FY 23 Approved Budget Book

TREASURY - OFFICE OF THE TREASURER OBJECTIVES & PERFORMANCE MEASURES

Department Goal To provide technical accounting oversight and guidance to County agencies and external customers to ensure that generally accepted accounting principles, legal requirements, County policies and procedures are consistently applied in order to maintain the integrity of the County's accounting records and to fully meet all reporting requirements. Department Objective To reduce borrowing by preparing the presentation to the credit rating agencies and the official statement in a manner to obtain and retain the County's Triple A rating from all three major bond rating agencies. County Goal(s) Supported I. Fiscal Balance and Efficiency

Measure

Actual 2020

Actual 2021

Budget 2022 Estimated 2023

Input:

Cost of Issuance Expense

$1,159,032

$383,389

$588,444

$1,188,000

Output:

Presentation to Credit Rating Agencies

1 1

1 1

1 1

1 1

Official Statement

Outcome:

Bond Rating from the three major bond rating agencies Moody's Investor Services

Aaa AAA

Aaa AAA

Aaa AAA

Aaa AAA

Fitch Ratings Standard and Poors Cup

AAA

AAA

AAA

AAA

Explanation and Analysis of Performance Measures To maintain the County's Triple A rating with all three major bond rating agencies. We will continue to strive to produce the highest quality Official Statement when offering our bonds in the market place. To achieve these measures we will: 1) setup meetings to discuss the credit rating presentation and Official Statement; 2) work with our financial advisor and legal counsel to prepare Official Statement; 3) prepare presentation by updating all information presented in prior year's presentation; 4) Treasurer will review presentation to add or delete from prior presentation and perform a dry run of presentation; 5) schedule and present credit rating presentation to all three credit rating agencies; 6) prepare final Official Statement and submit to prospective buyers; and 7) sell bonds and receive Legislative approval for the sale.

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