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HomeMy WebLinkAbout091027[1]AGENDA Orange County Board of Commissioners October 27, 2009, 7:00 p.m. Southern Human Services Center 2501 Homestead Road Chapel Hill 7:00 - 9:00 Budget Work session ADJOURN FOR CLOSED SESSION Orange County Board of Commissioners To consider the qualifications, competence, performance, character, fitness, conditions of appointment, or conditions of initial employment of an individual public officer or employee or prospective public officer or employee, NCGS § 143- 318.11(a)(6). ORANGE COUNTY BOARD of COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 2, 2009 Action Agenda Item No. SUBJECT: Discussion of Capital Project Funding DEPARTMENT: Counter Managers Office PUBLIC HEARING: 1 Yes Financial Services Department ATTACH E T s = INFORMATION CONTACT: Capital Funding Update Marne, 'hone Number Gary Humphreys reys 9 9- 245 -2453 PURPOSE: To provide the Board an opportunity to review and discuss the status of capital project funding as it relates to upcoming update of the Capital Investment Plan. BACKGROUND: This work session provides the Board with an update of certain factors which will impact the upcoming Capital Investment plan and budget for County and School capital projects. • Status of funds allocated for unmet project funding Managers two year plan) 0 Review of Known Impacts on 2010-11 Budget 0 Impact of increasing debt service • Review prior capital funding allocation • Funding required to meet existing capital commitments • Listing of Projected New Financings • Review of Updated Debt Capacity Projections The update of the Debt Capacity projections highlights changes in the debt capacity outlook which occur as the result of slower growth in the County' s major revenue sources. Property Taxes which make up approximately o of the General Fund budget will grog more slowly as a result of the slowdown in development and the Board's decision to hold property tax rates revenue neutral in F 2010. The debt capacity projections assume that there will be small increases in future property tax rates. The state's projections of sales tax revenue show a continued* decline through next fiscal year. We have assumed a further decline in Bales tax revenue of approximately 2% which is loss than the states projected 3 -4% decline. The slower growth in the budget negatively impacts the growth of pay as you 90 revenues available for capital projects. It also impacts the ability to pay for additional debt financing and remain within the county's debt policy of maintaining debt service payments a t 15% or less of the General Fund budget. The 11 1 % `policy adopted by the Board is not an arbitrary amount. It is the upper range of credit rating agency expectations for strong municipal credits. Orange County should strive to meet the policy as part of maintaining Its current favorable credit rating. FINANCIAL IMPACT: As presented In the attached materials currently Identified impacts result In a reduction of over $3.5 million In resources available for the FY 2011 budget. The major factor involved is the increase in debt service of $3.7 million. 'Debt previously issued causes $2.5 million of this increase with the remaining $1.2 million. corning from debt projected to be issued in the latter parr. of FY201 . RECOMMENDATION(S)a. 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