Title
Receive and accept the County Administrative Office's report and recommendation regarding the transfer of the Debt Manager position from Auditor-Controller's Office to the County Administrative Office.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive and accept the County Administrative Office's report and recommendation regarding the transfer of the Debt Manager position from Auditor-Controller's Office to the County Administrative Office.
SUMMARY:
On December 22, 2016, the County Administrative Office (CAO) received a referral from the Monterey County Board of Supervisors to provide a report on the potential transfer of the Debt Manager Position from the Auditor-Controller's Office (A/C) to the CAO to allow for organizational efficiencies. The CAO has conducted analysis of the position and surveyed California counties as to their organizational placement of the debt administration function.
DISCUSSION:
The Chief Deputy Auditor-Controller assigned as the County Debt Manager is responsible for managing the county's existing debt as well as provide analysis for new financing. Some of the major responsibilities include payment of debt service, preparing and filing continuing disclosure documents, reconciling trust statements, monitoring credit markets, calculating debt limits to monitor compliance, assisting school districts with debt issuance and compliance with state and federal laws, making accounting entries to the county ERP software.
The CAO researched 12 counties and surveyed the placement of the debt administration functions within their organizations. Of the 12 counties, only three counties (San Mateo, Ventura, and Sacramento) had positions with debt management functions within divisions equivalent to the CAO. San Mateo and Ventura counties are larger than the County of Monterey, with a population nearly twice the size of Monterey County and an annual budget of $2.7 billion for San Mateo and $2.2 billion for...
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