Finance/Government Operations and Economic Development Committee

meeting

Loudoun County Board of Supervisors 3h 3m 4 speakers 2 agenda items transcribed 4 days ago official recording ↗

▲ 0

Transcript

jump: agenda · speakers · find in transcript

Transcript

Transcript generated automatically by AI and may contain errors.

What announcements and agenda items open the Finance, Government Operations, and Economic Development Committee meeting?

Matthew F. Letourneau 11:50

Good evening and welcome to the May Finance, Government Operations, Economic Development Committee meeting. I will now call the meeting to order. This room has a hearing loop. If you need hearing assistance, switch your hearing aids to telecoil mode. If you need a headset, we have those available as well. Please see the clerk to request one. um we for a couple things just for committee's awareness uh we are going to adjust the schedule slightly to accommodate a board member who may need to leave early and we're going to move the item number 12 which is human services non-profit as the first action item after the economic development and quarterly reports will likely take a dinner break around 7 to 7 30 depending on where we are at the agenda

Matthew F. Letourneau 12:32

And some exciting news today. I want to take a moment to recognize that all three credit rating agencies have affirmed Loudoun County's AAA bond ratings. So I'd like to thank Mr. Hemstreet, our budget and finance staff, Megan, all the team. for the work that they've done to help us as well as recognize the work that the board has done to uphold our longstanding fiscal policies. I will call out specifically that Moody's rating was based on quote, our strong and stable financial position and reserves. supported by the county's policies, proactive management, and solid leverage position. S&P highlighted our historically strong financial performance with available reserves exceeding 30 percent of expenditures, resulting from conservative revenue and expenditure assumptions, and our strong adherence to fiscal policies.

Matthew F. Letourneau 13:21

Fitch recognized our financial resilience and strong economic and demographic attributes. which include a strong population growth trend, large and diversified economy and favorable unemployment and educational attainment metrics. So some good news as we get into our meeting tonight. We have eight items proposed on our consent agenda, and they are item three, award authority increase information technology consulting services. Number four, award authority increase Oracle hosting solution. Item five, contract renewal public safety radio system maintenance and support services. Item six, contract award construction of the landfill entrance infrastructure. Item number seven, contract award fire and rescue station for Round Hill Station replacements.

Matthew F. Letourneau 14:06

Item eight, waiver of an affordable multifamily housing loan program requirement for an application submitted by Good Works LP and Green Street Housing LLC in the 2023-24 program year. Item number nine, disability services board annual report. Those were in your packet, and then I believe my office suggested one additional item, which is item 10, utilization of federal and state asset forfeiture funds with the sheriff's office.

Juli E. Briskman 14:37

I had some questions on item 10.

Matthew F. Letourneau 14:38

Okay, so you would like item 10. Off consent, all right. Then we will not do that one. The other nine would be proposed for consent. Mr. Sainz, I'll make the motion, you seconded? Okay. Any discussion on those nine items? Seeing none, all in favor say aye. Aye. Anyone opposed? The motion carries 5-0. All right, our first information item with Mr. Reiser and our Department of Economic Development.

Matthew F. Letourneau 15:17

The seat looks a little low.

Unknown 15:18

I was going to say, I was trying to get on the switch. I don't know. It's fine. It's fine. Good evening, and congratulations to everyone on the AAA credit ratings. I think that's just amazing. Through the end of April, we stand at 125 wins, 3,820 jobs, and just shy of $7 billion in new commercial investment for Loudoun County. February is the most recent month for local unemployment data. The rate was 2.2% unemployment rate for Loudoun County compared to 2.9 for Virginia and 3.8 for the U.S. Nationally, jobs increased by 175,000 in April, which is somewhat less than expected, but that was probably a good news for some economists as they think that that might get the Fed to look at rate cuts a little bit more before the end of the year.

Unknown 16:11

Recently, the Fed highlighted a lack of further progress toward bringing inflation down while holding interest rates at their highest level in two decades.