To balance immediate infrastructure needs with long-term financial health, the Thurston County Board of County Commissioners (BoCC), alongside other officials, met on Wednesday, Dec. 4, to address the 2024-25 midterm budget.
A $32 million bond package for capital projects was central to the discussions.
Additionally, officials deliberated on the use of provisos and honored a Thurston County official, who is retiring.
S&P Global Ratings has reaffirmed Thurston County’s AA+ bond rating for its latest issuance, an endorsement of its commitment to sound fiscal management, as noted in an official press release.
The $32 million bond package, approved in late September, will fund three major infrastructure projects vital to the county's growth and public safety:
Assistant County Manager Robin Campbell addressed the handling of the funds.
“That money is held in a bond proceeds account and moved out as it’s spent on the projects," Campbell said.
Campbell confirmed that the funding for the projects will come from 5% interest bonds.
The county is set to begin repaying the debt in 2025 with annual payments of about $3 million. The payments are to be funded through Public Safety Sales Tax (PSST) revenue and general fund contributions.
District 5 Commissioner Emily Clouse sought further explanation about interest costs and bond terms, emphasizing the importance of transparency in managing public funds.
“What is the total we’re paying in interest over 20 years?” Clouse asked.
Campbell said precise schedules would be shared later, but assured the board that the bond terms were favorable.
Meanwhile, the role of provisos was discussed as a means to place conditions on specific funding.
“Provisos allow us to target spending and ensure it aligns with our policy goals,” said County Manager Leonard Hernandez.
Campbell added, “Once you make an appropriation, according to the law, that official … has the discretion to spend that money in any legal way. A proviso allows the board to place conditions on how much money is spent.”
An example cited by Hernandez and Campbell involved funding for school resource officers.
The proviso specifies that participating schools must contribute 75% of the costs, with the county covering the remaining 25% if certain conditions are met.
The meeting also marked the final budget cycle for Campbell, who is retiring after 15 years of service.
Hernandez took the opportunity to praise Campbell’s long-standing contributions.
“Robin’s contribution to this county and this being her last budget rodeo deserves a round of applause ... We appreciate your longevity, your continuity and the deposits you made," he said.
The 2024-25 budget is set for adoption on Dec. 17, with additional reviews of provisos and technical corrections.
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WendyS64
Anyone curious about how much the Sheriff's Office has spent on wrecking cars this year? It has to be a record number. Just the Sheriff himself has wrecked a few. This would be worth a story cause this is not a small amount of taxes here.
Sunday, December 8, 2024 Report this
bobkat
@wendy654 - - Yeah, God forbid we should scratch up the patrol vehicles. Let's tell the S.O. to stop chasing those fleeing felons, wrong-way and drunken drivers. Just let 'em go and be "somebody else's" problem,
Tuesday, December 10, 2024 Report this