A resolution requesting that the Mayor’s Office and the Metropolitan Department of Finance fully and regularly apprise members of the Metropolitan Council, through Vice Mayor Jim Shulman, of the intended response to requests and concerns submitted August 6, 2019 by the Tennessee Comptroller of the Treasury.
WHEREAS, the Tennessee Comptroller of the Treasury submitted correspondence on August 6, 2019 addressed to both Mayor David Briley and to the Member of the Metropolitan Council; and
WHEREAS, in his correspondence, the Tennessee Comptroller acknowledged a request from the Metropolitan Government of Nashville and Davidson County, dated July 31, 2019, for the retroactive approval of tax anticipation notes (TANs) for fiscal year 2020 in the total amount of $220,000,000, as well as a request for approval to issue TANs for fiscal year 2020 in the total amount of $80,000,000; and
WHEREAS, the Tennessee Comptroller further stated, “Metro issued the retroactive TANs prior to seeking or receiving approval from the Comptroller” as required under Tennessee law; and thereafter noted, “We are in the process of discussing a number of fiscal concerns that need to be clarified or addressed.”; and
WHEREAS, the correspondence from the Tennessee Comptroller approved the interfund tax anticipation notes in the total amount of $300,000,000, but conditioned approval upon receipt by September 20, 2019 of (1) updated cash flow forecasts for all borrowing and Lending Funds, and (2) a summary explanation of the impact of the sale of assets, including property and parking rights, on the fiscal year 2020 budget as well as the status of those sales; and
WHEREAS, in addition, the Tennessee Comptroller requested “that the Metro Council provide our office with a cash management policy”, and offered guidance regarding adoption of such policy; specifically, the adoption of minimum cash balances; and
WHEREAS, because the Tennessee Comptroller specifically addressed requests and concerns to the Metropolitan Council (as well as to the Mayor), it is incumbent upon the Council to be responsive to the Comptroller – whether in conjunction with, or separate from, the Mayor’s Office; and
WHEREAS, by virtue of the election cycle established under Article 15 of the Charter of the Metropolitan Government of Nashville and Davidson County, several members of the Metropolitan Council will leave office after August 31, 2019. Moreover, several District Council seats, At-Large vacancies, and the Office of Mayor remain to be determined through run-off elections scheduled September 12, 2019; and
WHEREAS, during this transitional electoral period, it is fitting and proper that the Metropolitan Council take appropriate steps to ensure that Council members who will remain in, or otherwise assume office, in September 2019 be kept fully apprised of the intended response by the Mayor’s Office and the Metropolitan Department of Finance to the Comptroller’s requests and concerns.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1: The Metropolitan Council hereby goes on record as requesting that the Mayor’s Office and the Metropolitan Department of Finance fully and regularly apprise, and coordinate with, Vice Mayor Jim Shulman, as presiding officer of the Metropolitan Council, regarding the intended response to the requests and concerns submitted by the Tennessee Comptroller of the Treasury well in advance of responsive deadlines.
Section 2: The Metropolitan Clerk is directed to prepare a copy of this Resolution to be sent to Justin P. Wilson, Comptroller of the Treasury, and to Mayor David Briley.
Section 3: This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.
Bob Mendes, Jonathan Hall
IntroducedAugust 20, 2019
ReferredBudget and Finance Committee
AdoptedAugust 20, 2019
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.
Last Modified: 08/23/2019 3:22 PM