Local governments routinely borrow funds to pay for multi-million-dollar capital projects that have a long-term useful life. By issuing debt for a project with a useful life of 20-30 years, future residents pay a pro-rata share for resources they use.
Through the county’s finance committee and financial advisor, the debt portfolio is evaluated regularly for opportunities to generate savings through debt restructuring.
After embarking upon an aggressive debt restructuring program in 2010, over $531.2 million in general governmental debt has been refinanced. As a result, the cost of borrowing has been reduced by $3,071,488 annually.
Learn more at CollierClerk.com.
– Crystal K. Kinzel, Clerk of the Circuit Court and Comptroller