HomeMy WebLinkAbout*Other - Central ServicesBoard of County Commissioner's
Re: Creation of Funds for Jail
Commissioners,
Grant County
Centml Services
POBox 37
Ephrata WA 98823
(509) 754-2011 Ext -3276
June 7, 2023
Central Services assumed that after the bonds were secured and the agreement on how those
funds would be calculated and used, the respective funds would have been -created, but they were
not. After meeting with our Treasurer, it was stated that I needed to have the Commissioners
create the funds as agreed to during the bond hearings and subsequent discussion by the Board,
Central Services, the Treasurer, Bond Agent (Jim Nelson), and others.
Central Services respectfully requests the creation of the fund to capture and hold the
programmed maintenance funds achieved by holding 5% of the revenue surplus received by the
"311" budget after the bond payment is made. Furthermore, the equipment replacement fund of
$100,000 per year, as shown and agreed to in the spreadsheet, should also be captured in a
separate fund.
These funds are critical and are being held (or captured) to ensure we mitigate deferred
maintenance costs of a new facility that will be needed for the County for the foreseeable future.
Future directors will still need to perform all current procurement processes, including consent to
utilize these funds.
Respectfully submitted,
�ox &wnff
Tom Gaines
Director, Grant County WA
Central Services Department
Cc: D.Pheasant, K.Smith
JUN 11 20`t3
Tom Gaines
Director of Central Services
tgaines@grantcountywa.gov
JUN 0 7 2013
COMMISSIONERS
"To meet current and future needs, serving together with public and private entities, while fostering a respectful and successful work environment"
As of 9/20/2022, Final Interest Rates and Bond Payments.. priced on 8/17/2022
35 YEARS, Fund Net Proceeds of $88,046,190, max payment should not exceed $4,900,000 per year
Growth Rate Compare Taxable Retail Sales column Growth Rate Growth Rate
5.00% to Annual Payment column 5.00% 40.00%
Surplus
remaining for Less Surplus for Less Surplus for
Operating Program Wage
Costs Maintenance Fund Supplementation
Less Net Remaining
Equipment for Annual
Replacement Operating
Fund Costs
1,895,834
Estimated
0
0
1,801,043
Period
Taxable Retail
0
0
Annual
Ending
Sales
Principal
Interest
Payment
12/1/2022
4,900,000
2,000,000 #
1,004,166
3,004,166
12/1/2023
5,145,000
885,000 #
3,916,663
4,801,663
12/1/2024
5,402,250
930,000 #
3,872,413
4,802,413
12/1/2025
5,672,363
980,000 #
3,825,913
4,805,913
12/1/2026
5,955,981
1,025,000 #
3,776,913
4,801,913
12/1/2027
6,253,780
1,080,000 #
3,725,663
4,805,663
12/1/2028
6,566,469
1,130,000 #
3,671,663
4,801,663
12/1/2029
6,894,792
1,190,000 #
3,615,163
4,805,163
12/1/2030
7,239,532
1,250,000 #
3,555,663
4,805,663
12/1/2031
7,601,508
1,310,000 #
3,493,163
4,803,163
12/1/2032
7,981,584
1,375,000 #
3,427,663
4,802,663
12/1/2033
8,380,663
1,445,000 #
3,358,913
4,803,913
12/1/2034
8,799,696
1,515,000 #
3,286,663
4,801,663
12/1/2035
9,239,681
1,595,000 #
3,210,913
4,805,913
12/1/2036
9,701,665
1,670,000 #
3,131,163
4,801,163
12/1/2037
10,186,748
1,755,000 #
3,047,663
4,802,663
12/1/2038
10,696,085
1,845,000 #
2,959,913
4,804,913
12/1/2039
11,230,890
1,935,000 #
2,867,663
4,802,663
12/1/2040
11,792,434.
2,030,000 #
2,770,913
4,800,913
12/1/2041
12,382,056
2,135,000 #
2,669,413
4,804,413
12/1/2042
13,001,159
2,240,000 #
2,562,663
4,802,663
12/1/2043
13,651,217
2,350,000 #
2,450,663
4,800,663
12/1/2044
14,333,778
2,475,000 #
2,327,288
4,802,288
12/1/2045
15,050,466
2,605,000 #
2,197,350
4,802,350
12/1/2046
15,802,990
2,745,000 #
2,060,588
4,805,588
12/1/2047
16,593,139
2,885,000 #
1,916,475
4,801,475
12/1/2048
17,422,796
3,040,000 #
1,765,013
4,805,013
12/1/2049
18,293,936
3,165,000 #
1,639,613
4,804,613
12/1/2050
19,208,633
3,295,000 #
1,509,056
4,804,056
12/1/2051
20,169,064
3,430,000 #
1,373,138
4,803,138
12/1/2052
21,177,518 `
3,570,000 #
1,231,650
4,801,650
12/1/2053
22,236,394
3,720,000 #
1,084,388
4,804,388
12/1/2054
23,348,213
3,915,000 #
889,088
4,804,088
12/1/2055
24,515,624
4,120,000 #
683,550
4,803,550
12/1/2056
25,741,405
4,335,000 #
467,250
4,802,250
12/1/2057
27,028,475
4,565,000 #
239,663
4,804,663
Total
469,597,981
81,535,000
89,585,684
171,120,684
Avg. Payment 2023-2057:
4,803,329
All -in True Interest Cost %:
4.31%
Surplus
remaining for Less Surplus for Less Surplus for
Operating Program Wage
Costs Maintenance Fund Supplementation
Less Net Remaining
Equipment for Annual
Replacement Operating
Fund Costs
1,895,834
94,792
0
0
1,801,043
343,338
17,167
0
0
326,171
599,838
29,992
0
0
569,846
866,450
431323
0
0
823,128
1,154,068
57,703
4611627
100,000
534,737
1,448,117
72,406
579,247
100,000
696,464
1,764,806
88,240
705,922
100,000
870,643
2,089,630
104,481
8351852
100,000
1,049,296
2,433,869
1211693
9731548
1001000
112381628
2,798,346
139,917
1,119,338
100,000
11439,090
3,178,921
158,946
1,271,568
100,000
11648,407
3,576,750
178,838
1,430,700
100,000
1,867,213
3,998,033
199,902
1,599,213
100,000
2,098,918
4,433,768
221,688
1,773,507
1001000
21338,573
4,900,502
2451F025
1,960,201
100,000
2,595,276
5,384,086
269,204
2,153,634
100,000
2,861,247
5,891,173
294,559
2,356,469
100,000
3,140,145
6,428,227
3211411
2,571,291
100,000
3,435,525
6,991,522
349,576
2,796,609
100,000
3,745,337
7,577,643
378,882
3,031,057
100,000
4,067,704
8,198,496
409,925
3,279,399
100,000
4,409,173
8,850,554
442,528
3,540,222
100,000
4,767,805
9,531,490
476,575
3,812,596
100,000
5,142,320
10,248,116
512,406
4,099,247
100,000
5,536,464
10,997,402
549,870
4,398,961
100,000
5,948,571
11,791,664
589,583
4,716,666
100,000
6,385,415
12,617,784
630,889
5,047,113
100,000
6,839,781
13,489,323
6741466
5,395,729
100,000
7,319,128
14,404,577
720,229
5,761,831
100,000
7,822,517
15,365,927
768,296
6,146,371
100,000
8,351,260
16,375,868
8181793
6,550,347
100,000
8,906,727
17,432,006
871,600
6,972,802
100,000
9,487,603
18,544,126
927,206
7,417,650
100,000
10,099,269
19,712,074
985,604
7,884,830
100,000
10,741,641
20,939,155
1,046,958
81-375,662
100,000
11,416,535
22,223,813
1,111,191
8,889,525
1001000
12,123,097
298,477,297
14,923,865
117,908,735
3,200,000
162,444,697
Prepared by: D.A. Davidson and Company - Public Finance Department - Phone 206-389-4062