WORK SESSION AGENDA REQUEST

 

Sponsor:

Board of Supervisors Meeting Date: 

Finance Committee

December 10, 2009

Staff Lead:

Department: 

Ari J. Sky, Director

Office of Management & Budget

Topic: 

A Work Session to Review Proposed Finance Committee Policies

Topic Description:

After the adoption of the FY 2010 budget, the Finance Committee directed staff to develop proposals that would facilitate the accumulation of funding for capital projects.  In addition, during the course of its research, staff identified a number of areas where previous action by the Board of Supervisors had not been codified in the form of new financial policies.  Staff presented two draft policies to the Finance Committee at its November 5, 2009, meeting, which are included as Attachments 1 and 2.  A diagram summarizing the proposed fund structure changes is included as Attachment 3.  The proposed revisions include:

·         The establishment of a separate debt service fund to provide for debt service payments on educational and non-educational facilities.

·         The establishment of two asset replacement funds to provide for cash and grant funding of major maintenance, systems replacement, vehicle acquisition and renovation projects for the general government and the school division.

·         New requirements limiting the Capital Improvement Fund to major facility acquisitions or total replacement of existing facilities using a combination of cash funding and debt financing.

The draft policies would also codify the Board of Supervisors’ policies regarding debt issuance and debt capacity, both of which have previously existed in resolution form.  In addition, the policies provide a single resource describing the County’s entire fund structure.  Staff will provide addition information regarding the proposed changes at the work session.

 

Requested Action of the Board of Supervisors: 

Conduct the work session.

 

Financial Impacts Analysis:

The proposed fund structure revisions would be implemented with the FY 2011 budget.

 

Identify any other Departments, Organizations or Individuals that would be affected by this request:

None

Attachments:

1.      Draft Finance Committee Policy FC-3 (County Funds Structure and Uses)

2.      Draft Finance Committee Policy FC-4 (Debt Issuance and Management)

3.      Overview of Proposed Fund Structure Revisions

4.   Work Session Presentation

 

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