2018-02-21 Auditor-Treasurer UpdateAuditor / Treasurer Update
February 21, 2018
10:34 a.m.
Present: Commissioner Fund, Commissioner Jackson, Commissioner Stamper, Arny Davis, Rodney
Reynolds, Larry Grove, Suzette Smith, Steve Walton, Becky Butler
Guest: Natalie Johnson
Recorder: Rieva Lester
Rodney Reynolds gave an overview of the year-to-date
revenue. Suzette Smith said the $50,000 in taxes for
personal property and real property need to be checked
if they should be attributed to 2017.
Commissioner Stamper left at 10:36 a.m. and returned
at 10:40 a.m.
Suzette Smith discussed 2017 appropriations.
Becky Butler said the health insurance changes appear
to be leveled out.
Suzette discussed the Public Facilities District’s request
for a bond extension.
Arny Davis said the PFD is asking for an additional $2.2
million. He said it would go into effect immediately. He
said there would be a slight debt service increase in
2018-2021. He said the final payout would be in 2047.
Suzette said it is a contingent loan agreement. She said
it’s a wrap-around bond.
Commissioner Jackson said he understands that the
property belongs to the city of Centralia, not the
county. Arny said the structure would default to the city
if the bond defaulted.
Commissioner Jackson said his understanding is that if
the bond defaulted, the county would have to pay for it but the city would get the building.
Suzette said Public Works has asked if ER&R can loan Roads $1.8 million until a FEMA grant comes
through. She said the interest on ER&R is swept to the general fund. She said Public Works is still
working on the 12 percent match.
TO-DO LIST / RECAP
Suzette Smith: Review insurance
premiums trend and any double
coverage
BOCC: Ask bond counsel what would
happen if the PFD defaulted on its bond
FOLLOW-UP INFO
Later in the day, Treasurer Arny Davis
clarified the following regarding the
PFD’s bond extension request: “Under
current market conditions, the new
bonds issued would total $6.8MM.
Rates have increased in the last week
which will further reduce the amount of
bond funds received to $1.9MM and
last week it was $1,975,000.00.
Originally it was $2.2MM. Current PFD
Bond owing is $5,075,000.00 of which
$4,475,000.00 will be refunded.”
Natalie Johnson left at 11:04 a.m.
Becky suggested looking at the operation cash-flow loan.
Suzette said the county needs to be more consistent with interfund cash-flow loans.
Suzette said interfund loans use the Local Government Investment Pool (LGIP) rate in effect at the time
of the loan.
Arny said the standard rate for external loans is 3.25 percent. Suzette and Becky said three resolutions
for interfund loans also used the 3.25 percent rate.
Commissioner Stamper asked if the county could liquidate an investment for a specific project such as a
$10 million juvenile detention center. The group said the county wouldn’t have that ability.
Larry said the filing period for freeholders will be in May.
Arny, Becky, Steve Walton, and Rodney Reynolds left at 11:28 a.m.
Meeting adjourned at 11:34 a.m.