Agenda Package - 3-19-12 Reg. Meeting

Home Browse Search

O1.? LEE COUNTY in OOQd QpL3G6.0 M Committed Today for a Better Tomorrow BUDGET WORK SESSION OF THE LEE COUNTY BOARD OF COMMISSIONERS 106 HILLCREST DRIVE SANFORD, NORTH CAROLINA 27 MARCH 8, 2012 The kickoff budget work session of the Lee County; a.m. in the Gordon Wicker Conference Room, Firs�Flb Hillcrest Drive, Sanford, North Carolina, on said date. Com Larry "Doc" Oldham, Charles T. Parks, Robert T. Reives, Commissioner Nathan E. Paschal was absent due to rec County Manager John Crumpton, Assistant County Mangy Attorney Dale Talbert, and Clerk to the Board Gaynell Lee. Chairman Shook called the work Attorney K. R. Hoyle delivered the im The pledge of allegiance,was recited. of Commissioners convened at 8:30 �,�,,County Government Center, 106 iers present were Richard B. Hayes, A. Shook, and James K. Womack. rge "ry. Staff in attendance included 'iance Director Lisa Minter, County County ManagdKJohn Crumpton welcomed everyone and turned the work session over to Rod Visser and Lydia Altman\ro N.C. of Government. Commissioners, selected staff and an assortment of community and business stakeholders participated in a budget simulation exercise called "Bottom Line" from 8:30 untillapproximately 12:00 noon. During the \working lunch, Bob High and Mitch Brigulio from Davenport & Company LLC discussed with the Board a potential refinancing opportunity for the County to save money from two Cops financing projects of 2004. It was stated that in January 2004, Lee County issued $26,220,000 Certificates of Participation (COPS) to fund the new Southern Lee High School and new emergency training center for Central Carolina Community College. Over the last several months municipal market rates have or near 40 -year lows. These low levels of interest rates have created refinancing opportunities for issuers of municipal bonds. Mr. Brigulio stated Lee County has the option to advance refund all or a portion of the 2004 COPS to achieve debt service annual savings for a total of around $1.1 million dollars. If the Board chooses to pursue this refinancing opportunity, the Board must call for a public hearing in early April. Consensus of Board members was to add this item to the March 19'" agenda for a public hearing at the April 2, 2012 meeting. County Manager John Crumpton discussed with the Board budget projections for FY 2012 -13 as follows: • All departments have submitted their budgets that are being reviewed at this time.