HomeMy WebLinkAboutAgenda - 09-14-2010 - 1' ORANGE COUNTY
BOARD OF COMMISSIONERS
•
ACTION AGENDA ITEM ABSTRACT
Meeting Date: September 14, 2010
Action Agen i
Item No.
SUBJECT: Work Session to discuss a new format for the County's Capital Investment Plan
(CIP), including revisions to the existing Capital Funding Policy and Debt
Management Policy -
DEPARTMENT: Manager & Financial Services PUBLIC HEARING: (Y/N) No
ATTACHMENT(S):
Attachment 1: Draft of the 2011-16
Orange County Capital
Investment Plan
•
INFORMATION CONTACT:
Frank Clifton, County Manager,
245-2300
Clarence Grier, Financial Services,
(919) 245-2453
Michael Talbert, Financial Services,
(919) 245-2153
PURPOSE: To review and discuss proposed changes in format for the County's Capital
Investment Plan, including changes in the Capital Funding Policy and Debt Management Policy
included in the CIP.
BACKGROUND: For over 20 years the County has produced a Capital Improvement Plan that
establishes a program of improvements for the County as well as Schools. The CIP was
originally prepared as a 5 year planning document that was re-evaluated annually to include
year-to-year changes in priorities, needs, and available resources. Over the years the CIP
evolved to a 10 year plan and the name was changed to the Capital Investment Plan. The CIP
has evolved over the years to also include a Capital Funding Policy and Debt Management
Policy. The 2008-18 Capital Investment Plan was the most recent 10 year CIP approved by the
Board.
North Carolina and Orange County are adjusting to the new economic realities of life after a
recession and slow economic growth for the foreseeable future. The assumptions made with
regard to funding sources are no longer valid. The growth assumptions of state shared
revenues and revenues generated from economic activity are no longer valid. Historical trends
are no longer reliable to forecast future economic activity. Life as we knew it in 2008 has
changed.
• Orange County is evolving into what will be the new normal. As we make this transition we are
recommending changes to both the format and policies included in the CIP. Outlined below are
the highlights of those changes:
a
CIP Recommended Format Changes:
1. Migrating back to a 5 year plan from the existing 10 year CIP. •
2. Changing the presentation date of the CIP to the Board to January.
3. Including County Capital, Solid Waste, and Schools Capital into one CIP.
4. Including a schedule of Active County Capital Projects.
5. Including Capital Reserve Balances.
6. Including a Debt Service and Debt Capacity Schedule.
Capital Funding Policy Recommended Changes:
1. Changing to a 5 year plan from a 10 year CIP.
2. Raising the minimum amount to be included in the plan to $100,000.
3. Eliminating Public School Building Capital Funds as a revenue source.
4. Changing the procedure for the budget and use of Lottery Proceeds. •
5. Eliminating the Construction Management section.
6. Eliminating Equipment and Vehicle Financing from the Recurring Capital section.
Debt Management Policy Recommended Changes:
1. Changing the Undesignated Fund Balance section to include a recommended
undesignated fund balance range of between 15% and 20% percent.
2. Updating the language in the Capital Reserve Fund section.
3. Updating the County's Bond Ratings section.
4. Changing to a 5 year plan from a 10 year CIP
5. Adding language that includes an annual review of the CIP.
FINANCIAL IMPACT: There is no financial impact associated with changing the format of the
County's Capital Investment Plan and updating the Capital Funding Policy and Debt •
Management Policy.
•
•
RECOMMENDATION(S): The Manager recommends the Board review and discuss the
proposed change in format of the County's Capital Investment Plan. Provide direction to staff
on next steps relating changes in the Plan format and Capital Funding Policy and Debt
Management Policy included in the CIP.
•
~`t~CIY"YL- ~.. 4
Oran a Count
g Y
2011-16 Capital Investment Plan
Table of Contents
Purpose & Overview
Capital Funding Policy (old & new draft)
Debt Management Policy (old & new draft)
Summaries
Orange County Capital Investment Plan
County Capital Projects Summary
County Capital Operating Impact Summary
Solid Waste Projects Summary
Schools Capital Projects Summary
Requested County Capital Projects
ABC
Requested Schools Capital Projects
Chapel Hill Carrboro City Schools
Orange County Schools
Appendices
Active County Capital Projects
Capital Reserve Funds Balances
County Debt Service and Debt Capacity Schedule
•
Adopted 04/24/2007
Orange County Board of Commissioners
• Approved
Capital Funding Policy
Preamble
This capital funding policy is the product of extensive analysis and deliberation. The intent
of this policy is to reflect greater priority than there has been historically on providing
funding for County projects, with particular emphasis directed at enhanced upkeep of
existing County facilities. The policy reflects the implementation of the Board of
Commissioners' resolution of November 16, 2004 that the Board "does hereby adopt in
principle a policy of allocating a target of 60 percent of capital expenditures for school
projects and 40 percent of capital expenditures for county projects over the decade
beginning in calendar year 2005". This policy continues the County's principle and
historical practice of funding all School and County related debt service obligations before
allocating any other School or County capital funds for other purposes.
Long Range Capital Investment Plan
During October of each fiscal year, the County Manager shall present, to the Board, ten-
year County and School capital needs and funding plans in the form of a Capital
Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing
on the Manager's Recommended CIP during November and subsequently adopt aten-
• year Capital Investment Plan (CIP).
The first year of the adopted ten-year Capital Investment Plan shall become the basis for
the annual capital budget and incorporated into the next annual operating budget
recommended by the County Manager.
County and School recurring capital needs will be identified and reviewed during each
annual operating budget cycle, and recurring capital appropriations will be approved by the
Board of Commissioners as an element of each annual Orange County Budget
Ordinance.
The ten-year plan for long-range capital funding shall include:
• Anticipated County capital expenditures costing $25,000 or more (excluding
equipment)
• Anticipated school capital expenditures costing $50,000 or more (excluding equipment)
• Equipment costing $5,000 or more
Sources of Funds
The County will allocate the following sources of funds for County and School debt service
• and long-range and recurring capital:
• All proceeds from the Article 40 and Article 42 half-cent sales taxes.
(The North Carolina General Statutes require that 30 percent of the An`icle 40
(NCGS§105-487(a)) and 60 percent of the Article 42 (NCGS§105-502(a)) sales tax
5
Adopted 04/24/2007 I)
revenue be earmarked for public schoo/ capital outlay as defined in NCGS§905-426(1) '
or to retire any indebtedness incurred by the county for these purposes)
• School Construction Impact Fees for each school system. •
• Public School Building Capital Fund monies
• Property tax revenue sufficient to pay all debt service on remaining 1988,1992, 1997,
or 2001 bonds, or refinancings thereof, as well as alternative financing programmed in
the debt issuance schedule approved by the Board on May 5, 2004 and any
subsequent updates to that schedule as the Board may approve.
• It is the intent of the Board of County Commissioners to dedicate the equivalent of four
cents on the annual ad valorem property tax to funding recurring capital expenditures
for schools (three cents) and county (1 cent). However, there will be times when the
County will be bound fiscally and unable to achieve full funding. During those times,
Commissioners may find it necessary to depart from the Policy. During the 2008-18
Capital Investment Plan development process, the Board will consider a timetable for
.phasing in the additional two-cents necessary to fully the recurring capital component
of this policy.
(This 4-cent rate may, but need not, be adjusted with each quadrennial revaluation to a
"revenue neutral" earmarking)
• Beginning in fiscal year 2007-08, the County will budget NC Education Lottery
proceeds "in arrears" -meaning that funds will be budgeted in the year after the State
distributes them. For example, lottery proceeds distributed to the County during the
upcoming 2007-08 fiscal year would be budgeted the following fiscal year, 2008-09. •
Debt Service
All County and School related debt service obligations would be funded prior to allocation
of programmed funding for any other capital purposes.
All proceeds from annual allocations of North Carolina Public School Building Capital
Funds will be earmarked explicitly to pay for eligible school debt service.
Orange County Schools' impact fees will be earmarked explicitly to pay for debt service on
projects that involved the construction of new school space in the Orange County Schools
system. Chapel Hill-Carrboro City Schools' impact fees will be earmarked explicitly to pay
for debt service on projects that involved the construction of new school space in the
Chapel Hill-Carrboro City Schools system.
NC Education Lottery Proceeds
Beginning in fiscal year 2008-09, each school district will have the option to dedicate its
share of the annual NC Education Lottery monies either (1) to repay debt service for debt
issued after fiscal year 2006-07 to address school facility renovation needs or (2) as an
additional revenue to the districts pay-as-you-go funding to address school facility
renovation needs. If either district chooses to dedicate Lottery proceeds to repay debt
service, Lottery proceeds, sufficient to cover annual debt payments for principal and •
interest, will be dedicated for the life of the financing.
Adopted 04/24/2007
' Beginning in fiscal year 2008-09, during the first quarter of each year, County staff will
• request, from the State, the amount of monies accumulated in the Lottery fund for both
school districts with the intent of expending those funds during the fiscal year for either
debt service payments or individual School capital projects as .identified by each districts
during their annual update of their ten-year capital plan.
Allocation
With the exception of the revenues earmarked for School and County recurring capital and
the Construction Management function, the net proceeds of all programmed revenue
sources after debt service obligations have been satisfied will be allocated on the basis of
60% to schools and 40% to the County.
Capital funding for each ten-year capital planning period will be allocated between the two
school systems based on certified student membership as of November 15 each year.
Capital Project. Ordinances -Form and Purpose
All funds allocated to capital projects are to be accounted for in a Capital Project Fund as
authorized by a Board of County Commissioner approved Capital Project Ordinance.
The Capital Project Ordinance will include a detailed break down of each major cost
category related to the project.
• In accordance with the Board of County Commissioners November 2000 adopted "Policy
on Planning and Funding School Capital Projects", whenever School capital project bids
are either higher or lower than originally projected, or any other factor affecting the project
budget occurs, the affected school system is expected to work with County Management
and Budget staff to present revised capital project ordinances for adoption by the Board of
Commissioners. The same expectations shall be applicable for changes to County Capital
project budgets.
Community Use of Schools
It is the intent of the Board of County Commissioners to evaluate each new proposed
school in both School Districts for joint community use opportunities, including, but not
limited to, park and recreation use.
Recurring Capital
As outlined in the "Sources of Funds" section of this policy, recurring capital funding for the
Schools and County will be based on the estimated proceeds of 4 cents on the annual
General Fund property tax rate. The proceeds from 3 cents will be earmarked for schools,
with funds allocated to each school system for the next fiscal year based on each system's
respective share of the student membership as of November 15 immediately preceding
the next fiscal year. Proceeds from 1 cent on the tax rate will be earmarked for County
recurring capital needs.
• With regard to County Equipment and Vehicle acquisitions accomplished using third party
financing, the Board of County Commissioners will determine the source of funding to
repay the associated debt service at the point that the Board approves the financing
arrangement.
Adopted 04/24/2007
8
Construction Management Function •
Beginning with the 2005-06 fiscal year, the Board of Commissioners will appropriate
funding to establish a Construction Management function to oversee County and School
capital projects. In fiscal years 2005-06 through 2007-08, $100,000 will be allocated
annually to fund this function. The source of funding for the Construction Management
function will be split on a 60/40 basis with each school district sharing the schools portion
of funding (60%) in accordance with certified student membership as of November 15
each year. Each entity's share of this function will be deducted from its share of long-
range capital funding prior to allocating capital funds.
Schools Adequate Public Facilities Ordinance
Orange County's Schools Adequate Public Facilities Ordinance (SAPFO) and Memoranda
of Understanding (MOUs) between the County and its municipal and school partners
establish the machinery to assure that, to the extent possible, new development will take
place only when there are adequate public school facilities available, or planned, which will
accommodate such new development. The Board of County Commissioners is committed
to the principle that new school space documented as needed through the annual SAPFO
technical-review process will be reflected in the next adopted CIP, and will be funded so
as to be constructed to be available before the relevant level of service threshold is
exceeded.
Rescission
This policy rescinds the Orange County Board of Commissioners Capital Funding Policy, •
as originally approved on December 7, 1996 and as amended on February 3, 1998 and
June 23, 2005.
Approved April 24, 2007.
Draft 9
Orange County Board of Commissioners
• Approved
Capital Funding Policy
Preamble
This capital funding policy is the product of extensive analysis and deliberation. The intent
of this policy is to reflect greater priority than there has been historically on providing
funding for County projects, with particular emphasis directed at enhanced upkeep of
existing County facilities. The policy reflects the implementation of the Board of
Commissioners' resolution of November 16, 2004 that the Board "does hereby adopt in
principle a policy of allocating a target of 60 percent of capital expenditures for school
projects and 40 percent of capital expenditures for county projects over the decade
beginning in calendar year 2005". This policy continues the County's principle and
historical practice of funding all School and County related debt service obligations before
allocating any other School or County capital funds for other purposes.
Long Range Capital Investment Plan
During January of each fiscal year, the County Manager shall present, to the Board, five-
year County and School capital needs and funding plans in the form of a Capital
Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing
on the Manager's Recommended CIP during March and subsequently adopt afive-year
• Capital Investment Plan (CIP) as part of the annual operating budget in June.
County and School recurring capital needs will be identified and reviewed during each
annual operating budget cycle, and recurring capital appropriations will be approved by the
Board of Commissioners as an element of each annual Orange County Budget
Ordinance.
The five-year plan for long-range capital funding shall include anticipated County and
School capital expenditures costing $100,000 or more.
Sources of Funds
The County will allocate the following sources of funds for County and School debt service
and long-range and recurring capital:
• All proceeds from the Article 40 and Article 42 half-cent sales taxes.
(The North Carolina General Statutes require that 30 percent of the Article 40
(NCGS§105-487(a)) and 60 percent of the Article 42 (NCGS§105-502(a)) sales tax
revenue be earmarked for public school capital outlay as defined in NCGS§105-426(1)
or to retire any indebtedness incurred by the county for these purposes)
• School Construction Impact Fees for each school system.
• Property tax revenue as needed and approved by the Board.
•
10
Draft
• It is the intent of the Board of County Commissioners to dedicate the equivalent of four
cents on the annual ad valorem property tax to funding recurring capital expenditures •
for schools (three cents) and county (1 cent). There will be times when the County will
be bound fiscally and unable to achieve full funding. During those times,
Commissioners may find it necessary to depart from the Policy.
(This 4-cent rate may, but need not, be adjusted with each quadrennial revaluation to a
"revenue neutral" earmarking)
The County will budget NC Education Lottery proceeds as the revenues are distributed
by the State each quarter, once the revenues are identified for an individual school
capital project and requested by each district.
Debt Service
All County and School related debt service obligations would be funded prior to allocation
of programmed funding for any other capital purposes.
Orange County Schools' impact fees will be earmarked to pay for debt service on projects
that involved the construction of new school space in the Orange County Schools system.
Chapel Hill-Carrboro City Schools' impact fees will be earmarked to pay for debt service
on projects that involved the construction of new school space in the Chapel Hill-Carrboro
City Schools system. These expenditures will be tracked and verified by each district
annually.
NC Education Lottery Proceeds •
Each school district will have the option to dedicate its share of the annual NC Education
Lottery monies to address school facility renovation needs or as additional revenue to the
districts pay-as-you-go funding to address school facility renovation needs. Annually
either district can request that the County dedicate Lottery proceeds to repay debt service
and the county will substitute pay-as-you-go-funding to expedite approved capital projects
in the schools capital improvement plan.
Allocation
Capital funding for each five-year capital planning period will be allocated between the two
school districts based on the student membership planning allotments, provided by the NC
Department of Public Instruction each fiscal year.
Capital Project Ordinances -Form and Purpose
All funds allocated to capital projects are to be accounted for in a Capital Project Fund as
authorized by a Board of County Commissioner approved Capital Project Ordinance.
The Capital Project Ordinance will include a detailed break down of each major cost
category related to the project.
•
Draft
In accordance with the Board of County Commissioners November 2000 adopted "Policy
on Planning and Funding School Capital Projects", whenever School capital project bids
are either higher or lower than originally projected, or any other factor affecting the project.
budget occurs, the affected school system is expected to work with County Management
and Budget staff to present revised capital project ordinances for adoption by the Board of
Commissioners. The same expectations shall be applicable for changes to County Capital
project budgets.
Community Use of Schools
It is the intent of the Board of County Commissioners to evaluate each new proposed
school in both School Districts for joint community use opportunities, including, but not
limited to, park and recreation use.
Recurring Capital
As outlined in the "Sources of Funds" section of this policy, recurring capital funding for the
Schools and County will be based on the estimated proceeds of 4 cents on the annual
General Fund property tax rate. The proceeds from 3 cents will be earmarked for schools,
with funds allocated to each school system for the next fiscal year based on each system's
respective share of the student membership. Proceeds from 1 cent on the tax rate will be
earmarked for County recurring capital needs.
Schools Adequate Public Facilities Ordinance
• Orange County's Schools Adequate Public Facilities Ordinance (SAPFO) and Memoranda
of Understanding (MOUs) between the County and its municipal and school partners
establish the machinery to assure that, to the extent possible, new development will take
place only when there are adequate public school facilities available, or planned, which will
accommodate such new development. The Board of County Commissioners is committed
to the principle that new school space documented as needed through the annual SAPFO
technical review process will be reflected in the next adopted CIP, and will be funded so
as to be constructed to be available before the relevant level of service threshold is
exceeded.
Rescission
This policy supersedes any policy in place prior to this date.
Approved , 2010.
11
•
12
• ORANGE COUNTY BOARD OF COMMISSIONERS
DEBT MANAGEMENT POLICY
The County has long recognized the importance of proper long-range planning in
order to meet capital improvement needs as they arise without experiencing
dramatic impacts on operational cost and debt service. The following policy
statements will provide guidance on the issuance of dept to help insure that the
County maintains a sound debt position and that its credit quality is protected. In
conjunction with the County's Capital Policies, these policy° st~~tements rationalize
the decision making process, identify objectives for staff to implement, and
demonstrate a commitment long term financial planning objectives. In addition,
this debt management policy will allow for an appropriate balance between the
establishing debt parameters and providing flexibility to respond to unforeseen
circumstances and new opportunities.
POLICY STATEMENTS
Purpose and Type of Debt
1. Incurrence of debt or long-term borrowing will only be used for the purpose of
providing financing for capital projects to include, but not be limited to:
• a. Construction of new School and County facilities
b. Renovation and repair of existing School and County facilities
c. Acquisition of real property (land and/or buildings)
d. Construction or expansion of Sanitary Sewer Systems
e. Providing funds for Affordable Housing Projects
f. Construction, acquisition and development of Parks
g. Purchase of major equipment
Debt issuance will not be used to finance current operations or normal
maintenance.
2. The types of debt instruments to be used by the County include:
a. General Obligation Bonds
b. Bond Anticipation Notes
c. Installment Purchase Agreements (private placement)
d. Special Obligation Bonds (landfill only)
e. Certificates of Participation, when feasible
f. Revenue Bonds
3. All debt issued, including installment purchase methods, will be repaid within
a period not to exceed the expected useful life of the improvements or
equipment financed by the debt.
. 4. The County will not issue tax or revenue anticipation notes.
13
Purpose and Type of Debt (continued) •
5. The County will not issue bond anticipation notes with maturities in excess of
one year.
6. The County will strive to maximize the use of pay-as-you-go financing for
capital improvements.
Issuance of Debt
7. The County will strive to issue bonds no more frequently than once in any
fiscal year. The scheduling of bond sales and installment purchase decisions
and the amount of bonds be sold and installment financing to be sought will
be determined each year by the County Commissioners. These decisions will
be based upon the identified cash flow requirements for each project
financed, market conditions, and other relevant factors. These factors will be
ascertained from the school systems and County departments. If cash needs
for bond projects are insignificant in any given year, the Board may choose
not to issue bonds. Instead, the Board may fund up from project costs and
reimburse these costs when bonds are sold. In these situations the Board
will adopt Reimbursement Resolutions prior to the expenditure of •
project funds.
8. The County will seek level or declining debt repayment schedules and will
avoid issuing debt that provides for balloon principal payments reserved at
the end of the term of the issue.
9. The County will avoid over-reliance on variable rate debt. Variable rate debt
will only be considered. when market conditions favor this type of
issuance. When variable ,rate debt is considered, careful analysis will be
performed and techniques applied that will ensure that the County's
sounds debt position will be maintained. At no time will variable rate
debt exceed 20% of the County's total outstanding debt.
10. The County is required by Statute to issue general obligation debt through a
competitive process. The competitive process will also be used for other debt
issuance unless time factors, interest rates or other factors make it more
favorable to the County to use a negotiated process.
11. In the planning process for debt issuance the County will assess the
need to maintain it's "Bank Qualification" if installment purchase
financing is being considered.
•
14
• Level of Debt
12. The County will strive to maintain its net bonded debt at a level not to exceed
three percent of the assessed valuation of taxable property within the County.
13. The County will strive to maintain its annual debt service costs at a level no
greater than fifteen percent of general fund revenues, including installment
purchase debt.
Undesignated Fund Balance
14. The County will strive to maintain undesignated balance in the general fund at
a level sufficient to meet its budgeted goals, to be determined annually. The
amount of undesignated fund balance maintained during each fiscal year
should not be less than eight percent of budgeted general fund operating
expenditures that fiscal year.
15.To the extent that undesignated fund balance exceeds the budgeted goals
the County could consider drawing upon the balance fund major equipment
purchases or one time expenses on apay-as-you-go-basis.
Investment of Capital Funds
• 16. Investment of capital funds will be performed in accordance with the North
Carolina General Statutes (159-30). Funds will be invested in instruments that
will provide the liquidity required to meet the cash flow needs of each project
funded.
17. Investment earnings on capital funds, after subtracting required or potential
arbitrage, will be used for project costs and/or debt service.
Bond Ratings
18. The County will maintain good communications with bond rating agencies
about its financial condition and will follow a policy of full disclosure on every
financial report and offering statement.
19. The County will strive to maintain bond ratings at or better than Aal (Moody's)
and AA+ (Standard & Poor's).
•
15
Arbitrage Rebate and Secondary Market Disclosure Requirements •
20. The County will comply with all arbitrage rebate requirements as established
by the Internal Revenue Service and all secondary market disclosure
requirements established by the Securities and Exchange Commission.
21. Arbitrage will be calculated at the end of each fiscal year and interest earned
on investment of bond or installment purchase proceeds will be reserved to
any penalties due.
Enterprise Funds
22. For any Enterprise Fund that is supporting debt, an annual rate study will be
performed to ensure that fees or rates are sufficient to meet the debt service
requirements.
Capital Reserve Funds
23. The County will create and maintain capital reserve funds as appropriate,
such as for school and county projects.
24. The Capital Reserves will be funded from unallocated '/2 cent sales tax
revenues and/or any other revenue source that the County Commissioners
may choose. •
25. Funds accumulated in the Capital Reserve Funds will be used on a pay-as-
you-go basis to finance renovations and repairs to existing buildings and the
purchase of major equipment. The Board may also choose to fund other pay-
as-you-go initiatives from Reserve Funds.
10-Year Capital Investment Plan (CIP)
26. The County will adopt a ten year CIP annually.
27. This Debt Management Policy will be incorporated into the CIP.
28. The County will strive to include plans for debt issuance within the CIP.
•
Draft
• ORANGE COUNTY BOARD OF COMMISSIONERS
DEBT MANAGEMENT POLICY
The County has long recognized the importance of proper long-range planning in
order to meet capital improvement needs as they arise without experiencing
dramatic impacts on operational cost and debt service. The following policy
statements will provide guidance on the issuance of dept to help insure that the
County maintains a sound debt position and that its credit quality is protected. In
conjunction with the County's Capital Policies, these policy statements rationalize
the decision making process, identify objectives for staff to implement, and
demonstrate a commitment long term financial planning objectives. In addition,
this debt management policy will allow for an appropriate balance between the
established debt parameters and providing flexibility to respond to unforeseen
circumstances and new opportunities.
POLICY STATEMENTS
Purpose and Type of Debt
1. Incurrence of debt or long-term borrowing will only be used for the purpose of
providing financing for capital projects to include, but not limited to:
. a. Construction of new School and County facilities
b. Renovation and repair of existing School and County facilities
c. Acquisition of real property (land and/or buildings)
d. Construction or expansion of Sanitary Sewer Systems
e. Providing funds for Affordable Housing Projects
f. Construction, acquisition and development of Parks
g. .Purchase of major equipment
Debt issuance will not be used to finance current operations or normal
maintenance.
2. The types of debt instruments to be used by the County include:
a. General Obligation Bonds
b. Bond Anticipation Notes
c. Installment Purchase Agreements (private placement)
d. Special Obligation Bonds (landfill only)
e. Certificates of Participation, when feasible
f. Revenue Bonds
3. All debt issued, including installment purchase methods, will be repaid within
a period not to exceed the expected useful life of the improvements or
equipment financed by the debt.
16
• 4. The County will not issue tax or revenue anticipation notes.
Drag
Purpose and Type of Debt (continued)
5. The County will not issue bond anticipation notes with maturities in excess of
one year.
6. The County will strive to maximize the use of pay-as-you-go financing for
capital improvements.
Issuance of Debt
17
7. The County will strive to issue bonds no more frequently than once in any
fiscal year. The scheduling of bond sales and installment purchase decisions
and the amount of bonds be sold and installment financing to be sought will
be determined each year by the County Commissioners. These decisions will
be based upon the identified cash flow requirements for each project
financed, market conditions, and other relevant factors. These factors will be
ascertained from the school systems and County departments. If cash needs
for bond projects are insignificant in any given year, the Board may choose
not to issue bonds. Instead, the Board may fund up front project costs and
reimburse these costs when bonds are sold. In these situations the Board
will adopt Reimbursement Resolutions prior to the expenditure of •
project funds.
8. The County will seek level or declining debt repayment schedules and will
avoid issuing debt that provides for balloon principal payments reserved at
the end of the term of the issue.
9. The County will avoid over-reliance on variable rate debt. Variable rate debt
will only be considered when market conditions favor this type of
issuance. When variable rate debt is considered, careful analysis will be
performed and techniques applied that will ensure that the County's
sound debt position will be maintained. At no time will variable rate debt
exceed 20% of the County's total outstanding debt.
10. The County is required by Statute to issue general obligation debt through a
competitive process. The competitive process will also be used for other debt
issuance unless time factors, interest rates or other factors make it more
favorable to the County to use a negotiated process.
11. In the planning process for debt issuance the County will assess the
need to maintain it's "Bank Qualification" if installment purchase
financing is being considered.
U
Draft
• Level of Debt
12. The County will maintain its net bonded debt at a level not to exceed three
percent of the assessed valuation of taxable property within the County.
13. The County will strive to maintain its annual debt service costs at a level no
greater than fifteen percent of general fund revenues, including installment
purchase debt. This is a recommended "best practice" from the Government
Finance Officers Association,...,. ;
Undesignated Fund Balance
14. The County will strive to maintain an undesignated balance in the general
fund of between 15% and 20% percent of budgeted general fund operating
expenditures each fiscal year. The amount of undesignated fund balance
maintained during each fiscal year should not fall below 8% percent of
budgeted general fund operating expenditures as recommended by the North
Carolina Local Government Commission.
15. To the extent that general fund undesignated fund balance exceeds 20%
percent the balances may be utilized to fund capital expenditures or pay down
outstanding County debt.
• Investment of Capital Funds
16. Investment of capital funds will be performed in accordance with the North
Carolina General Statutes (159-30). Funds will be invested in instruments that
will provide the liquidity required to meet the cash flow needs of each project
funded.
17. Investment earnings on capital funds, after subtracting required or potential
arbitrage, will be used for project costs and/or debt service.
Bond Ratings
18. The County will maintain good communications with bond rating agencies
about its financial condition and will follow a policy of full disclosure on every
financial report and offering statement.
19. The County will strive to maintain bond ratings at or better than AAA (Fitch),
Aa2 (Moody's Investor Services) and AA+ (Standard & Poor's).
•
18
Draft ~ 9
Arbitrage Rebate and Secondary Market Disclosure Requirements •
20. The County will comply with all arbitrage rebate requirements as established
by the Internal Revenue Service and all secondary market disclosure
requirements established by the Securities and Exchange Commission.
21. Arbitrage will be calculated at the end of each fiscal year and interest earned
on investment of bond or installment purchase proceeds will be reserved to
any penalties due.
Enterprise Funds
22. For any Enterprise Fund that is supporting debt, an annual rate study will be
performed to ensure that fees or rates are sufficient to meet the debt service
requirements.
Capital Reserve Funds
23. The County will create and maintain capital reserve funds as appropriate,
such as for school and county projects.
24. The Capital Reserves will be funded from property tax revenues, sales tax
revenues and/or any other revenue source that the County Commissioners •
may choose.
25. Funds accumulated in the Capital Reserve Funds will be used on a pay-as-
you-go basis to finance renovations and repairs to existing buildings and the
purchase of major equipment. The Board may also choose to fund other pay-
as-you-go initiatives from Reserve Funds.
5-Year Capital Investment Plan (CIP)
26. The County will review and adopt a five-year CIP annually.
27. This Debt Management Policy will be incorporated into the CIP.
28. The County will strive to include plans for debt issuance within the CIP.
Rescission
This policy supersedes any policy in place prior to this date.
Approved , 2010. •
• •
Orange County Capital Investment Plan
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Appropriations
County Capital Projects 1,700,000 1,493,125 1,500,000 1,750,000 2,000,000 2,000,000 10,443,125
Solid Waste Projects 53,536 2,153,978 982,813 300,000 3,490,327
Schools Capital Projects
Chapel Hill Carrboro City Schools 2,534,911 2,550,876 2,567,002 2,591,431 2,616,227 2,649,785 15,510,232
Orange County Schools 1,563,850 1,573,786 1,583,821 1,599,024 1,614,455 1,635,338 9,570,274
Tofa/ 5,852,297 7,771,765 5,650,823 6,923,268 6,530,682 6,285,123 39,013,958
Revenues/Funding Source
General Fund -County Capital 300,000 750,000 1,500,000 1,750,000 2,000,000 2,000.,000 8,300,000
General Fund -Schools Capital 3,040,117 3,066,018 3,092,179 2,681,811 2,722,038 2,776,479 17,378,642
County Capital Fund Balance 500,000 743,125 1,243,125
Solid Waste Fund Balance 53,536 2,153,978 982,813 300,000 3,490,327
Schools Capital Reserves
Lottery Proceeds 1,058,644 1,058,644 1,058,644 1,508,644 1,508,644 1,508,644 7,701,864
Transfer from Visitors Bureau Fund _ 200,000 200,000
Financing:
Debt Financing -Equipment 700,000 700,000
Debt Financing -County Capital
Debt Financing -Schools Capital -
Total 5,852,297 7,771,765 5,650,823 6,923,268 6,530,682 6,285,123 39,013,958
•
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O
County Capital Projects Summary
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Projects 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Appropriation
Technology 500,000 500,000 700,000 700,000 700,000 700,000 3,800,000
800 MHz Radios 700,000 700,000
Loan Pool Reserve 200,000 200,000
Buckhorn Economic Development Dist 200,000 200,000
Dental Equipment Clinics 100,000 100,000
HVAC Replacements - 871,625 51,975 923,600
RoofRep/acements - 121,500 192,500 80,500 275,000 669,500
Transfer to County Capital Reserve 800,000 857,500 1,167,525 1,025,000 3,850,025
Total Projects Costs 1,700,000 1,493,125 1,500,000 1,750,000 2,000,000 2,000,000 10,443,125
General Fund Related Operating Costs
Personnel Services 125,000 128,125 131,328 131,328 134,611 650,393
Operations ~ 50,000 52,500 55,000 57,500 57,500 272,500
New Debt Service 900,000 900,000 900,000 900,000 900,000 4,500,000
Total Operating Costs 1,075,000 1,080,625 1,086,328 1,088,828 1,092,111 5,422,893
Total 1,700,000 2,568,125 2,580,625 2,836,328 3,088,828 3,092,111 15,866,018
Revenues/Funding Source
General Fund 300,000 1,825,000 2,580,625 2,836,328 3,088,828 3,092,111 13,722,893
County Capita! Fund Balance 500, 000 743,125 1,243,125
Transfer from Visitors Bureau Fund 200,000 200,000
Debt Financing -Equipment 700,000 700,000
Total 1,700,000 2,568,125 2,580,625 2,836,328 3,088,828 3,092,111 15,866,018
N
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•
•
•
County Capital Operating Impact Summary
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Related Operating Costs 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Personnel Services
Twin Creeks Park phase l/ 124,500 128,235 132,082 136,045 520,862
Operations
Twin Creeks Park phase 11 37,000 37,000 37,500 37,500 149,000
Debt Service
Twin Creeks Park phase 11 385,000 385,000 385,000 385,000 1,540,000
800 MHz Radios 160,000 160,000 160,000 160,000 160,000 800,000
Total - 160,000 706,500 710,235 714,582 718,545 3,009,862
Revenues/Funding Source
General Fund 160,000 706,500 710,235 714,582 718,545 3,009,862
Total - 160,000 706,500 710,235 714,582 718,545 3,009,862
N
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Solid Waste Projects Summary
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Projects 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Appropriation
Municipal Solid Waste Landfill Closure 53,536 2,153,978 2,207,514
Relocate Recycling & TransferArea 982,813 982,813
Organics Processing Facility 300,000 300,000
Total Projects Costs
Solid Waste Related Operating Costs
Personnel Services
Operations
Debt Service
Total Operating Costs
Total
Revenues/Funding Source
Sold Waste Fund Balance
Total
53,536 2,153,978
982,813 300,000 0 3,490,327
53,536 2,153,978 0 982,813 300,000 0 3,490,327
53,536 2,153,978
982,813 300,000
3,490,327
53,536 2,153,978 0 982,813 300,000 0 3,490,327
N
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• •
Schools Capital Projects Summary
Fiscal Years 2010-16
•
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Projects by School System 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Chapel Hill Carrboro City Schools
ADA
Abatement Projects
Athletic Facilities
Classroom/Building Improvements
Doors/Hardware/Canopies
Electrical Systems
Energy Efficiency/Lighting Improvements
Fire/Safety/Security Systems
Indoor Air Quality Improvements
Mechanical Systems
Mobil Classrooms/Rental Space
Pa ving: ParkingLots/Drive ways/Walkways
Roofing Projects
Window Replacements
Technology
(Unfunded)
Orange County Schools
Cameron Park Elementary
Central Elementary
Efland Cheeks Elementary
Grady Brown Elementary
Hillsborough Elementary
New Hope Elementary
Pathways Elementary School
A L Stanback Middle
C W Stanford Middle
Orange High
25,000 75,000 75,000 60,000 75,000 75,000 385,000
33,000 70,000 290,000 50,000 75,000 75,000 593,000
295,000 160,000 125,000 150,000 100,000 300,000 1,130,000
248,222 249,973 415,000 913,195
75,000 50,000 125,000 250,000
125,000 75,000 75,000 80,000 50,000 50,000 455,000
50,000 50,000
65,000 50,000 53,179 150,000 318,179
125,000 40,000 50,000 215,000
435,000 324,440 197,582 957,022
180,000 100,000 103,000 106,000 110,000 113,000 712,000
370,000 200,000 420,000 990,000
310,000 1,096,123 1,400,143 1,600,000 825,000 5,231,266
275,000 250,000 525,000
1,831,000 2,041,097 2,068,143 2,099,180 2,134,440 2,170,582 12,344,442
(1,507,311) (1,531,317) (1,569,284) (1,606,928) (1,652,653) (1,691,379) (9,558,872)
2,534,911 2,550,876 2,567,002 2,591,431 2,616,227 2,649,785 15,510,232
35,000 655,000 200,000 45,000 165,000 150,000 1,250,000
481,500 55,000 336,000 165,000 170,000 1,207,500
481,500 481,500
171,000 6,000 20,000 350,000 547,000
387,000 150,000 220,000 150,000 907,000
100,000 100,000 20,000 20,000 30,000 270,000
30,000 12,000 42,000
100,000 640,000 300,000 30,000 312,000 150,000 1,532,000
4,315,000 612,000 490,000 225,000 375,000 6,017,000
420,000 310,000 580,000 34,000 5,000 8,000 1,357,000
N
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Schools Capital Projects Summary
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Projects by School System 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Partnership Academy Alternative School 5,000 100,000 105,000
Gravelly Hill Middle School 17,500 12,000 3,000 15,500 48,000
Cedar Ridge High School 125,000 415,000 30,000 10,185,000 2,405,000 14,010,000 27,170,000
Transportation Department 77,000 187,000 107,000 77,000 375,000 823,000
District 1,466,000 1,082,500 1,119,900 1,115,000 1,072,500 985,000 6,840,900
(Unfunded) (6,612,650) (2,644,714) (1,634,079) (10,537,976) (2,830,545) (14,767,662) (39,027,626)
Total 1,563,850 1,573,786 1,583,821 1,599,024 1,614,455 1,635,338 9,570,274
Revenues/Funding Source
General Fund (Pay-As-You-Go)
Lottery Proceeds (7)
Debt Financing
4,098,761 4,124,662 4,150,823 4,190,455 4,230,682 4,285,123 25,080,506
2,590,117 2,616,018 2,642,178 2,681,811 2,722,038 2,776,479 16,028,642
1,508,644 1,508,644 1,508,644 1,508,644 1,508,644 1,508,644 9,051,864
4,098,761 4,124,662 4,150,822 4,190,455 4,230,682 4,285,123 25,080,506
* The article 46 one quarter cent sales tax, if approved, could add $977,500 of additional revenues for Schools Capital
(1) For fiscal 2010-11 the State reduced lottery proceeds from 40% of net proceeds to $25.8% in order to reallocate funds to the State
Budget for classroom teachers and university scholarships. The CIP assumption is that this amount will remain constant for the next
five fiscal years.
N
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•
26
•
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ORANGE COUNTY SCHOOLS
CAPITAL INVESTMENT PLAN
2010-2020
Orange County Schools
Capital Investment Plan 2009-2019
27
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
201 Z-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
Cameron Park Elementa School
Asphalt resurfacing (lower play area and front
arkin lot) $100,000 $100,000
Facili aintin $10,000 $10,000
Chilled water i e insulation $15,000 $15,000
Streetsca a renovation $185,000 $185,000
Lower layground shelter $15,000 $15,000
Door replacement (Gym and hallways) $20,000 $20,000
As halt resurfacin bus arkin lot $40,000 $40,000
Bathroom renovations $120,000 $120,000
Chiller re lacement $160,000 $160,000
Roof re lacement lower level $250,000 $250,000
Electronic securi door locks $35,000 ~ $35,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Central Elementa School
Media Center window re lacement $30,000 $30,000
Electronic securi door locks $35,000 $35,000
Asphalt resurfacing (track and front parking lot
ex ansion $150,000 $150,000
Draina a im rovements $10,000 $10,000
Casework replacement (K-1 classrooms) $100,000 $100,000
eplace the in classroom bathrooms $25,000 $25,000
eplace all mini-blinds $25,000 $25,000
Air handler re lacement $65,000 $65,000
Roof re lacement (Section G $30,000 $30,000
Repairceiling overhang (Media Center) $10,000 $10,000
HVAC duct cleaning $26,500 $26,500
Cover walkwa to 5th rode win $35,000 $35,000
Enclose breezewa $275,000 $275,000
Re lace g m sound s stem $6,000 $6,000
Bathroom renovations $120,000 $120,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Orange County Schools
Capital Investment Plan 2009-2019
28
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
d Cheeks Elementa School
Casework replacement (K-1 classrooms) $100,000 $100,000
HVAC far kitchen $30,000 $30,000
Electronic securi door locks $15,000 $15,000
HVAC duct cleanin $26,500 $26,500
Re air front draina e s stem $10,000 $10,000
Bathroom renovations $150,000 $150,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Main entrance enhancement $150,000 $150,000
Grad A. Brown Elementary School
Re lace sinklcabinets $6,000 $6,000
Install bounda fence on lay round $20,000 $20,000
Walkway (between GABES and CRHS) $16;000 $16,000
Bathroom renovations $120,000 $120,000
Electronic securi door locks $35,000 $35,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Main entrance enhancement $150,000 $150,000
Window re lacement $200,000 $200,000
Hillsborou h Elementary School
Roof re lacement Section 6A) $200,000 $200,000
Re lace exterior doors (100 buildin $25,000 $25,000
HVAC chilled water line insulation $10,000 $10,000
nvironmental controls $150,000 $150,000
lectronic securi door locks $35,000 $35,000
Asbestos removal (gym hot water pipes) $22,000 $22,000
G m bathroom renovations $95,000 $95,000
Window re lacement ( m $70,000 $70,000
GREEN building enhancements ~ $150,000 $150,000 $300,000
New Ho a Elementa School
Concrete re airs $30,000 $30,000
Ceilin renovation $20,000 $20,000
Li htin u grades $20,000 $20,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Car et removal $100,000 $100,000 $200,000
1/29/2010
Orange County Schools
Capital Investment Plan 2009-2019
29
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
wa s Elementa School
Perimeter fencing $30,000 $30,000
H draulic lift $12,000 $12,000
GREEN building enhancements $150,000 $150,000 $300,000
A.L. Stanback Middle School
Girls softball field construction $140,000 $140,000
HVAC chilled water line insulation $40,000 $40,000
Science lab renovations $300,000 $300,000
Gym bleachers motorization $25,000 $25,000
Track resurfacing $45,000 $45,000
Football field irri ation system $30,000 $30,000
Erosion control $15,000 $15,000
H draulic lift $12,000 $12,000
G m floor reconditioning $5,000 $5,000
Classroom renovations (6th grade wing) $300,000 $300,000 $600,000
GREEN buildin enhancements $150,000 $150,000 $300,000
Cafeteria renovation $200,000 $200,000
C.W. Stanford Middle School
Air handler re lacement $600,000 $600,000
Parking lot and driveway resurfacin $40,000 $40,000
Roof re lacement Sections 36 & 1A) $300,000 $300,000
oof re lacement Sections 3A $225,000 $225,000
oaf re lacement (Sections 1B & 1C $375,000 $375,000
Replace exterior doors (100,200 bldg. & cafeteria) $250,000 $250,000
440M Regulation track $400,000 $400,000
Science lab renovations $200,000 $200,000
Re lace intercom s stem $65,000 $65,000
Hydraulic lift $12,000 $12,000
G m floor reconditionin $5,000 $5,000
GREEN building enhancements $150,000 $150,000 $300,000
Auditorium construction $3,800,000 $3,800,000
1/29/2010
Orange County Schools
Capital Investment Plan 2009-2019
30
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
.2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
vell Hill Middle School
Additional securi cameras $16,000 $16,000
Fla oles athletic fields $3,000 $3,000
H draulic lift $12,000 $12,000
Concession stand $15,000 $15,000
Locker room benches $1,500 $1,500
Ticket booth $500 $500
Cedar Rid a Hi h School
Install hallway security gates $50,000 $50,000
Lantlsca ing and erosion control $15,000 $15,000
Security lighting (student parking lot and stadium
entrance $15,000 $15,000
Locker room paintin $3,000 $3,000
H draulic lift $12,000 $12,000
Dust removal s stem (Wood Shop) $15,000 $15,000
Auxilia ~ mnasium $10,175,000 . $10,175,000
Soccer and lacrosse field $200,000 $200,000
Field house $2,200,000 $2,200,000
Rubberized track surface $60,000 $60,000
Tennis courts refurbishment $10,000 $10,000
G m floor reconditioning $5,000 $5,000
Classroom win addition $13,860,000 $13,860,000
Additional chiller 2 each) $400,000 $400,000
GREEN builtlin enhancements $150,000 $150,000 $300,000
1/29/2010
Orange County Schools
Capital Investment Plan 2009-2019
31
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
n e High School
GREEN buildin enhancements $150,000 $150,000 $300,000
Chemical stockroom renovation $75,000 $75,000
Concrete re airs and sidewalk extensions $30,000 $30,000
Electrical u races $30,000 $30,000
Replace fencin at FB ractice field $20,000 $20,000
Resurface all arkin areas and roads $300,000 $300,000
Replace fencing near FB stadium entrance $10,000 $10,000
Patio renovation $100,000 $100,000
Securi li hting Cam us-wide $30,000 $30,000
Lobb renovation $160,000 $160,000
Renovate third-wing basement $10,000 $10,000
Roof re lacement Sections E, I, & G $250,000 $250,000
Re lace lama ed ceilin tiles $25,000 $25,000
Re lace cafeteria doors $12,000 $12,000
H draulic lift $12,000 $12,000
Soccer field ress box $20,000 $20,000
Re lace lockers in Field House $10,000 ~ $10,000
Softball field irrigation s stem $5,000 $5,000
Wrestling mat replacement $8,000 $8,000
Gym floor recontlitionin $5,000 $5,000
Replace concession stand HVAC units $2,000 $2,000
Ex and practice field band $50,000 $50,000
Renovate athletic office spaces $20,000 $20,000
e lace PAs stem Main m $20,000 $20,000
leacher Renovation and Motorization $100,000
Partnership Academy Alternative School
School mar uee $5,000 $5,000
GREEN building enhancements $100,000 $100,000 $200,000
1/29/2010
Orange County Schools
Capital Investment Plan 2009-2019
32
Project Title Year 1
2010-11 Year 2 2011-
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 ,Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
s ortation De artment
Bus securi cameras $90,000 $90,000
Re lace erimeter fencin $20,000 $20,000
Regradellevel bus arkin lot $30,000 $30,000
Renovate shop $225,000 $225,000
Newactivi buses 4each $77,000 $77,000 $77,000 $77,000 $308,000
GREEN building enhancements $150,000 $150,000 $300,000
District
Asbestosabatemente ui ment $1,000 $1,000
Turf maintenance a ui ment $25,000 $25,000
Duct cleanin $80,000 $80,000
Dry-write board re lacement $10,000 $10,000
Fire extin uishers $8,000 $8,000
Emer enc li hts $10,000 $10,000
Weed control s stem $40,000 $40,000
25kw enerators 4 each) $27,000 $27,000 $27,000 $27,000 $108,000
Pla round a ui ment replacement $100,000 $100,000
Directional signs $10,000 $10,000 $10,000 $30,000
Door locks $23,700 $23,700
ADA re uirements $100,000 $100,000 $100,000 $100,000 $100,000 $500,000
Confined space detector $5,500 $5,500
Sound level monitor $1,200 $1,200
IAQ monitor $4,000 $4,000
old monitor $6,000 $6,000
VAC com uters $10,000 $10,000
ToolslEqui ment. $15,000 $15,000 $30,000
Emer enc mobile stora a unit $10,000 $10,000
Hydraulic lift $13,000 $13,000
Custodial equipment $25,000 $25,000 $25,000 $75,000
Vehicle Safety Partitions (10 each $5,000 $5,000
1/29/2010
Oranga County Schools
Capital Investment Plan 2009-2019
33
Project Title Year 1
2010-11 Year 2 2011
12 Year 3
2012-13 Year 4
2013-14 Year 5
2014-15 Year 6
2015-16 Year 7
2016-17 Year 8
2017-18 Year 9
2018-19 Year 10
2019-20 PROJECT
TOTAL
rict, continued
Walkie Talkies $3,000 $3,000
Vehicle Re lacement $30,000 $30,000
Vehicle Re lacement $27,000 $27,000
Vehicle Re lacement $25,000 $25,000
Re-ke Central Office building $7,500 $7,500
Emer enc electrical hookup for Central Office $3,000 $3,000
Technology u rades $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $8,000,000
$0
Annual grade-level furniture replacement
(district-wide $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $1;500,000
Science infrastructure u rades $250,000 $250,000
TOTAL EXPENDITURES $8,176,500 $4,218,500 $3,217,900 $12,137,000 $4,445,000 $16,403,000 $1,735,000 $1,462,000 $1,810,000 $1,710,000 $55,214,900
Pa -As-You-Go Funds $1,822,549 $1,991,394 $1,945,846 $1,973,960 $1,996,974 $2,154,563 $2,174,484 $2,232,225 $2,200,704 $2,250,051 $20,742,750
Lotte Proceeds $839,000 $839,000 $839,000 $839,000 $839,000 $839,000 $839,000 $839,000 $839,000 $839,000 $8,390,000
TOTAL CIP FUNDING $2,661549 $2,830,394. $2 784 846 $2 812,960 $2,835,974 $2,993 563 $3,013,484 $3,071 225 $3,039 704 $3,089 051 $29,132,750
TOTAL UNFUNDED PROJECTS $5,514,951 $1,388,106 $433,054 $9,324,040 $1,609,026 $13,409,437 $1,278,484 $1,609,225 $1,229,704 $1,379,051 $26,182,150
CJ
1/29/2010
CHAPEL HILL - CRRRBORO CITY SCHOOLS
CAPITAL INVESTMENTS PLAN 2010 -2020
Prior Year 1 Year 2
FUNDED PROJECTS of 3
Year3 Year4 Years Year6 Year? YearB Year9 Year 10
en,~_,e ~n,e_,s ~m s_~R 9MR-17 9017-18 2018-19 2019-20
TEN YEAR PROJECT
TOTAL TOTAL
PROJEGTTITLE Teb~\'J c`""-" - '" -- - - -- - -
ADA Requirements 398,450 25,000 75,000 75,000 60,000 75,000 75,000 75,000 75,000 100,000 100,000 735,000 1,133,450
AbatementProJects
Estes Hills: Floor Tile Replacement 575,000
33,000 70,000 25,000 50,000 75,000 75,000 100,000 100,000 100,000 100,000 695,000
33,000 1,270,000
33,000
Phillips: Remove Asbestos Floor The
CHHS: Remove asbestos Floor Tile 265,000
325,000 265,000
325,000 265,000
325,000
Athletic Facilities 2,422,387 - 2,422,387
Scroggs: Athletic Field 150,000 150,000 150,000
Culbreth: Gym BleacherslVUood Floor 100,000 100,000 100,000
Phillips: Gym BleacherslWood Floor 100,000 100,000 100,000
CHHS: Gym Bleachers -Wood Floor 295,000 295,000 295,000
CHHS: StadiumlSoccer Field Lighting 160,000 125,000 285,000 265,000
CHHS: Athletic Fields 150,000 150,000 150,000
ECHHS: Athletic FleldslTrack 150,000 150,000 150,000
ClassroomlBuilding Improvements 1,045,000 - 1,045,000
Carcboro Elementary Classroom CaseworkJBathrooms 75,000 220,000 295,000 285,000
Estes Hilis: Classroom CasewarklBathrooms 50,000 100,000 150,000 150,000
Ephesus: Old Wing BathroomslClassroom Casework 50,000 75,000 125,000 125,000
FG Graham: Intermediate Bld Casework/Bathrooms 100,000 175,000 275,000 275,000
Seawell: PODS Casework/Bathrooms 80,000 125,000 205,000 205,000
CHHS: Bathroom Fixtures and Hardware 150,000 50,000 200,000 200,000
Culbreth: Locker Room Bathrooms 24,000 24,000 24,000
Philips: Staff 8athroomslLower Level Rooms 48,222 50,973 99,195 99,195
Phillips: Science Classrooms Casework 120,000 120,000 120,000
DoorslHardware/Canopies 599,154 35,000 50,000 125,000 75,000 285,000 884,154
McDEIm: Canopy at Klsa and Go 145,000 145,000 145,000
Seawell: Ex and canopies 125,000 125,000 125,000
FPG: Canopy at Klss and Go 75,000 75,000 T5,000
Ephesus: Canopy at Kiss and Go 75,000 75,000 75,000
Scrogs: Canopy at Mobile Units 40,000 40,000 40,000
Electrical Systems 395,000 - 395,000
All Schools: Increase Electrical Distribution 125,000 75,000 75,000 80,000 50,000 50,000 100,000 150,000 150,000 50,000 905,000 905,000
Energy Efflclency/LlghUng Improvemnets 251,316 - 251,316
CHHS: Lighting Upgrades/Efficiency 50,000 50,000 50,000
FPG: Lighting Upgrades/Efficiency 185,000 185,000 185,000
Ephesus: Lighting Upgrades/Efflciency 150,000 150,000 150,000
Culbreth: Lighting UpgradeslEfBciency
Phillips: Lighting Upgrades/EfBclency 175,000
175,000 175,000
175,000 175,000
176,000
FlrelSafetylSecuritySystems
Ephesus:lntercom S stem
Lincoln Center: Fire System/lnterwm 1,791,559
25,000
40,000 53,179 150,000 100,000 150,000 453,179
25,000
40,000 2,244,738
25,000
40,000
FPG: Intercom ~ 30,000 30,000 00
CHHS: Security Cameras-C and D Buildings 20,000 20,000 20,000
FUNDED PROJECTS op 3 of 3
Prior Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 6 Year 9 Year 10 TEN YEAR PROJECT
PROJECT TITLE Year(sl 2010-11 9ott_~2 oni~_~s ~nw_~e on,~_,c n,c ,
-- - -- - - -- - - <vir-io Lu io-io LV7y-LU IVIAL IUTAL
Technology: Total of Listed Categories
Networklnfrastructure
Enfe dseSothvare 15,327,502 1,831,000
650,500
180,000 2,041,097
734,298
198,000 2,068,143
747,821
198,000 2,099,180
756,434
202,950 2,134,440
766,985
208,024 2,170,582
777,800
213,224 2,207,628
788,885
218,555 2,245,600
800,249
224,019 2,284,521
811,895
229,619 2,324,415
823,833
235,360 21,406,606
7,658,701
2,107,751 36,734,108
7,868,701
2,!07,76!
Instructional Computers 8 Technology 915, 500 1, 020, 549 1, 034,072 1,049, 590 1, 067, 220 1, 085,291 1,103, 814 1,122, 800 1,142, 261 1,162, 208 10, 703, 303 10,703,303
AdministrativeComputers 55,000 57,750 57,750 59,194 60,674 62,190 63,745 65,339 66,972 68,647 617,261 817,261
NetworkPrinfers 20,000 20,500 20,500 21,013 21,538 22,076 22,628 23,194 23,774 24,368 219,590 2!9,590
Community Access Technology 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 100,000 !00,000
Sub-Total 4,042,222 4,082,193 4,136,286 4,198,359 4,268,880 4,341,164 4,415,255 4,491,199 4,569,041 4,648,829 43,193,428
TOTAL EXPENDITURES -10 YEAR CIP 4,042,222 4,082,193 4,136,286 4,198,359 4,268,680 4,341,164 4,415,255 4,491,199 4,569,041 4,648,829 43,193,428
NEW SCHOOLS and FACILITIES
Carrboro High School: Cultural Arts Addition 4,107,595
-approval of QSCB loan expected In April 2010
CHAPEL HILL - CARRBORO CITY SCHOOLS
CAPITAL INVESTMENTS PLAN 2010 - 2020
2010.20 CIP FUNDING Prior Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Ye
8 Y
9 Y
ar
ear
ear 10 TEN YEAR PROJECT
Year(s) 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 TOTAL TOTAL
CIP FUNDING SOURCES:
Long Range Pay-As-You-Go Funds -Projects 2,664,709 2,704,680 2,758,773 2,820,846 2,891,367 2,963,651 3,037,742 3,113,686 3,191,526 3,271,316 29,418,298 29,418,298
Loftery Proceeds 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 1,377,513 12,397,617 12,397,617
TOTAL CIP FUNDING 4,042,222 4,082,193 4,136,286 4,198,359 4,268,880 4,341,164 4,415,255 4,491,199 4,569,041 4,648,629 43,193,428
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• • • ~
CHAPEL HILL ~ORO CITY SCHOOLS •
CAPITAL INVESTMENTS PLAN 2010 - 2020 UNFUNDED NEW SCHOOLS and FACILITIES oa 1 of 1
UNFUNDED -New Schools and Faciiftles
Prior Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Vaarrsl 9n~n_~~ 9M 1_19 9M 7_w 9M1 ae once ~e
PROJECTS:
Culbreth Mlddle School: Science Labs
McDougle Middle School: Auditorium
Mlddle School #5
Carrboro Hlgh Sehool: Classroom Additions
Auxlliarv Gvm. Wresllina Rm
TOTAL UNFUNDED PROJECTS
Notes:
Opening Dales are based on November 2009 SAPFO enrollment and projections.
Carrboro High School Cultural Arts Addition is included with the Funded projects.
•
Year 7 Year 8 Year 9 Year 10 TEN YEAR PROJECT
OPENS:
2012-13 974,000 5,159,602 18,451,022 2,980,578 26,591,202 27,585,202
2015-16 79,101 452,634 2,146,627 348,832 3,027,194 3,027,194
2015-18 111,872 639,012 3,041,914 468,260 4,260,858 4,260,858
2016-17 1,223,773 7,002,702 28,444,749 5,019,180 41,690,404 41,690,404
2019-20 150,000 3,200,267 13,373,941 2,571,095 19,295,303 19,295,303
974,000 5,159,602 18,451,022 2,980,5711 1,414,546 8,094,346 33,633,290 5,988,272 3,200,287 13,373,841 2,571,095 94,864,961 95,838,961
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• • •
County Capital Projects
Fiscal Years 2010-16
Project Name ABC Project Starting Date 10/1/2010
Functional Service Area Public Safety Completion Date 8/31/2012
Department Sheriff
Current
Prior Years Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Project Budget Funding 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Total
Appropriation
Land/Building 10,000,000 10,000,000
Construction/Repairs/Renovations
Equipment/Furnishings
Total Project Budget - 10,000,000 - - - - 10,000,000
General Fund Related Operating Costs
Personnel Services
Operations
New Debt Service
Total Operating Costs
Revenues/Funding Source
125, 000 128,125 131, 328 131, 328 134, 611 650, 393
50,000 52,500 55,000 57,500 57,500 272,500
900,000 900,000 900,000 900,000 900,000 4,500,000
1,075,000 1,080,625 1,086,328 1,088,828 1,092,111 5,422.893
General Fund 1,000,000
County Capital Reserve 1,000,000
Debt Financing 8,000,000
Total 10,000,000
1,075, 000 1, 080,625 1, 086,328 1,088, 828 1, 092,111 6,422,893
328
8, 000, 000
111 15,422,893
Project Description/Justification
Project description and justification. Project description and justification Project description and justification. Project description and justification Project
description and justification. Project description and justification Project description and justification. Project description and justification Project description
and justification. Project description and justification Project description and justification. Project description and justification Project description and
justification. Project description and justification Project description and justification. Project description and justification Project description and justification
Project description and justification. Project description and justification Project description and justification. Project description and justification Project
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Active County Capital Projects
30~Jun-10
Estimated
Revenues Revenue Expenditures Available Percent Completion
Project Budget 6/30/2010 Shortfall 6/30/2010 Funds Complete Date
Emergency Management Center 325,500 142,215 183,285 142,215 - 100% 6/30/2010
Jail Expansion 1,375,000 978,935 396,065 148,468 830,467 N/A
Justice Facility 12,116,112 12,116,112 - 12,277,328 (161,216) 100% 6/30/2010
New Courthouse 357,961 308,000 49,961 218,979 89,021
Northern Human Services Ctr 714,545 714,546 (1) 370,085 344,461
SeniorCtrCentralOrange 6,460,533 6,460,533 - 6,177,344 283,189
Over 40 Projects are still active as of 6/30/10
Total County Capital Projects
21, 349,651 20, 720, 341
•
629,310 19, 334, 419 1, 385, 923
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00
• •
Library Older School
County Capital Reserve Fund Facilities Facilities Undesignated Total
Revenues
Board Designated
Sale of Fixed Assets
Library Facilities 60%
Transfer from County Capital Projects
Library Facilities
Undesignated
Total Revenues
County Capital Reserve
Fund Balance July 1, 2009
Fund Balance June 30, 2010
Capital Reserve Funds Balances
30-Jun-10
164,670
50,000 50, 000
150,000 150,000
214,670 150,000 364,670
0
214,670 150,000 364,670
164,670
0
School Capital Reserve Fund
Revenues
Undesignated
Investment Earnings
19
19
Board Designated
Sale of Fixed Assets
Older School Facilities 40%
Total Revenues
School Capital Reserve
Fund Balance July 1, 2009
Fund Balance June 30, 2010
109, 780 109, 780
109,780 19 109,799
0 1, 882
1,882
109, 780 1,901 111,681
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c~
County Debt Service and Debt Capacity
Fiscal Years 2010-16
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Debt Service 2010-11 2011-12 2012-13 44 2014-15 2015-16
Total Annual Debt Service 28,632,445 26,060,464 23,668,072 23,119,283 22,139,814 21,103,221
General Fund Budget 175,313,920
Annual Growth Projections 1.00% 1.00% 1.50% 1.50% 2.00%
Projected General Fund Budget 177,067,059 178,837,730 181,520,296 184,243,100 187,927,962
Annual Debf Service as a % of General Fund 16.33% 14.72% 13.23% 12.74% 12.02% 11.23%
Debt Service Policy 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Future Debt Service Capacity -1.33% 0.28% 1.77% 2.26% 2.98% 3.77%
Projected Debt Financing
County Renovations & Equipment
2040-2011 - $2,300,000 506,000 496,800 487,600 478,400 469,200
Qualified School Construction Bonds
2010-2011 - $4,000,000 270,000 270,000. 270,000 270,000 270,000
Schools Facilities
2011 - 2012 - $30,000,000 2,730,000 2,730,000 2,730,000 2,730,000
New Debt Service 776,000 3,496,800 3,487,600 3,478,400 3,469,200
Projected Annual Debt Service 28,632,445 26,836,464 27,164,872 26,606,883 25,618,214 24,572,421
Projected Annual Debt Service
As A Percent of the General Fund Budget
Available Annual Debt Service Capacity
Based on the 15% Debt Service Policy
16.33% 15.16% 15.19% 14.66% 13.90% 13.08%
(2,335,357) (276,405) (339,213) 621,161 2,018,251 3,616,773
'' $1,000,000 of annual debt service = $ 11,000,000 of debt issued at current interest rates for 15 years
• • ~ .
•