To: Martin L. Cousineau, Finance Committee Chairperson
From: Deborah L. Cherry, Treasurer
title
RE: 2024 Borrowing Resolution (2023 Delinquent Taxes)
recommendation
BOARD ACTION REQUESTED:
Approval by the Finance Committee of the 2024 Borrowing Resolution (2021 Delinquent Taxes), and subsequent authorization by the Board of Commissioners with roll call voting requested at the full Board meeting
BACKGROUND:
The attached 2024 Borrowing Resolution for Genesee County's Delinquent Tax Revolving Fund established to pay local taxing units within the 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. This "Resolution to Borrow Against Anticipated Delinquent 2023 Real Property Taxes" provides for the authorization to borrow the sum not to exceed $45,000,000 and issue the General Obligation Limited Tax Notes, Series 2024.
DISCUSSION:
As an annual occurrence, the Board of Commissioners authorizes by resolution the issuance of short-term notes to pay each local taxing unit of government - the County, and any school district, Intermediate school district, community college district, city, township, special assessment district and any other governmental unit - the delinquent real property taxes outstanding as of March 1st of each year. Payments are from the Revolving Fund are distributed by the end of June through the Treasurer's Office that allows each unit to collect 100% of its tax levy. As delinquent taxes, along with penalties and interest, are collected by the Treasurer, the Notes are repaid. The average of the Note issued for the last three years has been $32,000,000.
IMPACT ON HUMAN RESOURCES:
There is no impact on Human Resources.
IMPACT ON BUDGET:
The expenses of the bond are included in the FY23/24 DTR budget.
IMPACT ON FACILITIES:
There will be no impact to the facilities.
IMPACT ON TECHNOLOGY:
No technology is needed.
CONFOR...
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