To: Martin L. Cousineau, Finance Committee Chairperson
From: Samuel E. Muma, Treasurer
title
RE: Approval of a request from the Genesee County Treasurer for the 2025 Borrowing Resolution for 2024 Delinquent Taxes
recommendation
BOARD ACTION REQUESTED:
The requested Board action is approval of the 2025 Borrowing Resolution for 2024 delinquent taxes with a roll call vote requested.
BACKGROUND:
The attached 2025 Borrowing Resolution for Genesee County's Delinquent Tax Revolving Fund (DTRF) provides for the authorization to borrow a sum not to exceed $45,000,000 and issue the General Obligation Limited Tax Notes, Series 2025. The funding will be used to pay local taxing units within Genesee County their respective share of delinquent ad valorem real and eligible tax reverted property specific taxes in anticipation of the collection of those taxes by the County Treasurer.
DISCUSSION:
Annually, the Board of Commissioners authorizes by resolution the issuance of short-term notes to pay each local taxing unit of government - the County, any school district, Intermediate School District, community college district, city, township, village, special assessment district and any other governmental unit - the delinquent real property tax outstanding as of March 1st of each year. Payments are from the Revolving Fund are distributed by mid-June through the Treasurer's office and allows each taxing unit to collect 100% of its tax levy. As delinquent taxes, along with interest and penalty, are collected by the Treasurer, the Notes are repaid. The average amount of the Notes issued for the last three years is $32,500,000.
IMPACT ON HUMAN RESOURCES:
This will have no impact on Human Resources.
IMPACT ON BUDGET:
The expenses of the bond are included in the adopted FY2024/2025 budget.
IMPACT ON FACILITIES:
There is no impact to facilities.
IMPACT ON TECHNOLOGY:
There is no impact on technology.
CONFORMITY TO COUNTY PRIORITIES:
Approval of this resolution meets most if not all ...
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