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From YouTube: Finance Update - BOS Meeting - May 25, 2023
Description
This work session covered a range of finance topics that are on the May agenda and/or are being teed up for action in June. Specifically, the session focused on the approval of the bond resolution that will allow for the sale of the first 2022 referendum bonds and the background for two June public hearings (one on the ARPA program and one covering year-end budget amendments) that are being set for advertisement as part of the consent agenda.
A
B
Board
just
fairly
brief,
update,
I'm
running
through
a
hodgepodge
of
financial
topics,
some
Witcher
before
you
tonight,
some,
which
is
teeing
up
some
actions
that
will
follow
at
your
June
meeting,
so
I'm
just
going
to
jump
right
in
the
first
thing
on
your
actual
consent.
Agenda
action
item
tonight
is
the
approval
of
a
bond
resolution.
That's
a
technical
mumbo
jumbo
to
to
Simply
mean
this
is
the
official
kickoff
of
the
2022
referendum
that
was
approved
by
the
voters
back
in
November.
B
So
when
you,
when
you
passed
your
budget
and
approved
your
CIP
in
April,
you
laid
out
how
of
those
projects
will
be
done.
Sequentially
the
voters
have
done
their
piece.
So
there's
really
only
two
more
steps.
Tonight
we
are
asking
you
to
approve
this
particular
financing.
We
are
asking
to
sell
up
to
105
million
dollars
in
bonds.
It's
a
fairly
even
split.
This
will
be
one
of
the
County's
larger
sales
from
the
22
referendum.
B
We're
about
like
I,
said
about
about
half
and
half
County
schools,
and
then,
if
approved
tonight,
we
will
sell
those
Securities
in
June.
We
were
in
New
York
City
a
couple
weeks
ago
on
a
rating
trip
you
go
up
and
basically
give
an
update
on
the
counties.
You
know
overall
performance,
financial
position,
management
strategy,
all
of
our
really
a
little
bit
of
all
the
Departments
that
you
see
come
through
your
afternoon
work
session.
So
we've
done
that
step.
This
is
what's
remaining.
B
The
projects
are
listed
up
here,
it's
larger
on
the
county
side,
because
we
are
pre-funding,
your
fy24
project,
so
obviously
we've
got
23
that
we
can
go
ahead
and
do,
but
we
are
going
to
sell
23
and
24..
That
gives
us
some
synergies
on
a
few
of
these
projects,
particularly
River
City,
which
was
cut
up
into
a
couple
of
chunks.
Now
we
can
fund
that
all
together
the
23
and
24
pieces,
it
makes
a
little
bit
easier
from
a
Parks
and
Rec
we'll
manage
that
project
procurement
I
just
give
some
streamlining
of
that
process.
B
You
also
see
some
of
the
pieces
for
Horner
Park,
Chester,
Fire,
Station,
Fallen,
Creek
police
station
and
Enon
Library.
So
a
big
list
in
the
county,
Side
schools
really
focused
around
the
rest
of
damn
Davis
and
we'll
talk
about
how
that
puzzle
comes
together
completely
in
a
second
Bensley
and
then
really
sort
of
the
first
wave
of
money
for
the
Western
area,
schools,
the
elementary
the
middle
and
the
high
school
trying
to
do
some
preliminary
work.
There
that's
going
to
be
a
that's
a
it's
a
large
Hall
with
those
three
projects.
We
won't
sell.
B
All
of
that
in
one
go,
but
they
will
do
the
first
part
of
that.
So
that's
what's
on
your
agenda
for
tonight,
we
do
not
have,
as
I
was
hoping
to
have
it.
For
this
afternoon,
we've
had
preliminary
feedback
from
all
the
rating
agencies.
We
don't
we're
not
a
liberty
release
that
I
just
said
we're
going
back
and
forth
on
some
of
the
details
there,
but
everything
that
we've
received
thus
far
is
very
positive.
B
So
as
soon
as
we
do
get
that
we
will
certainly
make
a
big
push,
get
the
information
to
you
and
the
public
in
terms
of
what
those
ratings
are,
but
I
think
really
the
value
in
there.
The
the
interesting
thing
is
in
the
story
that
comes
from
the
release.
You
basically
get
a
two
or
three
page
report,
maybe
sometimes
longer,
and
they
have
some
really
interesting
tidbits
in
there
in
terms
of
how
they
view
the
county.
B
Speaking
of
capital
projects
like
I
said
this
is
the
it's
an
exciting
time,
because
again,
this
is
the
kickoff
of
our
540
million
dollar
referendum
and
well-timed
general
Services,
IST
Parks
budgets,
Schools
transportation
utilities,
Mr
Wednesday,
talked
about
how
well
departments
work
around
here.
This
is
a
great
example
of
that.
This
is
an
update.
We've
had
a
capital
projects
portal
for
a
number
of
years.
It's
just
gotten
a
little
bit
dated
and
we've
got
some
better
technology
tools.
B
So
the
IST
folks
related
heavy
lift
here,
updating
our
capital
projects
portal-
and
you
see
it's
everything-
that's
active
that
has
a
million
dollar
budget
or
more
some
really
good
details
in
terms
of
schedule,
budget
mapping
or
any
notes
about.
What's
going
on
is
listed
on
this,
you
can
get
to
this
from
several
places
on
our
website.
The
main
page
it's
on
General
Services
has
links
to
it.
Budget
has
links
to
it.
So
we
point
this
out.
It's
now
active
you
can
go
out
there
and
check
it
out.
B
So
I
think
this
is
a
really
exciting
thing
again
have
to
thank
the
IST
folks
for
all
their
hard
work
to
make
this
happen,
setting
the
table
a
little
bit
for
your
June
meeting,
but
just
you
know
always
like
to
talk
about
our
process
to
set
the
public
hearing
it
one
month
and
hold
the
following.
We
have
two
of
those
requests
on
your
agenda
tonight.
First
and
foremost,
we
are
going
to
come
to
you
with
some
amendments
to
the
FY
23
budget
process.
B
So
there
is
a
public
hearing
request
there,
anytime,
that
you
potentially
are
appropriating
more
than
one
percent
of
your
total
budget.
You
have
to
go
through
the
public
hearing
process.
So
that's
what
we
are
anticipating
here.
We've
got
a
number
of
opportunities,
I
think
with
particularly
around
Kappa
projects,
some
land
acquisition,
Economic
Development
type
activities
and
then
some
policy
compliance
issues.
Putting
some
fund
balance
away
normal
things
that
we
could
you
know
we
believe,
will
be
in
excess
of
that
one
percent.
B
We
will
get
more
information
out
about
this
as
we
approach
as
I'll
touch
on.
At
the
end,
we
have
a
nod
in
finance
meeting
in
June
to
kind
of
go
through
this
plan.
We'll
begin
with
all
of
you
the
course
of
the
next
10
days
or
so
to
talk
about
this.
But
again,
this
is
just
that
procedural
step
to
set
that
public
hearing.
The
second
request
is
your
arpa
plan
and
I'm
going
to
touch
on
the
details
of
that
in
just
a
moment.
B
Part
of
the
plan,
part
of
the
compliance
with
arpa,
is
that
you
have
opportunities
for
public
input,
not
a
whole
lot
of
change
in
this
round,
but
we
do
have
some
amendments.
It's
really
you
know,
as
the
projects
have
unfolded,
we're
moving
some
dollars
around
you
kind
of
figure
out.
What's
a
good
fit
for
arpa
I'll
go
through
those
changes
in
a
second
but
anytime
that
you
are
moving
monies
amongst
the
projects.
You
are
required
to
have
that
public
input.
You
know
opportunity
the
cleanest
way
for
us
to
do.
B
That
is
a
public
hearing
I'm
going
to
go
through
this
in
much
more
detail
next
month
in
the
public
here,
but
just
to
give
folks
a
sense.
The
items
in
the
blue
are
really
what
we're
talking
about.
There's
three
columns
of
numbers.
The
first
is
that
initial
layout
that
we
had
you
know
it
was
really
didn't
even
have
a
final
rule
book
about
what
we
could
do
with
arpa.
So
we
took
our
best
guess.
B
We
had
a
major
revision
once
the
rulebook
was
complete
in
22
and
now
coming
back
to
make
these
proposed
changes
in
the
June
meeting
just
very
quickly.
You
see
the
County
facility
improvements
and
I'm
going
through
in
order
the
black
in
blue,
the
865
thousand
dollars.
That's
a
project
that
was
lumped
in.
B
It
is
some
campus
Renovations
here
at
the
courthouse
area
so
that
that's
not
a
new
project,
we're
just
spinning
it
out,
and
it's
really
just
sort
of
a
reporting
cleanup
on
our
side.
The
Park's
maintenance
enhancement,
18
man
going
down
to
about
17..
That's
really
just
as
you
get
into
the
projects,
refine
those
Scopes
and
get
better
ideas
of
what
they're
going
to
cost.
So
you
see
a
little
bit
of
cost
savings
there.
B
The
Midlothian
police
station
site,
we're
still
by
we
still
bought
the
site,
but
as
we
got
into
it,
the
way
that
that
transpired
we
paid
for
that
really
with
other
dollars.
It
became
difficult
to
kind
of
go
through
as
we
because
we
didn't
buy
that
as
an
individual
parcel.
We
bought
the
overall
track
and
it
was
just
difficult
from
a
accounting
and
Reporting
perspective
to
sort
of
break
that
out.
We
didn't
feel
like
it
was
super
clean,
so
we
have
pulled
that
out
of
our
but
I
think
that
will
be
again.
B
A
real-time
crime
Center,
you
see
an
increase
there,
that
is
a
public
safety
initiative,
and
this
will
cover
some
building
improvements,
as
well
as
all
the
technology
that's
associated
with
that.
So
we'll
be
able
to
take
care
of
the
the
full
range
of
that
project
as
part
of
that
that
fit
well
within
the
arpa
envelope
and
then
the
school
construction
piece
there
you
see
the
the
amount
doesn't
change,
but
actually
removing
those
dollars
from
Fallen
Creek
Middle
School
to
aim
Davis
I
mentioned
earlier
aim.
B
Davis
is
part
of
the
bond
Authority
that
we're
asking
for
tonight,
but
we
will,
you
know,
roughly
cover
more
than
half
of
that
with
arpa
dollars.
It
was
a
better
fit,
as
you
all
are
aware,
anytime,
you
introduce
federal
dollars
into
something
it.
It
opens
up
a
number
of
other
hurdles,
you
have
to
jump
through
and
it
would
have
been
a
you
know,
sort
of
a
slow.
It
was
slowed
down
our
efforts
at
Fallen
Creek,
so
it's
a
better
fit
at
AM.
B
So
still
25
million
investment
in
schools-
just
a
different
School
again,
obviously
has
no
impact
on
Fallen
Creek,
but
actually
allows
that
to
get
done
a
little
bit
sooner
and
takes
a
little
bit
of
pressure
off
of
the
referendum.
We
all
know
there
are
more
capital
projects
on
the
school
side
than
we
can
accommodate
to
anytime,
that
we
can
create
capacity,
that's
a
good
thing,
and
then
you
see
our
contingency
again.
It
kind
of
goes
back
to
that
spinning
it
down
as
soon
as
possible.
Drops
that
down
to
66
000.
B
It
is
a
I'll
big,
big
agenda,
but
we
will
go
through
primarily
with
relation
to
today
focus
on
those
potential
budget
amendments
for
FY
23,
as
well
as
any
potential
amendments
we
have
to
fy24.
Hopefully
we'll
get
some
guidance
on
the
Stateside,
County
and
school.
So
we
can
do
that
without
a
public
hearing.
B
I,
don't
think
there
will
be
a
lot
of
changes
to
24
on
either
side,
so
we
are
not
setting
or
anticipating
the
need
for
public
care,
but
we
will
cover
that
with
you
all
ahead
of
time,
but
certainly
always
look
for
the
feedback
from
our
audit
and
finance
team.
The
dissolution
of
the
Chip
and
Anne
play
CDA.
We've
taken
the
first
step
there
again.
This
is
a
rare
thing
in
government,
we're
sort
of
demolishing
some
of
the
bureaucracy
that
allows
things
to
happen.
B
So
it's
a
good
day
from
from
my
perspective,
we've
we've
done
this
once
chipping
in
place,
actually
take
this
off
the
book
sooner
and
later,
because
it
has
been
such
a
success
and
then
not
only
is
it
just
get
rid
of
that
red
tape,
but
more
so
it
frees
up
considerable
resource
sources
of
reserves
that
have
been
amassed
from
the
success
at
Stonebridge
and
those
will
be
dollars
that
will
be
very
valuable
to
limit
any
Financial
impact
from
what
we're
trying
to
do
across
the
street
at
Springland.
So
that's,
you
know
really
important.
B
I
think
that
the
Nexus
there
is
very,
very
clear
but
anytime
that
we
can
take
monies
from
a
success
in
our
Redevelopment
space
and
move
it
over
to
another
project.
I
think
that's
a
really
good
day
and
again
get
a
CDA
off
the
book.
Sooner
than
anticipate.
It
really
builds
some
some
credibility
in
this
space.
If
we
ever
wanted
to
use
this
tool
again
so
I
think
that's
very
important
to
mention
fy24
and
then
lastly,
we
will
hold
our
two
public
hearings.
So
with
that
I'm
happy
to
to
take
any
questions
you
might
have.
C
B
Yes,
sir,
so
again
we
we're
waiting
I.
Would
our
goal
is
by
closed
business
tomorrow
that
we'll
have
all
of
our
ratings
from
the
three
agencies?
And
so
then
you
know
they.
They
basically
hold
that
you
know
for
three
or
four
weeks
or
so
so
we
have
between
now
and
the
end
of
the
year
close
on
those
bonds.
I
think
we're
anticipated
to
do
that
sometime
in
mid-june.
So
we
will
spend
that
three-week
period.
B
Once
we
had
the
rating
enhanced
to
basically
Market
the
Securities,
and
then
they
are
it's
a
competitive
sale,
so
we'll
set
a
time
say
10
a.m
on
that
day,
and
you
you
log
into
an
online
portal
and
all
of
the
bids
appear
at
one
moment
and
the
the
lowest
cost
guy
gets
it
and
so
we're
locked
in.
At
that
moment
we
do
some
a
little
bit
of
resizing,
maybe
throughout
the
day,
but
we're
basically
locked
in
from
that
moment
for
the
duration
of
those
Securities.
B
C
Also,
a
question
around
that
there
seems
to
be
a
cascading
thing
occurring
as
far
as
we're
not
sure
clear
where
our
budget
is
going
to
be
we're
waiting
on
the
state
and
then
the
state's
waiting
on
the
federal,
so
I'm
kind
of
curious
to
get
a
sense
from
you.
Does
it
impact
at
all
what
we're
thinking
about
doing
as
far
as
the
bond
is
concerned,
or
how
just
I'm
just
curious
to
know.
B
Yeah
no
sir
I
mean
I
think
in
in
terms
of
our
our
Capital
strategy.
We
aren't
waiting
for
anyone.
I
mean
certainly
some
of
the
the
federal
nonsense.
Can
spook
markets
from
you
know
day
to
day,
and
that
may
have
a
little
bit
of
an
impact
on
us,
but
our
Capital
strategy
is
absolutely
locked
in
what
we're
talking
about
for
fiscal
24
is
just
on
the
operational
side.
We've
designed
as
such.
We
have
very
limited
exposure
to
what
the
state
and
feds
are
doing
or
not
doing
so.
B
A
And
and
I
think
five
board
members
may
know
more
right
now:
I
I,
don't
get
to
say
it
often,
but
hot
off
the
press
Fitz
just
released
their
rating
of
AAA
stable,
which
is
the
highest
of
the
highest
ratings.
You
know,
you
know
they
have
positives
when
you're
in
lower
rankings
to
get
up
to
the
next
level.
There
is
no
quadruple
a,
although
we
have
referenced
that
a
few
times
that
that
would
be
nice.
But
having
said
that,
so
and
again
as
Mr
Harris
referenced,
the
AAA
was
not
necessarily,
you
know
a
surprise.
A
B
You
know
nice
session
I
think,
especially
for
audit
Finance,
just
some
of
the
things
that
they
are
focusing
on
now
an
example
of
that
would
be
all
three
agencies
focusing
on
cyber
security,
and
that
really
you
know
that's
not
something
you
necessarily
think
of
as
part
of
your
you
know
your
financial
score,
your
financial
rating,
but
that's
more
and
more
so
becoming
to
the
Forefront
of
you
know
how
they're
reviewing
you.
So
you
know
those
are
the
things
that
are
valuable
for
us
to
come
back
and
bring
to
you
all.
It's
not
just.
B
D
D
And
the
other
board
members
yeah
I'll,
just
comment:
I
appreciate
the
information
Matt
and
once
the
bonds
sale
in
June,
then
they'll
provide
us
a
one-page
sheet
through
audit
and
finance
of
the
return,
the
yield
and
the
cost
of
borrowing.
That
sort
of
thing
we
know
cost
is
going
up,
there's
no
that's
clear,
but
the
Federal
Reserve
actions.
However,
the
question
is
how
much
and
what
we
get
out
of
that
relative
to
the
AAA
and
so
we'll
be
providing
that
to
each
board
member
as
well
a
one-page
sheet
on
the
bond
sales.