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Consent-General Government # 12.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Approve amendments to Policy on Borrowing, Debts and Obligations to reflect best practices. (No general fund impact) (Newens) |
| Recommended Action |
| Approve amendments to Policy on Borrowing, Debts and Obligations to reflect best practices. |
| Strategic Plan Goal(s) |
| Operational Excellence |
| Reason for Recommended Action/Background |
In the summer of 2017 County staff completed the issuance of $17.2 million of lease revenue bonds to finance county capital projects. As a result, staff has identified necessary improvements to the county debt policy to reflect best practices and increase efficiency.
The key changes include a fine-tuning of the Debt Committee to include the two board members assigned to the Financial Oversight Committee; an emphasis on tax compliance for tax-exempt bonds; the removal of reference to advance refunding which is now prohibited by law; the clarification that inter-fund borrowing that is other than temporary must be approved by the Board of Supervisors; and, a new requirement for the Chief Financial Officer to provide an annual report to the Board on the status of all significant county debts and obligations. |
| Collaborations (including Board advisory groups and external partner agencies) |
| This item addresses Supervisor Rexroad's recommendation to consolidate the Debt Committee with the Financial Oversight Committee. The County Counsel and County Administrator have reviewed the changes. |
| Competitive Bid Process |
| Not applicable |
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