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County staff: no borrowing needed in 2014; commissioners review PAYGO, debt capacity and Spring Ridge timing
Summary
Finance staff told commissioners the county likely will not need to issue bonds in 2014; the board reviewed PAYGO needs, debt capacity and the timing of Spring Ridge spending, and directed staff to continue conservative planning and update cash-flow timing.
St. Mary's County finance staff told commissioners at the May 20 budget work session that, based on project timing, the county now projects no need to borrow in fiscal 2014 and instead will plan borrowing for 2015 and later years.
CFO Missy M. Kramer reviewed a six‑year capital funding plan showing planned PAYGO (pay‑as‑you‑go) transfers and general obligation bond needs. She said the largest FY14 PAYGO item is Spring Ridge, and that shifting Spring Ridge and other timing changes reduced projected borrowing in 2014. The presentation showed total bond authority…
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