
much
per
year
per
year
to
use
an
asset,
but
at
the
end
of
the
lease
we
walked
away
and
we
owned
nothing.
So
good
example
of
a
capital
lease
was
a
few
years
back.
We
leased
about
100
school
buses,
we
paid
for
those
buses
over
a
period
of
about
five
years.
D
D
D
Those
leases
that
we
call
capital
leases
will
no
longer
be
referred
to
as
leases.
They
become
financing
transactions.
How
we
account
for
those
will
not
change,
they
still
count
towards
our
debt
capacity.
The
payments
on
those
leases
will
still
be
recorded
as
principal
and
interest.
What's
really
changed
is
those
operating
leases.
It
I'm
going
to
risk
oversimplifying
this
process,
and
I
apologize
to
my
staff
as
I
go
through
this,
but
I'll
summarize
it
by
stating
that
gatsby
87
requires
us
to
apply
their
new
definition
of
what
is
a
lease.
D
If
it
meets
the
definition
of
a
lease,
we
have
to
go
back
and
we
have
to
look
at
the
term
the
full
lease
term
of
that
lease,
and
that
means
the
non-counsable
periods
and
any
renewable
options.
So
once
you
determine
the
lease
term,
if
that
term
is
less
than
12
months,
it
becomes
a
short-term
lease
and
we'll
account
for
those
in
the
way
we've
accounted
for
operating
leases.
D
D
D
There's
complex
transactions,
complex
calculations
that
are
involved
in
this,
but
what
I
can
share
with
you
at
this
point
is
based
on
preliminary
estimates.
We
believe
that
our
current
debt
model
has
the
capacity
and
the
margin
to
absorb
what
that
value
will
be
that
we
report
on
june
30..
You
know,
however,
I
do
caution
you
that,
as
we
sign
new
leases-
and
this
will
be
an
ongoing
process
for
every
lease
that
we
entered
into
from
from
here
until
they
changed
the
rules
again,
you
know
that
could
change.
So
that's
something
to
be
mindful
of.
D
This
particular
pronouncement
did
exclude
a
certain
class
of
leases
that
I
think
that
are
pretty
significant
and
those
would
be
our
software
leases.
You'll
hear
that
referred
to
as
subscription-based
information
technology
arrangements.
It's
a
big
mouthful,
that's
gasby
96
and
that's
going
to
come
into
play
next
year
and
it
will
follow
the
same
path
as
these
gatsby
87
leases.
You
know
it's
too
early
to
tell
what
the
impact
of
that
is
going
to
be,
but
we
do
suspect
that
it
will
be
greater
than
what
we're
seeing
with
gas
b87.
D
E
B
D
Sure
it
is
to
improve
consistency
among
state
and
local
governments
in
reporting.
There
are
a
lot
of
local
governments
there,
some
local
governments
that
aren't
like
us,
we've
always
been
very,
very
consistent
in
our
reporting
of
capital
leases.
There
are
many
many
who
have
not
so
in
the
interest
of
generational
equity.
The
board
believes
that
it's
very
important
to
demonstrate
on
paper.
You
know
in
full
view
what
we've
obligated
ourselves
for
from
a
future
perspective.
E
F
Presentations,
I've
seen
and
I've
watched
this
many
times
over
a
number
of
years.
I
haven't
been
in
class
as
well
as
I've
seen
other
organizations
who
have
leases,
but
you're
absolutely
right.
My
mind
went
back
to
even
the
80s
when
we
had
a
major
change
in
cavs,
but
dr
casey
will
remember
that
early
on
when
I
started,
but
I
just
want
to
applaud
you
and
thank
you
for
your
service.
You've
done
a
tremendous
job
for
us.
F
F
I
think
you've
just
done
a
remarkable
job
and
I
greatly
applaud
that
and
as
you
as
you
point
out
going
forward,
this
gasby
87
is
going
to
make
sure
that
many
of
the
organizations
didn't
had
lease
arrangements
that
weren't
on
their
balance
sheet
and
so
gas
bit
says
hey.
This
should
be
on
the
balance
sheet
for
an
informed
reader
to
see
what's
going
on
with
the
financial
transactions
and
you'll
see
in
here
where
finance
was
versus
capital.
F
There
you'll
see
that
in
part,
because
that's
and
that's
what
you're
doing
it's
acquiring
an
asset
via
finance
and
so
you've
outlined
it
quite
well.
So
I
applaud
the
explanation
and
thank
you
again
for
your
outstanding
service
for
us
here
in
chesterfield
county.
I
greatly
appreciate
it.
You're
welcome.
G
G
I
like
things
to
be
simple,
so
as
an
example,
you
use
the
police
station,
so
I
know
that
we've
leased
one
of
our
police
stations,
the
providence
station
for
over
20
years,
so
when
they
require
us
to
calculate
the
debt
or
or
on
this
now,
then,
if
we
have
another
20-year
agreement,
for
example,
then
they're
going
to
make
us
show
what
that
debt
is
for
the
next
20
years.
Right
that.
G
So
I
think
it's
for
people
to
understand
the
reason
why
we
want,
like
we
own
all
of
our
fire
stations,
we
own
our
schools,
but
we
don't
own
all
of
our
police
stations.
We
all
have
a
library.
So
we
have
a
lot
of
these
leases
in
the
county
that
in
the
long
term,
we
would
be
better
off
actually
owning
the
buildings
in
the
long
term.
Is
that
correct.
G
E
Could
add
to
it
that
is
mr
carroll
took
the
words
out
of
my
mouth.
The
things
like
this
are
forcing
us
to
think
differently
have
different
strategies,
but
we
were
thinking
that
way
already,
even
before
gazpe
87.
If
we're
in
the
business
of
wanting
to
own
something
and
there's
lots
of
pros
of
owning
something
you
know
being
a
tenant
for
20
plus
years,
you
know
we
may
we
may
have
paid
for
a
certain
police
precinct
four
times
over
and
and
the
other
thing
is
you
know,
school
bus
is
an
example.
E
You
know
we
may
have
had
to
do
that
during
tough
times
when
we
needed
a
replacement
cycle
and
didn't
have
that
cash
in
that
particular
year.
So
when
we
talk
about
reserves
and
and
plans
and
so
forth
for
vehicle
replacement,
you
know
we
should
be
paying
with
cash
instead
of
entering
into
leases
that
set
up
a
liability
and-
and
again,
I
think,
just
to
chesterfield's
credit
for
capital
leases.
You
know
if
it
looked
like
and
smelled
like
that,
chesterfield,
probably
since
the
1980s
called
it
debt.
E
Your
input
is
very
critical
to
that
when
we
make
those
decisions
of
when
to
enter
into
any
type
of
lease
arrangement.
Now
capital
leases,
there
is
an
ownership
equity
at
the
end.
Sometimes
you
you
these
agreements,
you
pay
one
dollar
at
the
end
of
the
lease
term
and
you
own
it
that's
a
bargain
purchase
option
if
that's
what
they
still
call
it.
But
having
said
that,
we're
going
to
be
a
party
with
you
and
making
those
wise
choices
going
forward.
C
That's
good
discussion
again.
The
message
here
is:
there's
a
lot
of
ways
as
we're
talking
about
a
referendum
and
folks
may
say:
well,
you
know:
can
we
go
past
a
certain
number?
You
know
we
always
have
to
leave
some
some
room
if
you
will
for
these
kinds
of
87.
Luckily,
because
of
the
way
we've
handled
over
time,
a
relatively
small
impact,
but
that
next
pronouncement
that
ms
harrington
referenced,
I
think,
is
going
to
hit
everybody.
Nobody
has
been
dealing
with
that
in
the
way
that
we've
been
dealing
with
this
issue.
C
So
that's
you
know
a
common
attraction,
but
I
think
it's
a
worthwhile
topic
for
today.
This
is
a
preview
of
your
public
hearing
that
you
have
tonight.
We
just
wanted
to
walk
through
kind
of
the
x's
and
o's
on
this
in
case
someone's
watching
this
afternoon
and
doesn't
make
it
to
the
actual
public
hearing.
Well,
our
arpa
plan.
This
is
we
had
cares.
C
First,
then
they
came
back
with
arpa
and
we
have
to
bring
that
before
the
board
to
establish
a
plan
and
then
also
to
to
modify
a
plan
and
that's
what
we're
doing
via
the
public
hearing
tonight.
Why
are
we
doing
that?
The
rule
book
changed,
as
it
did
many
times
throughout
the
implementation
of
arpa,
but
at
the
end
of
the
day
I
think
their
original
rule
book
was
very
restrictive
and
the
feds
found
that
you
know
folks
really
couldn't
spend
the
money
in
a
meaningful
way,
so
they
relaxed
it
over
time.
C
We
waited
till.
We
get
the
final
pronouncement,
and
now
we
are
reflecting
that
in
this
amendment,
not
not
a
huge
change,
but
you'll
we'll
see
here
in
just
a
second.
What
we're
recommending
it
is
a
chef
cares
was
more
sort
of
that
immediate
triage
of
things
in
the
fallout
from
kovid.
You
know
the
the
telework
kits
all
of
the
arming,
the
physical
space
trying
to
do
emergency.
You
know,
assistance
for
businesses
and
restaurants,
those
types
of
things
arpa.
C
We
took
a
little
different
stance,
trying
to
make
some
more
generational
investments
and
that
philosophy
holds
with
the
amendment.
That's
before
you
hear
here,
you
see
a
little
bit
of
a
timeline.
Now
we
are
due
now
to
get
our
second
half
of
the
money.
If
you
remember
68
million
dollars
is
our
total
award
came
in
two
pieces
and
we
are
getting
ready
to
draw
down
that
second
one.
C
We
also
need
to
you
know
in
conjunction
with
that,
submit
back
to
them
our
amended
plan,
which
looks
something
like
this:
the
items
that,
where
the
the
font
and
numbers
don't
change.
Obviously
that's
no
change
from
the
initial
plan
to
what
we're
talking
about
here
today,
the
items
at
the
bottom
that
are
in
italics.
That's
what
we're
really
talking
about
parks
and
maintenance
enhancement.
C
That's
really
the
biggest
change
here
we
had
tried
to
use
the
original
arpa
guy
and
it's
allowed
you
some
flexibility
in
terms
of
sports
tourism
assets
trying
to
generate
and
the
thought
process
there
was
to
help
out.
Hotels
have
been
hit
very
hard,
so
if
you
could
use
arpa
funds
to
really
put
a
shot
in
the
arm
for
the
hospitality
industry,
that
was
the
original
way.
This
was
set
up.
Our
read
on
it
now
is
that's
not
something
that's
permissible,
so
we
have
not
eliminated
these
projects.
C
River
city
is
a
big
part
of
that,
but
we've
pushed
them
into
the
referendum
that
we'll
talk
about
here
at
the
end.
So
it's
it's
just
about
moving
funding
sources
again,
not
eliminating
a
specific
project.
Mobile
integrated
health
peak
demand
ambulance.
That's
really
just
adding!
You
got
a
little
bit
longer
time
to
spend
these
dollars
so
that
those
are
operating
issues,
they're,
pilot
programs.
It
gives
us
a
little
bit
longer
time
to
run
those
out
and
see
how
they're
doing
we
shifted
commonwealth
attorneys
support
staffing,
which
you
know
again
from
the
rules.
C
Kind
of
fell
through
the
cracks
to
the
sheriff
premium.
Pay
you've
already
taken
that
action,
but
we
are
submitting
that
officially
to
the
feds,
and
that
was
it's
the
sheriff.
If
you
recall,
because
the
state
put
those
dollars
in
place
because
of
the
way
that
model
works,
we
only
could
fund
about
half
of
them.
This
filled
the
other
gap.
C
Water
and
sewer
improvements
was
a
generic
hold
that
we
had
the
first
time
out.
It
was
very
murky
the
way
that
they
wrote
that
they've
come
back
now
and
what
we
hoped
to
do
with
the
watershed
was
really
support.
The
two
middle
schools
as
a
complementary
source
they've
made
that
easier
for
us.
Fortunately,
they've
added
title
one
permissibility,
so
you
see
fallen
creek
there
for
25
million,
that
plus
the
bonds
and
then
on
the
other
middle
school.
The
state
has
put
a
grant
on
the
table.
C
We
hope
that
holds
to
the
state
budget
process,
but
that
should
get
them
on
level
footing.
And
then
you
see
some
of
the
economic
development
site
work
that
really
will
support
the
the
second
middle
school,
some
of
the
water
sewer
roads
and
other
items
that
are
out
in
that
area.
Hvac
maintenance
they
open
that
up.
Fortunately,
we
have
a
number
of
projects
here
in
the
county
that
we're
able
to
use.
You
know
that
is
a
supplemental
source
for
and
then
we've
got
a
small
contingency.
C
C
None
riverside,
you
have
a
consent
item
tonight,
I'm
happy
to
report
from
a
financial
perspective.
The
authority
is
doing
much
better.
I
think
we've
made
some
real
inroads
on
a
number
of
the
topics
that
this
body
has
asked
about.
You
know
over
the
last
12
to
18
months.
You
know
one
of
those
big
things.
Their
ability
to
generate
revenues
themselves
is
through
the
per
diem.
C
It
had
been
a
lot
of
inertia
around
the
per
diem.
Let's
say
for
a
number
of
years.
It
was
hard
for
us
to
get
that
increased.
Chesterfield
has
been
a
long
advocate
of
raising
the
per
diem.
Not
just
to
you
know,
generate
more
money
but
to
make
sure
that
the
quality
for
the
inmates,
their
quality
of
life,
is
supported
by
that
by
that
per
diem.
So
you
see
in
the
budget
that's
been
passed
now,
there's
actually
been
two
increases.
C
C
So
it
really
is
a
large
increase
and
have
to
thank
my
fellow
board
members
and
supporting
us
and
doing
that.
The
main
piece
that
that
supported
and
why
this
is
on
your
because
we're
not
talking
about
the
per
diem
per
se
and
this
consent
item
the
our
medical
services
contract,
like
lots
of
contracts,
particularly
in
medical
services
area,
particularly
in
correctional,
went
up
a
million
dollars
during
the
mid-year.
C
So
that's
why
we
increased
the
per
diem
during
the
year
for
riverside
and
have
increased
it
again
next
year,
but
that
they've
done
a
good
job
since
they've
come
in
there.
You
know,
there's
been
a
lot
less
issues
on
the
medical
front,
it's
important
to
keep
them
there.
We
felt
like
we
had
to
do
that.
So
what
that's
created
urine
is
the
potential
that
they
have
a
small
budget
deficit
for
the
authority.
It's
not
a
big
deal.
C
They
have
reserves
on
hand
at
the
authority
level,
so
these
aren't
additional
local
monies,
but
in
order
to
activate
them
there's
sort
of
a
quirky
way
they
have
to
do
that.
They
have
to
refund
them
on
a
pro
rata
share
to
the
member
jurisdictions,
and
then
we
resubmit
them
back
so
that
it
shows
up
as
a
certain
kind
of
revenue
for
the
authority.
So
these
are
their
reserves.
It's
just
some
mechanics
and
I
think
the
deficit
could
be
as
low
as
25
or
30
thousand
dollars.
C
C
Personal
property,
tax
relief,
again
you've
got
a
consent
item
tonight,
but
I
wanted
to
hit
on
a
number
of
pieces
of
parts
of
this.
This
has
been.
You
know.
I
think
you
all
have
gotten
an
email
or
two.
Perhaps
on
this
topic
we
came
out
before
really
before
anybody
else
in
the
state.
We
knew
that
vehicle
values
were
going
to
go
up
and
it
was
going
to
be
fairly
significant.
C
You
know
it's
kind
of
like
housing,
it's
just
sort
of
some
unprecedented
increases
in
vehicle
values.
We
were
ahead
of
that
wave
and
when
you
adopted
the
budget,
you
adopted
these
measures
that
have
really
produced
when
we
start
going
through.
This
you'll
see
in
excess
of
30
million
dollars
of
relief
on
the
bills
that
are
due
june
5th
of
this
year,
some
other
localities,
some
other
entities
have
done
things
that
aren't
going
to
materialize
until
december
or
maybe
next
year.
You
have
already
done
this.
It's
already
in
place.
C
We
are
recommending
exploring
some
additional
measures,
I'm
going
to
touch
on
that
in
a
second,
but
I
can't
emphasize
enough
that
you
were
ahead
of
the
curve
on
this
issue.
It
hasn't
been
reported
that
way,
unfortunately,
but
it's
absolutely
true-
you
did
this
before.
There
really
was
an
issue
at
hand,
so
I
don't
think
it
got
the
attention
that
necessarily
deserved.
C
The
first
thing
that
you
did
this
was
you
know,
kind
of
gotten
lost
in
the
mix,
even
amongst
this
crowd
increased
the
threshold
from
a
thousand
to
fifteen
hundred
dollars
on
on
a
vehicle,
so
that
increased
a
that
created
4
000
vehicles
in
the
county
that
were
not
paying
on
the
personal
property
schedule,
because
you
increased
that
threshold.
We
originally
looked
at
this
last
year.
The
number
was
higher,
but
that
we
didn't
have
the
new
blue
book
once
a
new
boob
blue
book
went
in.
C
That
number,
is,
you
know
in
excess
of
four
thousand
four
thousand
folks
that
basically
don't
get
a
bill?
We
increased
the
relief
percentage
you're
aware
of
this
from
46
to
55
that
resulted
in
23
million
dollars
of
savings.
That's
already
been
put
into
the
bill
run.
That's
out
there
now
registration
fee,
which
shows
up
on
personal
property
tax
20
per
car.
If
they
don't
know
how
many
cars
in
that
account,
that's
20
per
hit,
that's
another.
C
Almost
eight
million
dollars
of
relief,
that's
already
gone
out
the
door
we
have
her,
like
I
mentioned,
like
you're
all
aware,
citizens
asking
for
some
additional
considerations
here.
So
there's
a
consent
item
on
your
agenda
to
move
not
the
due
date.
The
due
date
stays
june
5.
But
if
you
pay
by
july
29,
there
are
no
penalty
and
interest
on
that
action.
So
it
gives
folks
more
or
less
another
60
days
to
to
work
that
out
and
make
those
payments
the
due
date
stays
june.
C
5.,
that's
just
sort
of
an
accounting
thing
so
that
we
can
book
the
revenue
in
the
correct
year.
There's
an
appeals
process
as
well,
and
the
commissioner
revenue
handles
this.
I
know
that
she's
been
very
active
in
this
space.
She's
put
out
a
number
of
news
releases
and
other
items
out
there
to.
Let
folks
know
that
this
process
exists,
but
we
you
know
we
did
tell
her.
We
were
going
to
mention
it
here.
She's
got
several
hundred
on
her
desk.
C
You
can
appeal
based
on
mileage
condition
and
then
there
are
other
some
special
exemptions
and
sort
of
special
considerations
that
she
can.
You
know,
weigh
and
decide
what
to
do
with
that.
She
has
that
ultimate
authority,
but
that
is
another
remedy
that
folks
have.
There
are
also
payment
plans
that
you
can
work
through
with
the
treasurer
she's
actively
doing
that.
So
that's
that's!
Nothing
new!
C
You
know
relief
reserve
for
the
next
billing
next
year,
because
one
thing
we
don't
you
know
we
have
to
be
cognizant
of
here
is
boomerang
this
relief
percentage
having
a
55
having
to
bring
it
down.
You
know
to
something
much
lower
and
so
we're
trying
to
find
maybe
a
staircase
approach,
there's
other
options.
We
will
bring
those
to
you
over
the
course
of
june
and
then
really
handle
that
as
part
of
year
year-end.
But
just
you
know,
we've
been
running
some
summary
stats.
C
The
treasurer
has
been
a
fantastic
partner
on
this,
but
you
know
we
have
250
000
accounts
that
we're
trying
to
roll
through,
and
we
talk
about
personal
property.
There's
there's
all
kinds
of
personal
properties.
You
really
have
to
kind
of
slice
and
dice
the
data,
but
you've
got
60
percent
of
the
accounts
either
paid
the
same
amount
as
they
did
last
year
or
less.
C
You
got
another
10
percent
of
accounts
that
paid
you
know
somewhere
less
than
a
20
dollar
increase,
and
I'm
talking
about
an
account
could
be
multiple
cars,
so
you
could
have
an
account.
That's
got
three
four
pin
cars.
It
doesn't.
You
know
it
doesn't
necessarily
matter
what
that
is,
but
less
than
a
twenty
dollar
increase
that
takes
it
to
seventy,
and
then
you
have
another
twelve
percent
of
folks
that
paid
less
than
a
hundred
dollar
increase
over
the
prior
year.
C
So
eighty
to
eighty
three
percent
of
your
total
account
in
aggregate
paying
less
than
a
hundred.
Unless
100
may
sound
like
a
lot
but
again
if
you've
got
three
or
four
cars
on
an
account,
you
know,
which
is
quite
often
the
case
and
that's
the
detail-
we're
trying
to
get
our
arms
around
but
you're
talking
about
a
relatively
small
increase
for
the
overwhelming
majority
of
the
accounts
that
we
have
on
the
personal
property
book.
But
we'll
continue
to
run
that
analysis
and
and
come
back
to
you.
G
I
did
get
a
question
from
the
community
and
I
don't
know
the
answer,
so
I
want
to
ask
it:
we
do
prorate
the
bill
on
personal
property
for
vehicles
that
are
sold
during
the
year.
For
example,
if
someone
sells
the
car
until
january,
one
right
so
we're
six
months
into
january
one.
So
we
prorate
that,
but
we
don't
do
that
for
other
type
vehicles.
Well,
we.
C
E
G
C
Yes,
sir,
so
switching
here
is
the
referendum.
I
know
there's
even
in
conversations
with
some
of
you
and
and
certainly
as
we've
been
out
of
community
on
this
topic,
because
it's
a
big
number,
so
the
there's
no
action
for
you
right
now
today,
but
it's
a
big
you
know
this
is
a
big
path.
We
don't
do
this,
but
you
know
once
every
10
years
or
less
so
in
june.
C
We
need
to
approve
the
question
to
be
able
to,
you
know,
send
to
the
court
and
start
that
process
to
have
it
included
on
the
november
ballot.
So
the
question
becomes
kind
of
mr
winslow's
point
that
he
just
made.
You
know
your
540
million
dollars.
You
know.
How
can
you
ask
for
that
at
this
time?
Is
that
you
know
akin
to
a
tax
rate
increase,
and
you
know
we
just
dealing
with
this
personal
property
topic
so
forth,
and
so
on,
so
that
you
know,
I
think,
that's
a
fair
conversation,
so
we,
this
is
a
chart.
C
This
is
nothing
new.
This
is
something
that
we
work
with
in
collaboration
with
our
financial
advisor
davenport.
To
take
a
look
at
this,
this
is
looking
at
our
existing
debt
service
schedule.
So
it's
got
nothing
from
the
referendum,
it
does
have
the
middle
school
projects
in
here,
and
you
can
see
that
from
you
know,
this
is
a
20-year
snapshot.
You
can
see
the
debt
service
levels
go
from
90
plus
down
to
around
five.
C
So
this
is
the
best
graphic
representation
that
I
can
provide
anyone
to
show
how
we,
how
seriously
we
take
debt
and
how
we
structure
we
do
not
play
games
with
it.
A
lot
of
places
will
do
all
kinds
of
things
with
that
service.
We
pay
level
principal
every
year
and
it
creates
this
nice
cascading
effect
such
that
we
want
to
go
out
and
ask
the
voters
to
put
in
the
authority
for
another
500
plus
million
dollars
of
debt.
It
is
not
stacking
on
top
of
a
plateau.
C
We
are
fitting
into
this
already
existing
curve
and
it
doesn't
put
a
burden
on
operations.
It
doesn't
crowd
out
other
things
than
they
might
want
to
do.
Nor
does
it
necessitate
in
any
way
coming
back
and
saying.
Well,
our
real
estate,
you
know
rate-
is
going
to
have
to
go
up
x
sense
in
order
to
execute
this.
You
see
a
you
know,
sort
of
a
tabular
presentation
this
on
the
right
side.
C
So
if
you
stretch
that
out
a
couple
of
years,
which
is
quite
all
you
know
quite
often,
what's
going
to
happen,
you've
got
90
to
93
percent
of
your
referendum,
paid
for
just
by
the
way
that
we
have
managed
that
historically,
so
we
talk
about
triple
triple
a
more
than
anything
else
in
the
entire
world.
This
slide
is
it.
This
is
why
we
have
that.
This
is
how
you
act
when
you're
a
triple
triple
a,
and
it
allows
us
to
take
a
big
bite
at
our
capital
needs
and
not
do
those
things
that
I
mentioned.
C
C
They
will
they
will
downgrade
you
just
as
fast
for
not
keeping
you
know.
We
have
our
debt
service
percentages
that
we
manage.
That's
why
it
has
a
floor
and
a
ceiling.
If
we
go
below
the
floor
that
almost
alerts
them
they'll,
give
you
a
pass
in
a
couple
years.
If
you
go
over
the
cap,
but
if
they
see
you
below
and
stay
down
there,
that
that
will
become
a
problem
for
you
absolutely.
E
So,
just
to
add
on
that
and
again
similar
to
the
gatsby
87
slide,
there's
a
lot
of
information
there.
But
to
my
simple
way
of
trying
to
convey
to
the
citizen,
is
you
know,
picture
somebody
who
took
out
a
20-year
mortgage
for
a
house
but
then
lives
in
the
house
past
year,
20.
well
again
to
agree,
they
have
the
same
job
and
same
incomes
coming
in
then
they
have
monies
to
do
something
more
than
they
otherwise
did
before.
E
So
as
again
as
we
pay
off
these
debts
that
are
rolling
down
are
from
deals
that
we
did
20
plus
years
ago.
So
again,
we
are
then
using
that
same
revenues
of
the
existing
base
budget
to
again
reinvest-
and
you
know,
buy
that
second
house
third
house
or
whatever
else
it
is
to
equate
to
it,
and
the
other
thing
too
is
and,
and
mr
harris
can
opine
better
than
I
can,
when
we
use
debt
capacity
measures,
you
know
its
population,
its
tax
base,
its
budget.
Those
are
the
key
metrics.
C
If
you
flip
back
over
slide
for
just
a
second
you'll,
see
I
just
scribbled
on
here,
but
you
see
to
tie
back
to
ms
herrington's
presentation
where
we've
included
lease
purchases-
bus
leases
chromebooks
in
this
presentation.
So
you
know
there's
a
few
other
things
we'll
have
to
add
to
this
because
of
gas
b87.
But
by
and
large
to
dr
casey's
point.
That's
our
dna!
That's
how
we
work.
It's
already
included
at
8
25,
and
you
see
how
that
rolls
over
to
the
next
table.
C
H
C
Yes,
sir,
the
superior
question,
absolutely
there's
actually
not
a
this-
is
just
informational
today,
so
your
your
action
items
will
be
in
june,
but
again
we
don't
want
to
just
show
up
in
june
with
this
kind
of
information.
This
will
be
in
all
of
our
road
shows
and
we'll
continue
to
as
we
get
out,
and
you
know
explain
the
referendum
and
the
request.
We
will
include
this
kind
of
information.
It'll
be
part
of
every
presentation.
We
do.
C
C
There's
no
there's
been
no
change
to
what
schools
had
laid
out.
You
know
during
their
cip
process.
It's
just
shown
here
in
some
overall
buckets
in
terms
of
the
action
for
next
month.
Staff
is
recommending
a
single
question.
Let's
show
that
up
here
right
here.
This
is
a
draft
question.
We
need
to
continue
to
refine
this
working
with
bond
counsel.
To
do
that,
but
a
single
question
for
all
the
county
in
school
projects.
That's
got
the
total
amount
and
it's
got
them
broken
out.
You
know
categorically
when
you
go
to
the
bout.
C
C
So
at
this
time,
for
a
lot
of
the
reasons
that
we've
discussed
here
today,
you
know
we
are
not,
including
that
meals
tax
component
with
the
referendum
question,
so
it
would
just
be
this
single
structure
again,
we'll
have
conversations
with
you
over
the
course
the
next
30
days
to
refine
this,
but
in
june
you
would
approve
this
question
which
goes
over
to
the
circuit
court,
and
this
is
again
what
I
think
is
a
fairly
simple,
straightforward
question
for
folks
to
go
and
read
you
know
some
of
those
referendum.
Questions
can
get
quite
lengthy.
C
F
Yeah
yeah,
mr
harris,
I
think
it's
important
also
to
note
now
applaud
my
colleague.
I
was
about
to
say
that
we
need
to
let
people
know
where
we
are
with
existing
debt
and
how
we're
paying
that
down
and
where
that
current
debt
is
over
the
last
10
years.
What
we've
done
with
regard
to
that,
I
think
that's
important
to
also
share
and
to
make
sure
we
put
online,
but
also
in
this
regards
to
this
debt.
It's
important
to
also
note
that
this
is
not
issued
day
one
this
540
million
dollars.
F
F
If
you
will
the
beginning
of
the
project's
life,
for
example,
it
may
be
a
third
issue
or
what
have
you,
but
we
don't
just
borrow
this
money
at
once,
because
I
think
many
citizens
may
be
concerned
because
we
have
an
uncertain
economy.
We're
not
sure
whether
we're
in
recession
or
not
in
recessions,
and
also
inflation
has
been
another
major
issue
that
we
haven't
experienced
in
the
last
20
or
30
years,
and
so
that
I
think
it's
important.
F
C
Curve,
I'd
rather
not
wait,
but
we
that
that
slope
that
we
looked
at
a
few
slides
ago.
We
will
fit
this
540
into
that,
so
it'll
be
a
fairly
even
distribution.
You
know
over
probably
an
eight
to
ten
year
window
and
to
your
other
point
you
know
we
haven't.
We
did
a
small,
relatively
small
county
referendum
in
2013.
We
haven't
done
a
general
government
once
since
2004.,
so
we've
been
sort
of
band-aiding
our
way
along,
but
it
is
time
to
do
that
on
our
side.
C
Schools
is
really
digesting
quite
nicely
their
2013
package,
and
they
will.
You
know,
feed
this
in
there
over
time.
They
may
see
some
small
debt
service
increases,
but
even
adding
another
375
on
top
of
what
they
did
last
time
around.
They
are
not
going
to
see
that
crowding
out
effect
to
their
their
more
core
educational.
You
know
priorities.
F
F
We
I
saw
that
as
a
leased
line
item
and-
and
I
think
it's
always
important
to
re-evaluate-
is
it
wise?
Is
it
prudent
to
to
lease
chromebooks
versus,
for
example,
purchasing
those?
We
were
doing
this
over
several
years.
As
you
know,
but
those
are
things
we
call
lease
versus
buy
options.
I
think
that
option
should
be
initiated
so
that
we're
making
a
very
best
decision
as
we
move
along,
not
what
we've
always
done,
but
what
we
need
to
do
now
going
forward.
F
E
So
it
goes
without
saying
you
know,
and
again
it
was
on
the
slide
for
disclosure's
sake,
but
it's
been
sort
of
that
undertone.
Probably
since
2013
you
know,
is
chesterfield
county
needing
and
wanting
and
ready
for
a
meals
tax
and
what
you're,
seeing
from
this
presentation
again
that
the
referendum
question
itself
will
be
voted
on
by
you
to
send
to
the
to
the
courts
to
approve
to
put
on
the
ballot.
E
But
the
answer
is
is
no
so
you
know
you've
done
relief
measures
in
the
past,
real
property,
personal
property
vehicle
license
registration
fee
by
not
having
meal
tax.
I
call
that
a
tax
avoidance
strategy,
not
just
a
tax
relief
strategy,
so
you
know
you've
lived
for
10
years,
almost
without
it
from
the
last
referendum
when
it
was
asked
and
and
again
from
this
analysis.
Hopefully
you
appreciate
this
is
not
the
time
necessarily
even
to
ask
for
people
to
have
to
pay
more
taxes,
and
it's
not
just
people.
It's
it's
citizens.
E
You
know
the
businesses,
it's
caterers,
it's
many
ways.
Even
grocery
stores
for
prepared
meals
that
many
people
are
needing
to
do
in
their
busy
lives
of
getting
every
day.
Would
have
fallen
under
possibly
this
taxation
category,
so
you
know
if
there's
a
need
and
a
want
for
meals
tax
in
the
future,
then
that
need
or
one
will
need
to
be
defined
for
you,
first
and
foremost,
to
determine
if
it's
worthy
of
the
collective
exercise
to
research
you've
known
from
the
exercises
with
the
schools.
E
The
exercises
with
the
pay
studies
that
the
existing
tax
base
we
have
is
strong.
The
existing
tax
base
we
have
is
actually
so
strong
of
the
30
million
dollars
of
personal
property
tax
relief
that
you've
done
as
part
of
the
budget
and
the
three
cent
real
property
reduction.
So
you
know
I
just
didn't
want
to
go
without
noting,
because
I
know
you
know.
E
Probably
I've
been
asked
this
question
every
year
since
I
came
here,
you
know
I
was
part
of
the
exercise
in
2013
elsewhere,
that
that
was
a
logical
nexus
at
that
point
in
time
to
get
it
done
there.
But
again,
if
we
are
not
having
a
meals
tax,
I
do
think
we
also
need
to
recognize
tax
avoidance
as
a
marketing
strategy
for
chesterfield,
county
marketing
strategy
for
restaurants,
other
people,
caterers
and
so
forth
that
make
livings
out
of
selling
food
and
beverage.
C
C
It
was
a
really
a
heavy
lift,
a
58
million
dollar
package
and
for
some
of
the
federal
and
for
grant,
you
passed
a
resolution
that
allowed
us
to
pursue
this.
So
this
would
complete
the
funding
on
that
phase.
One
up
towards
road,
we're
not
you,
know
resting
on
those
laurels.
There's
a
consent
item
again
tonight:
eight
million
dollars
to
start
progress
on
phase
two
which
would
be
from
that
terminus
on
out
to
to
holstery
road.
C
These
are
local
dollars
that
we
have
it's
actually
a
proceeds
from
an
arrangement
we
had
with
the
vdot
from
a
prior
transaction.
We
had
with
them,
they've
been
paying
us
back,
but
the
stipulation
was
it
had
to
be
used
for
transportation.
So
this
is
one
of
those
reserves.
We
felt
like
it's
a
good
time
to
activate
that
and
start
work
on
that
phase.
Two
there's
another
opportunity
not
shown
on
your
slide:
virginia
business
ready
sites.
C
C
That's
an
opportunity,
that's
coming
up
here
again
in
the
next
week
or
so,
and
you
know
what
more
information
to
come
on
that.
But
point
is
between
all
of
these
steps
and
other
things
that
we're
pursuing
and
working
on
every
day
we
are
actively
trying
to
move
forward
on
the
on
the
po
white
initiative.
It's
not
there's!
No
one
silver
bullet!
That's
going
to
you
know,
take
this
all
the
way
home,
but
I
think
using
a
nice
incremental
process.
C
C
There's
a
lot
of
topics
that
we
need
to
to
have
a
conversation
about
we'll
start
that
next
friday,
the
personal
property
being
one
of
those
but
there's
a
number
of
things
that
we're
facing,
and
we
would
like
to
potentially
set
up
some
reserves
that
you're
in
to
deal
with
the
referendum
vote
we
just
touched
on.
You
would
take
action
on
that
and
then
economic
development
update.
It's
been
a
topic.
That's
been
brought
up.
C
We
did
this
a
couple
years
ago,
really
kind
of
looking
at
the
the
financial
success
of
our
previous
cdas
and
other
types
projects,
so
we'll
run
through
watkins
center
meadowville,
as
well
as
stonebridge,
think
a
very
timely
update-
and
you
know
we'll
see,
as
with
all
of
these
really.
You
know
operating
strongly
in
the
black.
These
are
all
contributors
to
the
annual
bottom
line
and
we'll
go
through
that
in
great
detail
with
you
next
month,
but
I
think
that
should
be
a
good
update.