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Consent-General Government # 18.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Receive and file the Yolo County Treasurer's Debt Report Presentation for the fiscal year ending June 30, 2018. (No general fund impact) (Rinde) |
| Recommended Action |
| Receive and file the Yolo County Treasurer's Debt Report Presentation for fiscal year ending June 30, 2018. |
| Strategic Plan Goal(s) |
Operational Excellence
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| Reason for Recommended Action/Background |
The County Department of Financial Services updated the Policy on Borrowing, Debts, and Obligations (Attachment A) in February 2018 to included annual reporting requirements to the Board of Supervisors. The updates to the policy at that time were completed in order to comply with additional obligations required by Senate Bill 1029 requiring various elements be part of a debt policy and to comply with best practices published by the Government Finance Officer's Association (GFOA).
The reporting requirements in the policy include reporting on the outstanding debts by categories, long-term obligations and solutions, and debt load expressed through various financial ratios. These financial ratios are closely reviewed prior to new or additional debt issuances to ensure debt levels remain within these prescribed tolerances. The ratios are set in order to help to promote good fiscal management and aid in obtaining strong credit ratings from Nationally Recognized Statistical Rating Organizations.
The Treasury and Revenues Division of DFS has summarized the reporting requirements in Attachment B (2018 Annual Debt Report Presentation) in accordance with the policy requirements. Overall the report concludes that the County had approximately $51.9 million in outstanding debt related items as of June 30, 2018 but that the County remains in compliance with policy for financial ratios and is in compliance with Annual Debt Compliance and covenants specified in County debt documents. The report also shares that the recently adopted 2019-2023 Capital Improvement Plan for the County contemplates the potential use of debt for upcoming capital project needs, but that the current interest rate environment has stabilized and is favorable when viewed compared to historical long-term interest rates. |
| Collaborations (including Board advisory groups and external partner agencies) |
| There was no collaboration required on the preparation of this report. |
| Competitive Bid Process |
| N/A |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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