7/7/1982 - Laserfiche WebLink

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J U L '71992 690K 50 Community Services Director Thomas pointed out that although the savings, at this point, are indirect, this accomplishes the first step leading to a countywide uniform operation, and he believed we elected to do it at this time because.we are in the process of validating additional bonds and there would be practically no additional cost involved. He'believed this will result in less paperwork and that we also will be able to account for things in a better manner than before. Mr. Livingood reported that from the standpoint of the County's investment bankers, there has been and will be no out-of-pocket cost to the county for the restructuring and negotiating with FmHA on this consolidation. The time of county staff is an additional cost, but because the outstanding bonds are held by one entity as opposed to thousands of individual investors, the investment banker could deal with the one entity as opposed to have to refund the bonds and, therefore, there are no expenses associated with any financing in accomplishing this consolidation. Commissioner Fletcher asked Finance Director Barton if it was not indicated this consolidation would result in less bookkeeping, although apparently it will be necessary to keep the Gifford system separate for some years to come. Finance Director Barton stated that it was so indicated and this was a recommendation of the auditors last year. He noted that instead of having five different funds, they now have collapsed these all into one fund where they become several different departments in one fund. He further believed it is worthwhile to move towards being able to consolidate this in the future. Attorney Brandenburg wished to point out that any of the cost associated with producing this consolidation already has been borne by the county and we might as well take the benefit of it.