Conway MacKenzie was engaged by the general obligation warrant insurers (“GOs”) of a large county.
Conway MacKenzie was engaged to evaluate the county’s budget and to assist the GOs in preparing to evaluate a potential Plan of Adjustment. The key issues facing the county include the following: (1) insolvency of the sewer fund due to excess debt as a result of mismanagement and fraud related to a large overhaul of sewer system infrastructure, (2) cash losses from the operation of a county hospital, (3) loss of county’s Occupational Tax that had been in place but was ruled unconstitutional by the state’s supreme court and (4) county management of the expectation of a large number of stakeholders and creditors including (i) general obligation warrant holders, (ii) sewer warrant holders, (iii) school warrant holders, (iv) trade creditors, (v) county residents, (vi) indigent population that rely on the county hospital, (vii) county employees, and (viii) numerous other political individuals and organizations.
As a result, the GOs were able to vigorously represent and protect their interests and investments with the county.
Conway MacKenzie served as the operational restructuring advisory to a large municipality with $2.5 billion in revenue and $18 billion in liabilities.
Conway MacKenzie assisted the municipality in evaluating, developing, negotiating and executing the short and long-term operational restructuring actions the Municipality undertook to achieve improved service delivery, structural cost savings, enhanced revenue generation and eliminating the deficit. Key areas of focus for Conway MacKenzie included: (1) General Fund departments with significant revenues, expenditures, and/or outstanding A/R balances, (2) Enterprise Fund departments with significant subsidies from the General Fund, (3) common processes impacting departments across the Municipality (e.g. collections, finance, treasury, IT, HR, etc.), (4) redundancies across departments/agencies.