Jonathan R Seeman Budget Finance and IT November
Jonathan R. Seeman Budget, Finance and IT November 28, 2017
• • • 5 Year revenue & expenditure projection FY 2018 revenue and expenditure projections Bond schedule & legislation Bond project list Federal tax law impacts
• November 28 – Bond Legislation introduced to County Commissioners • December 12 – Bond Legislation public hearing • January 9 – Bond Legislation adopted by County Commissioners • January 10 – Distribute 1 st draft of POS • January 17 – Comments on 1 st draft of POS • January 24 – Distribute 2 nd draft of POS including distribution to rating agencies
• January 29 & 30 – Rating trip to New York • January 31 – Written comments to 2 nd draft • February 7 – Distribute final draft of POS • February 19 – Bond ratings released • February 23 – Bond Legislation effective • February 27 – Bond Resolution approved by County Commissioners • February 28 – Advertise sale in local paper
• February 28 – Written comments to final draft due • February 28 – Financial advisor orders CUSIP numbers • March 5 – POS is complete • March 6 – Financial advisor notifies PARITY for electronic bidding • March 6 – POS is released to I-Deal • March 7 – Advertise sale in local paper
• March 13 – Bond sale and award bonds • March 13 – Financial advisor provides debt service schedule to County • March 14 – OS changed pages distributed to Financing Team & successful bidder • March 15 – Financing Team provides comments on OS • March 16 – Final OS is released • March 19 – Final OS printed, mailed & delivered
• March 20 – Bond counsel provides final closing documents to County • March 23 – County returns executed closing documents to Bond Counsel • March 27 – Closing & investment of Bond proceeds
• • • New Circuit Courthouse - $9, 000 County Buildings/Facilities Program - $300, 000 Grasonville Elementary School Addition - $3, 142, 000 Detention Center Roof - $250, 000 Roads Resurfacing/Asphalt Overlays - $2, 475, 000 Total $15, 167, 000
Impacts on Local Government • • • State and local deduction Private activity bonds Advance refunding bonds (potentially eliminating QAC refunding opportunities, potential loss up to $2 million)
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