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From YouTube: Finance Update - BOS Meeting - November 16, 2022
Description
This work session covered a range of finance topics including a report from the County's external auditor, a preview of FY22 year-end budget topics, a discussion of the Spring Rock Green financing that was on the consent agenda, and a preview of December's tax rate/relief topics.
A
A
In
addition
to
the
typical
challenges
that
present
themselves
every
year
this
year,
we
had
the
additional
challenge
of
implementing
a
new
governmental
accounting
standard
for
leases,
gasby
87.,
and
they
did
a
wonderful
job,
leading
that
effort
and
meeting
and
exceeding
all
of
the
audit
tasks
deadlines.
At
this
time,
I'd
like
to
introduce
Rob
Churchman
the
partner
with
Sherry
beckert,
our
external
Auditors,
to
present
the
outcome
of
our
fiscal
year,
2022
year-end
audit-
and
this
report
was
also
presented
to
the
audit
and
finance
committee
last
week.
C
C
Joke
I
had
a
very
detailed
presentation
under
the
audit
standards
of
our
results
of
the
audit
and
other
matters,
especially
upcoming
pronouncements.
That
are
becoming
your
way.
The
positive
thing
everything
was
positive,
but
the
most
positive
thing
that
came
out
of
my
meeting
was
that
I
was
able
to
tell
you
that
we
have
issued
our
opinion
on
financial
statements.
It's
unmodified,
which
means
clean
in
Old
terms,
terminology.
We
found
that
the
statements
present
fairly,
not
only
Stevens
but
also
the
disclosures
present
fairly
in
all
material
respects,
in
accordance
with
General
accepted
accounting
principles.
C
Basically,
the
cleanest
best
opinion
you
can
get
as
a
testament
to
finance
and
all
both
in
finance,
but
also
all
the
Departments
around
the
county
that
we
have
to
get
information
from
explanations
from
and
so
forth
that
that
opinion
came
out
and
also
came
out
on
basically
Halloween
a
month
and
a
half
earlier
than
required
by
the
state.
So
again,
so
that's
Testament
to
how
they
run
their
operation,
also,
as
reported
to
you,
if
I
had
come
across
any
deviations
or
weaknesses
in
controls
that
I'll
have
to
report.
C
Those
to
you
I
report
it
to
you
again
to
the
committee
that
we
had
no
deviations
or
of
compliance
or
control
matters
to
report
to
you,
basically
a
perfect
score
on
what
you
want
to
have
from
your
auditor,
be
happy
to
try
and
I
answered
questions
at
the
committee.
I
know,
you've
got
a
full
agenda,
I'll
be
happy
to
answer
any
questions
here,
but
basically
it's
all.
It's
all
great
news.
That's.
B
D
Right
Mr,
Holland
I
just
want
to
thank
you
for
your
outstanding
service.
This
year
again,
I
know
you
worked
well
with
our
internal
audit
staff
very
close
with
them
and
today
that
they
provided
you
as
well
as
schools,
which
is
a
major
component
of
Chesterfield
county,
is
calf
comprehensive
program.
So
I
applaud
you
and
thank
you
for
the
good
news
and
of
course
again
we
look
forward
to
Excellence
continuing.
So
thank
you
for
being
here
today
to
share
that
for
the
entire
board.
D
E
Dr
Casey
and
I
actually
attended
an
economic
Roundtable
yesterday
to
hear
from
some
local
economists,
as
well
as
Business
Leaders,
to
get
their
opinion
on
what's
happening
in
the
economy,
both
at
a
national
and
state
and
Regional
level,
and
one
of
the
things
I
would
point
out
is
that
you
know
it
makes
up
largest
part
of
our
tax
base
is
the
real
estate
market
and
while
prices
remain
strong,
you
can
see
on
that
chart
pretty
clearly
in
the
far
right.
The
rates
are
now
over
that
seven
percent
Mark.
E
E
The
mortgage
loan
application
volumes
have
been
dropping,
they've
dropped
for
over
six
weeks
consecutively
and
then
just
a
real
quick
example.
If
you
were
to
purchase
a
350
000
house,
a
homeowner
with
that
new
interest
rate
would
actually
be
paying
over
800
a
month
more
in
interest
than
it
would
be
a
year
ago,
which
is
sucking
money
out
that
could
be
spent
otherwise
in
the
local
economy.
So
that
is
definitely
informing
our
recommendations
for
the
year
end
Outlook,
as
well
as
we
move
through
23
and
developing
our
24
budget.
E
E
Tax
relief.
I've
said
this
in
order
in
finance,
but
the
program
cost
jumped
over
40
in
one
year.
That
would
be
to
enable
shorting
up
that
program
in
23,
as
well
as
one
of
the
other
items
on
your
public
hearing
is
to
adjust
the
brackets
for
the
tax
relief
and
for
elderly
disabled
program,
both
on
the
tax
relief
brackets,
as
well
as
the
net
worth
component,
which
is
the
first
time.
We've
adjusted
that
in
a
long
time,
Healthcare
you've
just
heard
from
Human
Resources
the
contract
has
been
signed.
E
Our
original
forecast
was
in
over
12
percent
increase.
This
would
bring
it
down
to
the
five
percent
range
and
for
CIP
we've
had
some
pressures
in
the
in
the
market
and
inflationary
areas,
and
so
we
are
proposing
to
add
some
one-time
funds
to
shore
up
those
projects,
as
well
as
a
small
buffer
for
any
future
overruns
and
CIP
projects,
one-time
costs
for
primarily
related
to
Fire,
Equipment,
hose
and
apparatus
about
half
a
million
of
that
for
school
access
design,
and
then
there
is
some
money
in
there
for
our
it
portfolio
catch
up.
E
That
is
a
backlog
of
projects
across
the
organization
that
we
would
like
to
invest
some
monies
in
to
bring
them
up
to
speed,
then
for
schools,
you'll
see
the
five
million
dollars
and
that
is
related
to
vestibules
and
classroom
conversions
and
just
to
point
out
for
the
classroom.
Conversions
we've
got
some
updates
from
our
schools
that
that
would
create
an
additional
18
classrooms
for
Davis
and
Tomahawk.
E
We
do
fit
some
economic
turbulence
moving
over
to
the
schools
and
they
will
approve
their
year-end
request
at
the
December
13th
board
meeting,
which
will
then
come
to
you
for
the
December
14th
board
meeting
their
year-end
Surplus
total
21.3
million
dollars,
I'm
driven
by
both
revenue
and
expenditure
policies.
They
are
requesting.
All
of
that
be
reappropriated
in
fiscal
year.
23
and
highlights
of
those
proposed
allocations
include
5.8
million
dollars
for
backfilling
the
loss
of
state
capital
dollars
that
have
been
proposed
as
part
of
the
state
budget.
D
One
comment
and
or
question
in
this
course
is
directed
toward
as
well
as
you
as
and
Dr
Casey
I
noticed
the
reserves
or
the
Surplus
is
primarily
focused
on
Revenue
income.
However,
how
are
we
looking
in
terms
of
our
departments
relative
to
costs?
Do
we
have
any
areas
where
we
have
concerns
about?
Maybe,
as
we
close
the
books
when
we
look
at
departments
how
we're
looking
in
terms
of
cost
control
and
containment,
which
is
always
a
big
thing
to
look
at,
didn't
hear
anything
about
costs?
Yeah.
E
Actually,
my
team
is
working
through
projections
for
23
right
now
we
are
seeing
some
pressures,
especially
on
the
utility
costs.
Okay,
in
terms
of
electrical
costs,
we've
got
some
information,
that's
been
up
over
about
a
fifth
higher
than
it
has
been
in
years
past.
So
that
is
definitely
something
that
we
are
factoring
as
we
move
into
224.
E
D
D
E
B
F
Harris
Mr,
chairman
of
the
board,
just
a
couple
of
quick
items
here,
first
and
foremost
be
remiss
without
talking
about
the
the
referendum.
Just
very
pleased
with
the
result
just
want
to
thank
all
the
endless
hours,
the
tireless
effort
from
County
staff
and
and
special
thanks
to
Dr,
Joe
tylus
and
his
team
on
school
side.
This
is
the
closest
partnership
that
I've
ever
experienced
with
our
our
school
friends
and
I.
Think
the
the
success
really
is
a
testament
to
that,
as
well
as
the
community
large.
F
It's
been
in
this
conversation
with
us
for
for
over
five
years,
but
I
think
just
just
to
highlight
one
quick
thing
here:
it's
over
a
hundred
thousand,
yes
votes,
the
no
votes
from
2013,
don't
change
in
terms
of
the
numbers,
but
we
added
30,
000,
yes,
votes
and
that
you
know
basically
10-year
period,
And
I
think
that's
a
testament
to
the
process.
Speaking
of
the
process,
the
the
big
question
we've
got
in
the
last
week
or
so
is
kind
of.
What's
that
next
step
met
with
schools.
F
Yesterday
and
really
you
know,
we
get
back
to
our
core
processes,
which
is
the
CIP.
So
we
take
these
approved
projects
and
we
put
them
in
for
the
first
time,
really
sort
of
a
seven
year
layout
and
coming
up
with
you
know,
what's
that
relative
ordering,
so
that
will
begin
with
you
all,
maybe
behind
the
scenes
of
the
staff
level
in
December
and
then
January.
F
We
will
be
in
here
with
school
and
County
layouts,
using
our
committee
structures
and
this
room
for
the
five
of
you
to
to
have
that
conversation,
so
that
will
we
will
turn
our
attention
to
that
are
doing
it
right
now,
in
fact,
spring
Rock,
green
financing,
so
no
action
item
on
the
referendum,
that's
just
a
report
out
spring
Rock
green.
You
do
have
an
action
item
on
your
consent
agenda.
We've
talked
about
this
a
couple
meetings
already
so
there's
a
23
million
dollar
financing
that
we
are
asking
for
your
approval.
F
This
is
a
conduit
financing
through
the
Eda.
You
all
put
a
support
agreement
in
place.
Of
course,
the
Eda
does
not
have
the
ability
to
enter
into
a
deadness
without
your
work
approval,
so
it's
think
of
it
as
basically
just
a
county
loan
that
we
use
the
Eda
structure.
For
it's
paid
for
by
the
private
vertical
construction
that
comes
out
of
the
ground
at
Spring
rocker
in
our
early
estimates,
looking
at
the
pro
forma,
that's
basically
one
of
the
large
mixed
juice,
multi-family
buildings
and
one
of
the
office
Towers.
F
In
order
to
satisfy
this,
this
puts
the
base
infrastructure
in
does
all
the
Demolition
and
allows
you
know
that
concert
from
a
construction
standpoint
perspective
with
the
police
precinct
that
will
go
on
here
as
well,
which
is
one
of
those
referendum
projects.
We
got
a
really
good
rate,
four
and
a
half
percent,
with
a
with
a
call
provision
that
allows
us
to
retire
this
at
10
years,
so
that
really
speaks
to
I,
think
the
credit
worthiness
and
the
way
that
the
market
views
Chesterfield
County.
F
Even
in
these,
you
know
interest
rate
times
that
Mr
Durkin
just
touched
on
so
there's
a
lot
more
potential
there'll
be
a
lot
more
development
here.
Those
other
revenues
can
go
and
do
other
things,
but
that's
what
would
go
to
to
satisfy
this
particular
piece
and
again
this
is
modeled
after
Stonebridge.
If
this
is
approved
tonight,
we
will
go
to
the
Eda
tomorrow
for
their
portion,
and
then
we
will
close
this
transaction
sometime
in
in
early
December
a
preview
of
next
month.
You've
got
some
sets
here.
Gerard
mentioned
these
very
quickly.
F
Three,
three
really
quick
topics
to
actually
Fidelity
a
set
public
hearing
for
December
you
did
this
last
year
worked
really
well.
The
Social
Security
cost
of
living
adjustment
items
come
out
and
we
mirror
those
for
all
the
brackets
and
the
tax
relief
for
the
elderly
and
disabled
program
this
year.
We're
asking
to
do
that
again
at
8.7
percent,
including
the
net
worth
calculation.
We
haven't
adjusted
that
in
quite
a
while.
F
Getting
it
done
in
December
allows
us
to
partner
with
the
commission
of
the
revenue's
office
to
get
those
applications
updated
and
out,
so
that
folks
are
filling
it
out
with
the
most
up-to-date
information.
There
isn't
any
confusion
from
citizens
perspective.
We
will
also
ask
you
to
set
a
Max
tax
rate
in
December,
like
we
did
last
year,
we'll
talk
about
what
that
rate
you
know
might
be
over
the
next
30
days,
but
that's
just
a
preview
of
contractions.
Nothing
to
do
today
we're
currently
at
92
cents.
Last
year
we
came
down
two
cents
in
December.
F
I
said
we're
not
going
above
this.
We
let
the
process
play
out
and
trim
it
another
Penny
as
we
went
through,
you
know,
January,
February
and
March,
and
then
lastly,
personal
property
been
referenced
earlier.
This
has
been
an
ongoing
topic
for
you
all.
As
we
said
when
we,
you
know,
came
through
and
closed
the
books
in
June
30..
We
said:
we've
got
some
Surplus
in
here
from
the
vehicle
values
we're
setting
that
10
million
dollars
aside.
F
We
do
believe,
looking
at
the
National
Data,
that
vehicle
values
have
come
back
down
to
where
they
were
two
years
ago
and
that
bubble
has
been
processed
through
the
system.
We're
still
setting
the
10
million
dollars
aside
and
the
question
really
becomes.
Do
we
activate
this
for
tax
year
2023
or
do
we
do
some
other
things?
On
the
valuation
side,
we've
got
a
few
more
tools
in
the
toolkit
than
we
had
last
year.
You
don't
have
to
make
this
decision
today.
This
is
a
February
topic,
so
I
got
a
couple
separations
here.
F
You
got
some
things
to
do
in
December,
personal
property
can
come
back
in
February.
We've
got
more
information
to
present
to
you.
Consent
agenda
highlights
most
some
of
these
Financial.
You
got
your
legislative
program.
We've
talked
about
that
you
know
for
quite
a
while.
That's
on
your
consent
agenda,
there's
no
major
changes
to
that.
There's
the
award
of
two
turf
fields.
F
It's
a
good
topic
for
today,
because
it's
a
year-end
item
from
a
year
ago,
we've
now
designed
those
at
LC
Bird
and
Monica
high
schools
and
gone
through
the
procurement
process,
1.6
million
dollars
per
field,
so
there's
award
and
Construction
contract
on
here
for
that
Community
facilities
plan.
You
know
really
important
step
and
credit
to
the
planning
staff
for
working.
This
through
goes
through.
It
updates
the
public
facility
plan
to
really
line
it
up
with
the
stratus
data,
as
well
as
the
modern
sort
of
building
footprint
for
schools.
We
just
approved
a
referendum.
F
We
need
to
make
sure
the
public
facility
plan
lines
up
with
what
we
expect
to
build
over
the
next
eight
to
ten
years.
So
it's
updating
that
portion
of
your
comp
plan
and
then
really
taking
Stratus
and
using
it
as
that
engine
and
codifying
it
within
the
public
facilities
plan.
That's
to
set
public
hearing
for
next
month
and
then
you
have
five
DCF
items.
D
D
D
D
F
Then
you
know
we
10
o'clock,
we'll
log
in
and
all
the
bids
come
in
and
we
award
to
the
lowest
one
once
we,
you
know
verify
funds
and
all
the
terms
of
the
way
we
want
them.
So
I
can't
tell
you
who
will
bid
on
this.
I
can
I
can
give
you
what
we've
had
the
last
four
or
five
sales,
but
you
know
we
we
bring
everybody
to
the
table.
We
want
the
most
bids
that
we
can
possibly
get.
That's.
D
F
That
yeah,
so
January,
1
or
Mr
Bloomfield
and
his
team
are
wrapping
that
up
now
before
Thanksgiving,
that's
their
goal
so
that
we
still
have
you
know
two
or
three
weeks
on
the
back
side
of
the
holiday
to
sit
down
with
you
all,
give
you
the
final
updates
on
that
and
and
have
a
conversation
about
where
to
set
that
maximum
rate.
So,
prior
to
your
meeting
on
December
14th,
you
will
have
a
you
know,
a
very
close
preliminary
number
and
be
able
to
make
an
informed
decision
on
that
front.
Okay,.
G
Matt
I
know
that
you've
explained
a
lot
of
this
stuff
to
us,
but
there
are
some
people
who
actually
sit
in
the
audience.
Some
people
sit
at
home
and
go
I,
don't
know
what
that
is
he's
talking
about.
If
you
go
back
to
the
bond
slide,
please
so
when
we
talk
about
the
first
Bond
sale,
which
Mr
Holland
brought
up,
which
that
was
an
excellent
question
for
the
community.
So
what
would
that
look
like
how
many
millions,
for
example,
would
we
actually
try
and
initiate
in
the
first
sale.
F
Yeah,
no,
it's
a
great
question.
So
again,
that's
where
we
come
back
to
the
process,
so
we
will
come
to
you
all
in
January
and
say:
okay,
here's
a
preliminary
layout.
You
know
for
what
we
wanted.
The
stone
bridge
police
precincts
is
a
great
candidate
on
our
side,
AM
Davis
on
the
school
side.
Do
we
want
to
add
some
other
stuff
to
that?
You
know
we're
going
to
kind
of
look
at
the
rate
environment,
we'll
talk
to
the
financial
advisors.
You
know
what
makes
sense.
F
You
know,
I
think
we,
we
I,
think
these
sales
are
going
to
typically
be
somewhere
between
50
and
75
million
dollars,
but
you
know
we're
going
to
try
to
find
those
sweet
spots
and
you
know
maybe
we
advance
the
sale.
Maybe
we
wait
on
the
sale.
You
know
the
market
is
very,
you
know
choppy
at
the
moment,
so
we
have
to
pick
our
spots,
all
things
being
equal.
You
know
we'll
identify
those
first
year
projects
through
the
CIP
process
and
make
that
sale
in
May
close
it
in
June.
G
Thank
you
and
I
think
Mr
chair,
one
of
the
other
things
I
think
is
relative
here,
and
one
of
the
conversations
you've
had
with
us
is
the
fact
that
you
know
we
pay
our
debt.
I
think
you
said
twice
a
year
and
I
think
it's
something
like
95
million
dollars
is
what
it
comes
out
to
right
now.
I
think
is
what
we're
paying
and-
and
so
it's
important
for
the
public
to
know
that
you
know
when
we
look
at
how
much
we're
going
to
issue.
G
F
G
And
I
think
it's
important
to
remind
people
of
that,
because
there
are
many
people
that,
on
the
day
of
of
the
voting
day,
when
we
talked
about
I
talked
a
lot
of
Voters
about
the
bond
referendum,
it
was
important
to
be
able
to
explain
to
them
why
we're
able
to
do
this
without
raising
their
taxes.
I
think
that's
a
real
important
factor
that
needs
to.
We
need
to
keep
reiterating
with
the
community
that
has
trusted
us
to
do
this.
That
there's
a
reason
why
we
can
do
it.
It's
because
we're
very
responsible
to
money.
F
No
I
agree:
I,
think
that
that's
not
in
the
the
community
deck
we
used
was
very
well
received
and
what
we
will
do
when
we
get
to
your
March
operating
work
session,
we'll
have
a
CIP
in
hand,
we'll
be
able
to
say
okay
if
we
sell
these
projects
in
May.
This
is
what
your
debt
service
curve
looks
like
and
really
kind
of
just
building
off
the
conversation
that
has
been
started
so
I
agree
with
you.
Yes,
sir.
F
District
I
believe
that
one's
in
process
I
think
Bensley
and
AM
Davis,
which
are
you
know,
sort
of
the
two
at
the
front
of
their
line.
I
think
those
from
a
design
perspective
are
locked
in
and
then
they're.
You
know,
sort
of
working
back
through
the
the
tomahawk
middle
school,
but
yeah
I,
don't
believe
that
they
are
far
off
from
being
able
to
execute
that
any.