Queen Anne’s County Commissioners Financial Update Jonathan R. Seeman Budget, Finance and IT November 28, 2017
Agenda 5 Year revenue & expenditure projection FY2018 revenue and expenditure projections Bond schedule & legislation Bond project list Federal tax law impacts
5 Year Revenue Projection
5 Year Expenditure Projection
Revenue
Expenditure
Expenditure
Expenditure
Expenditure
Bond Schedule 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 1st draft of POS January 17 – Comments on 1st draft of POS January 24 – Distribute 2nd draft of POS including distribution to rating agencies
Bond Schedule January 29 & 30 – Rating trip to New York January 31 – Written comments to 2nd 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
Bond Schedule 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
Bond Schedule 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
Bond Schedule 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
FY2018 Bonds New Circuit Courthouse - $9,000,000 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
Federal Tax Reform Legislation 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)