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September 14 2016 Work Session with Financial Consultant Minutes105 A Work Session of the Frederick County Board of Supervisors was held on Wednesday, September 14, 2016 at 3:00 P.M., in the Board of Supervisors' Meeting Room, 107 North Kent Street, Winchester, Virginia. PRESENT Chairman Charles S. DeHaven, Jr.; Vice - Chairman Gene E. Fisher; Blaine P, Dunn; Robert A. Hess; Gary A. Lofton; Judith McCann - Slaughter; and Robert W. Wells. OTHERS PRESENT Finance Committee members Bi11 M. Ewing and Angela Rudolph; County Administrator Brenda G. Garton, Assistant County Administrator Kris C. Tierney, Deputy County Administrator Jay E. Tibbs, Commissioner of the Revenue Ellen Murphy, Treasurer C. William Orndoff, Jr., Finance Director Cheryl B. Shiffler, Assistant Finance Director Sharon Kibler., Budget Analyst Jermifer Place, County Attorney Rod Williams, HR Director Becky Merriner, Parks &Recreation Director Jason Robertson, Superintendent of Schools Dr. David Sovine, School Board Members Dr, John Lamanna, Mike Lake, Peggy Clark, and Jay Foreman, Assistant Superintendent for lnstruction Jim Angelo, and Assistant Director of Finance for Frederick County Public Schools Patty Camery. CALL TO ORDER Chairman DeHaven called the work session to order. Administrator Garton advised the County had engaged Davenport &Company to do a financial analysis and this afternoon that analysis was being presented to the Board. She noted that some of the numbers identified in the analysis of capital projects were based upon general assumptions and the numbers were put into the presentation as a place holder. She then introduced Mr. Ted Cole and Mr. R.T. Taylor with Davenport. Mr. Taylor began by giving a brief overview of the presentation, which would cover the following areas: 1. Peer Comparatives and Credit Rating Overview 2. General Fund Balance Overview 3. Existing Tax Supported Debt Profile 4. Analysis of Selected Capital Projects He noted the County has a rating from Moody's of Aa2 and Fund Balance levels have been healthy. The County's debt service is well managed and shows a step down in annual debt. Minute Book Number 42 Board of Supervisors work Session with Financial Consultant on 09/14/16 County of Frederick, Virginia ©� service over the next several years. The County compares well to its rated peers. Mr. Cole advised that the development of a long -range capital financing model or plan would be critical to understanding future debt affordability. Mr. Cole recommended the adoption, amendment and/or enhancement of a number of financial policy guidelines to cover areas such as: - Capital Improvement Budget Policies; - Debt Policies; - Reserve Policies; and - Budget Development Policies. The proposed policies could: - Contribute to the County's ability to insulate itself from fiscal crisis; - Enhance short -term and long -term financial performance by helping to achieve the highest credit and bond ratings possible; - Promote long -term financial stability by establishing clear and consistent guidelines; - Direct attention to the total financial picture of the County rather than single issue areas; - Promote the view of linking long -term financial planning with day -to -day operations; and - Provide staff, the Board, and citizens a framework for measuring fiscal impact of government services against established fiscal parameters and guidelines. At the conclusion of the presentation, Administrator Garton asked if there was general interest in the County working with Davenport to establish some policies for the Board's consideration. Supervisor Hess thought that was a worthwhile expenditure of time. Chairman DeHaven agreed and suggested mare in -depth discussions be held in the Finance Committee. Supervisor Slaughter agreed, but would like more time to digest and think about the information presented. She stated the key component was affordability. There being no further discussion, the work session was adjourned at 5:00 p.m. ������ Charles S. DeHaven, Jr. Chairman, Board of Supervisors ��� renda G. Garton Clerk, Board of Supervisors Minute Boak iVumber 42 Board of Supervisors Work Session with Financial Consultant on 09/14/16 County of Frederick, Virginia ��. Minutes Prepared By: �. J(,�,i �_ �-' %L��, Jay E. Till s Deputy Clerk, Board of Supervisors Minute Book Number 42 Board of Supervisors Work Session with Financial Consultant on 09/14/16 County of Frederick, Virginia