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  Consent-General Government   # 15.       
Financial Services  
Meeting Date: 05/10/2022  
Brief Title:    Receive and file the Yolo County Annual Debt Report for FY2020-21
From: Tom Haynes, Interim Chief Financial Officer, Department of Financial Services
Staff Contact: Sou Xiong, Accounting Manager-Treasury & Revenues, Department of Financial Services, x8212

Subject
Receive and file the Yolo County Treasurer's Debt Report for the fiscal year ending June 30, 2021.  (No general fund impact) (Haynes/Xiong)
Recommended Action
Receive and file the Yolo County Treasurer's Debt Report for fiscal year ending June 30, 2021.
Strategic Plan Goal(s)
In Support of All Goals (Internal Departments Only)
Reason for Recommended Action/Background
The County Department Financial Services (DFS) updated the Policy on Borrowing, Debts, and Obligations (Attachment B) in February 2018 to include an annual reporting requirement to the Board of Supervisors.  The updates to the policy at that time were completed in order to comply with additional obligations required by Senate Bill 1029 requiring various elements be part of the debt policy and to comply with best practices published by the Government Finance Officer's Association (GFOA).

The reporting requirements in the policy include reporting on the outstanding debts by category, long-term obligations and solutions, and debt load expressed through various financial ratios.  These financial ratios are closely reviewed prior to new or additional debt issuances to ensure debt levels remain within these prescribed tolerances.  The ratios are set in order to help promote good fiscal management and aid in obtaining strong credit ratings from Nationally Recognized Statistical Rating Organizations.

The Treasury and Revenues Division of DFS has summarized the reporting requirements in Attachment A (2021 Annual Debt Report) in accordance with the policy requirements. Overall, the report concludes the following:
  • The County had $83.3 million in outstanding debt related items as of June 30, 2021
  • Financial ratios are within prescribed tolerances and remain in compliance with the Policy on Borrowing, Debts, and Obligations
  • 100% compliance with annual debt compliance and covenants specified in County debt documents
The 2022-2026 Capital Improvement Plan (CIP) included multiple projects for the Integrated Waste Management Division of the Department of Community Services that required debt financing.  Efforts to secure financing is underway and is targeted to close in May of 2022 for an amount of $10.1 million.  
Collaborations (including Board advisory groups and external partner agencies)
There was no collaboration required on the preparation of this report.

Fiscal Impact
No Fiscal Impact
Fiscal Impact (Expenditure)
Total cost of recommended action:    $   0
Amount budgeted for expenditure:    $   0
Additional expenditure authority needed:    $   0
One-time commitment     Yes
Source of Funds for this Expenditure
$0
Attachments
Att. A. 2021 Annual Debt Report
Att. B. Policy on Borrowing, Debts, and Obligations

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Form Review
Inbox Reviewed By Date
County Counsel Hope Welton 04/29/2022 09:42 AM
Joanne Van Hoosear Joanne Van Hoosear 05/02/2022 08:52 AM
Form Started By: Sou Xiong Started On: 04/18/2022 08:23 AM
Final Approval Date: 05/02/2022

    

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