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Wayne County Executive Warren C. Evans today announced he will veto an amendment by County Commission to his proposed budget for the 2018-19 fiscal year, which would increase the stipend paid to Medicare eligible retirees by $15 per month per person. This amendment will result in increasing the County’s unfunded OPEB liability by an estimated $5.6 million. The County Commission approved the County’s budget which included the amendment by a vote of 13-2
DETROIT - Today, Wayne County took another step toward breaking ground on a new criminal justice center as it closed on its bond sale, which will raise $315 million toward the criminal project on East Warren Avenue. Work on the criminal justice center is expected to begin in October as Rock Ventures’ demolition of the unfinished Gratiot jail continues.
DETROIT - On Wednesday, Wayne County priced bonds through the Michigan Finance Authority, raising $315 million for a portion of the County’s $380 million contribution toward the new criminal justice center project on East Warren Avenue. The tax-exempt fixed rate bonds mature over 30 years with an interest rate of 3.91%.
DETROIT – A federal judge has denied a temporary restraining order and preliminary injunction that sought to prevent the sale and issuance of bonds to finance Wayne County’s $533 million criminal justice center project. Judge Bernard A. Friedman, issued the order on July 25th after hearing oral arguments, clearing the way for Wayne County to issue bonds to finance the project.
CHICAGO (S&P Global Ratings) June 1, 2018--S&P Global Ratings raised its ratings two notches to 'BBB+' from 'BBB-' on debt issued by and on behalf of Wayne Charter County (Wayne County), Mich., reflecting the county's limited-tax general obligation (GO) pledge. The outlook remains positive. "The two-notch upgrade reflects our view of the county's continued maintenance of structurally balanced operations, and that it is well positioned to be able to maintain structural balance even as operating and fixed costs are set to grow in the near term," said S&P Global Ratings credit analyst John Sauter. "We attribute the return to structural balance to substantial cost-cutting measures, mostly stemming from the recent consent agreement and recovery plan, but also to improved fiscal and operational management," said Mr. Sauter. Reductions to health care (current and postemployment) and pensions, combined with increased support from the delinquent tax revolving fund, led to a series of general fund surpluses and helped the county build up its reserves and begin improving its pension funded position. As anticipated, however, expenditure growth is picking up quickly (including new costs coming into the budget) while revenues remain constrained. We feel the county is now moving into a more normal operating environment.
DETROIT – Wayne County’s General Obligation bonds are now considered “investment grade” by Standard & Poor’s Global Ratings. The ratings agency upgraded the bonds to BBB- as part of an overall reassessment of ratings following S&P’s revision of its methodology.
DETROIT – For the second straight year, Wayne County is projecting a general fund operating budget surplus of approximately $44 million for the fiscal year 2015-16 based on preliminary numbers from the Department of Management and Budget.
DETROIT – For the first time in eight years, Wayne County’s fiscal year ending Sept. 30, 2015, had an available General Fund surplus of $5.7 million. This surplus was confirmed for the 2014-2015 fiscal year by the Comprehensive Annual Financial Report (CAFR) submitted to the State of Michigan. This surplus was the direct result of actions taken by Wayne County Executive Warren C. Evans’ Administration.
DETROIT – Wayne County Executive Warren C. Evans’ financial turnaround for Wayne County received another boost after an Actuarial Valuation shows the County’s pension fund is now 54 percent funded. Up from 44 percent just two years ago, this increase is the result of benefit modifications achieved through Executive Evans’ Recovery Plan, which reduced accrued liabilities by $120 million as well as eliminating the Inflation Equity Fund and transferring those assets to the pension system.
DETROIT– As part of the comprehensive “Recovery Plan” to stabilize Wayne County finances and eliminate deficits, County Executive Warren C. Evans’ administration dramatically reduced its total retiree health care liability by 64% from $1.325 billion in 2014 to just $471 million in 2015. Retiree health care liabilities were expected to spike in 2015 to $1.8 billion, if no remedial measures were taken.
DETROIT—Moody’s Investor Services’ general obligation limited tax (GOLT) debt outlook for Wayne County is now stable according to a Credit Opinion issued February 19, 2016, reversing a previously negative rating.
DETROIT – Today, Wayne County Executive Warren C. Evans announced he has received formal notification from State of Michigan Treasurer Nick Khouri approving the County’s request to be released from the Consent Agreement. This exit from the Consent Agreement comes about 14 months after the County entered into its agreement with the State. After reviewing the County’s progress, Khouri determined the County complied with terms of the agreement by eliminating its structural deficit and restoring its overall financial stability.
DETROIT – Today Wayne County Executive Warren C. Evans submitted to the Wayne County Commission his proposed two-year Comprehensive Executive Budget; a balanced plan that builds on the progress of last fiscal year and strengthens the foundation for the County’s longterm fiscal stability. The proposed budget covers FY 2016-17 and FY 2017-18 and each budget totals $1.5 billion.
DETROIT—Fitch Ratings, Inc upgraded Wayne County’s Bond Rating from “B” to “BB+”. This is a four notch upgrade which is quite uncommon. This upgrade is a reflection of the progress Wayne County has made toward eliminating its financial distress by implementing the Recovery Plan that realigns expenditures and long-term liabilities to match revenue. The improved rating is expected to make it possible for the County to borrow the money necessary to complete work at the Gratiot Jail Site and at a lower interest rate
DETROIT – Today, Wayne County announced that the architect of its financial turnaround and Recovery Plan, Chief Restructuring and Financial Officer Tony Saunders, will resign from his County position in order to launch a turnaround and private equity firm. Saunders will remain in his current role with the County as it seeks his replacement.
DETROIT – Wayne County Executive Warren C. Evans today announced the selection of Henry M. Dachowitz as the County’s new Chief Financial Officer (CFO). Dachowitz brings over 40 years of experience as a finance professional to the position, including four years as Treasurer of Nassau County, New York, where he led a nationally-recognized financial turnaround.
DETROIT – Wayne County Executive Warren C. Evans today announced a tentative agreement with Rock Ventures to build a new $533 million criminal justice center, providing the County with four state-of-the-art buildings as a solution to its long-stalled Gratiot jail project. As part of the deal, the County would invest $380 million with Rock covering the remaining costs and any overruns.
DETROIT – Today, Wayne County Executive Warren C. Evans asked the Regional Transit Authority of Southeast Michigan for feedback on a new draft transit plan and to consider placing it on the November ballot for voter approval.
DETROIT—Wayne County’s Bond Rating has improved from “BB+” to “BBB-” according to Fitch Ratings, Inc. This upgrade, just one year after Fitch upgraded Wayne County’s credit rating four notches, means Wayne County bonds are now rated as investment grade. The improved rating could lower the cost to borrow the money necessary to complete the jail project and other necessary long-term projects.
DETROIT – For the third-straight year, Wayne County Executive Warren C. Evans submitted a balanced budget to the Wayne County Commission. The proposed fiscal year 2017-18 budget totals $1.459 billion, compared to the 2016-17 county budget of $1.494 billion. Building on the success of his administration’s two previous budgets, Evans budget includes a planned surplus of $4.23 million.
DETROIT – Wayne County Executive Warren C. Evans today provided an update on the status of the two proposals to address the County’s unfinished jail project. On June 28th, the County received proposals from Walsh Construction to finish building the jail on the Gratiot site and from Rock Ventures to build the County a new criminal justice center on an alternative site.
DETROIT – Wayne County Executive Warren C. Evans today announced a tentative agreement with the City of Detroit and Mayor Mike Duggan for the acquisition of land needed to proceed with Rock Ventures’ proposal to build a new criminal justice complex. Under the agreement, the County would acquire part of the DDOT property bounded by the I-75 Service Drive and E. Warren Ave. In exchange, the City would acquire the former American Motors Corp. (AMC) headquarters on Detroit’s Westside, which is currently owned by the County.
DETROIT – Today, Wayne County announced that it does not intend to complete the unfinished jail at Gratiot as Wayne County and Rock Ventures move closer to reaching agreement on a deal that would result in a new criminal justice center near I-75 and Warren Ave. Negotiations continue, and tentatively include having Rock Ventures pay a previously approved $500,000 stipend to Walsh Construction for submitting a response to the Request for Proposals (RFP) to finish the partially constructed jail.
DETROIT — Today, based on the recommendation of Wayne County Executive Warren C. Evans and Corporation Counsel, the Wayne County Commission approved a settlement with AECOM and Ghafari, the original design engineers/architects for the Gratiot Jail site. The agreement provides Wayne County with a $2.5 million payment from AECOM and Ghafari, dismissal of all counter-claims against the County and the Building Authority and undisputed ownership of all design documents including documents outlining a new design for a Gratiot jail. These documents are essential for the County to move forward with completing the jail.
DETROIT – This morning Wayne County Executive Warren C. Evans submitted to the Wayne County Commission a $1.54 Billion Comprehensive Executive Budget for FY 2015-16 which covers the period of October 1, 2015 to September 30, 2016, and a projected budget for the FY 2016-17.