2002 - 03-21-02 Board Retreat - Laserfiche WebLink

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JUu~\ ICJ {'w[;F /U 9) MINUTES OF THE SPECIAL BOARD RETREAT OF THE BOARD OF COMMISSI0NEIZS FOR THE COUNTY OF LEE, STATE OF NORTH CAROLINA MARCH 21. 2002 ~:*1:*t~::k~:%k~:#~**:k*~**:I:a::k+**#****:k*:k:k:k:k*#**:k*:4:1:*~:**el:*~:*~: *8: 8::g:E###***#N: ~:*:Y. W.*** V The special board retreat with the Board of Commissioners for the County of Lee, State of North Carolina, convened at 8:00 a.m. in the Auditorium at the Lee County Library located at 107 Hawkins Avenue, Sanford, North Carolina. Commissioners present were W. Chad Adams, Herbert A. Hincks, Jerry M. Lemmond, Bertha L. Matthews, Nathan E. Paschal, Robert T. Reives, and John I. SaUls. Staff members present were County Manager William Cowan and Clerk to the Board Gaynell Lee. Chairman Hincks called the meeting to order. Commissioner SanIS delivered the invocation. Mr. Cowan discussed with the board Capital Improvement Projects as submitted by departments for 2002-2007, totaling 583,965,729. No action was taken. Ted Cole and David Rose from Davenport and Company LLC discussed with the board capital financing strategies for the top three major upcoming projects which include the first and second phases of the community college and a new high school. Their recommendation was to move forward with the First community college project as scheduled and monitor the opportunity to combine this issue with the high school project in the fall. General Obligation Bonds (G.O.) and Certificate of Participation (COD's) were discussed and which would benefit the county more. Mr. Cole and Mr. Rose suggested that they meet with staff and the Local Government Commission to discuss financing options. No action was taken. Mr. Cowan discussed With the board the financial outlook for the county and gave an overview of the Upcoming budget. He told the board that he anticipates an operating shortfall of $376,195 for the remainder of FY 2001-2002. He and Finance Director Lisa Minter discussed non-recurring expenses in the amount of S78,377, reductions of 1.5% from each department totaling 5404,134, and major expenditures anticipated for FY 2002- 2003, which amounts to 52,122,567. Mr. Cowan told the board that he will budget the State shared revenues/reimbursements but does not anticipate receiving them. By general consensus, the board advised Mr. Cowan to leave the property tax rate at 78 cents.