Minutes - March 8, 2012 Budget Work Session

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goc� '24 - LEE COUNTY nooVa _ . o Committed Today for a Better Tomorrow BUDGET WORK SESSION OF THE LEE COUNTY BOARD OF COMMISSIONERS 106 HILLCREST DRIVE SANFORD. NORTH CAROLINA 27330 MARCH 8, 2012 The kickoff budget work session of the Lee County Board of Commissioners convened at 8:30 a.m. in the Gordon Wicker Conference Room, First Floor, Lee County Government Center, 106 Hillcrest Drive, Sanford, North Carolina, on said date. Commissioners present were Richard B. Hayes, Larry "Doc' Oldham, Charles T. Parks, Robert T. Reives, Linda A. Shook, and James K. Womack. Commissioner Nathan E. Paschal was absent due to recent surgery. Staff in attendance included County Manager John Crumpton, Assistant County Manager /Finance Director Lisa Minter, County Attorney Dale Talbert, and Clerk to the Board Gaynell Lee. Chairman Shook called the work session to order. Attorney K. R. Hoyle delivered the invocation. The pledge of allegiance was recited. County Manager John Crumpton welcomed everyone and turned the work session over to Rod Visser and Lydia Altman from the N.C. School 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 until approximately 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 been at 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 1g` 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.