YC Supervisors approve budget, refunds for PSPRS and EORP, refinancing | Chino Valley Review – Arizona News

YC Supervisors approve budget, refunds for PSPRS and EORP, refinancing | Chino Valley Review – Arizona News


Yavapai County Administrator Phil Bourdon addresses the Yavapai County Board of Supervisors about its decision to approve the 2017-18 fiscal budget. (Max Efrein/Courier)

Budget

The 2017-18 fiscal year budget for Yavapai County has been approved by the county’s board of supervisors.

The final approval came following a brief hearing at the board’s regular meeting on Wednesday, Aug. 2.

“Since your tentative budget approval, there’s been no change,” County Administrator Phil Bourdon said.

With no public comment and no comment from the board, the final budget was approved unanimously.

The final budget can be seen online at Yavapai.us/Portals/1/AnnualBudgetReport2017-2018.pdf.

Refinanced debt

The Yavapai County Board of Supervisors has directed county staff to follow through with a refinancing of a lease agreement they made in 2008 that will save county residents $1.8 million over the remaining 10 years of the loan period.

A presentation about the refinancing was made by Randie Stein with Stifel Nicolaus, a brokerage and investment banking firm, during the board’s meeting on Wednesday, Aug. 2.

“The interest rate at the time the county originally entered into the transaction was approximately 4.45 percent,” Stein said. “Interest rates have come down since that time.”

The interest rate they expect to see going forward is between 2 and 2.25 percent, Stein said.

The proceeds of the 2008 agreement, a loan secured by real property, financed the costs of the Verde Valley Superior Court Building

and the Juvenile Detention Facility in Prescott Lakes.

The…

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