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  Consent-General Government   #   12.    
Board of Supervisors Financial Services  
Meeting Date: 02/25/2020  
Brief Title:    Receive and file the Yolo County Annual Debt Report for FY2018-19
From: Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact: Edward Burnham, Treasury & Revenues Manager, Department of Financial Services, x8212

Subject
Receive and file the Yolo County Treasurer's Debt Report for the fiscal year ending June 30, 2019. (No general fund impact) (Rinde)
Recommended Action
Receive and file the Yolo County Treasurer's Debt Report for fiscal year ending June 30, 2019.
Strategic Plan Goal(s)
In Support of All Goals
  • Provision of organizational supports and services
  • County operational excellence plan
Reason for Recommended Action/Background
The County Department of Financial Services updated the Policy on Borrowing, Debts, and Obligations (Attachment B) in February 2018 to include 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 promote good fiscal management and aid in obtaining strong credit ratings from Nationally Recognized Statistical Rating Organizations.  

The Treasury and Revenues Division of Financial Services has summarized the reporting requirements in Attachment A (2019 Annual Debt Report) in accordance with the policy requirements. Overall the report concludes that the County had approximately $50.7 million in outstanding debt related items as of June 30, 2019 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, including the 2019 Solid Waste Revenue Bonds, 2020 Trane Energy Financing, and 2020 Capital Improvement Bonds (including Gonzales Building Acquisition), 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

Fiscal Information
No Fiscal Impact
Fiscal Impact of this Expenditure
Total cost of recommended action
Amount budgeted for expenditure
Additional expenditure authority needed $0
On-going commitment (annual cost)
Source of Funds for this Expenditure
General Fund $0
Attachments
Att. A. 2019 Annual Debt Report
Att. B. Policy on Borrowing, Debts, and Obligations

Form Review
Inbox Reviewed By Date
Financial Services Chad Rinde 02/18/2020 09:45 AM
County Counsel Hope Welton 02/18/2020 10:15 AM
Carolyn Jhajj Carolyn Jhajj 02/18/2020 03:18 PM
Form Started By: Edward Burnham Started On: 12/04/2019 10:53 AM
Final Approval Date: 02/18/2020
Level double AA conformance,
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