HomeMy WebLinkAboutAgenda - 10-08-2013 - 41
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 8, 2013
Action Agenda
Item No. 4
SUBJECT: Potential Bond Issuance
DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N)
Services
ATTACHMENT(S):
A)
Proposed Steps for a Bond
Referendum — Memo Provided By
Bob Jessup, Bond Counsel
B)
County Debt Capacity Schedule
C)
Davenport and Company, LLC
Debt Capacity Schedule
D)
Davenport and Company, LLC
Future Debt Affordability Analysis
INFORMATION CONTACT:
Clarence Grier, 919 - 245 -2453
No
PURPOSE: To receive a report on a potential bond referendum and related debt issuance.
BACKGROUND: Over the past few months, the Board of County Commissioners has
discussed the need for a future bond referendum to fund some County and school long -
range capital needs. During the September 26, 2013 Board of County Commissioners and
Boards of Education Joint Meeting, representatives of Davenport and Company, LLC
presented information on the County's debt affordability and capacity as it relates to future debt
issuances. Some of the information presented by both County staff and Davenport and
Company LLC is as follows:
The County maintains excellent bond ratings.
MROWT1G1G1
Moody's - Aa1 positive outlook
The issuance of debt for two of the County's largest projects most recently discussed — New
County Jail Facility and Middle School #5 for the Chapel Hill - Carrboro City School District —
total a combined $73.2 million dollars, and both projects are included in the current County
Capital Investment Plan for the fiscal years 2015 - 2020.
2
Orange County Schools has indicated the need for a new Elementary #8. That project is not
scheduled until FY 2021 -2022, but could be a potential project for inclusion in a potential bond
referendum.
Additionally, in order to afford additional debt, the County would potentially have to increase the
property tax rate 2.82 cents for the new debt service. This projected tax increase would not
include 1) any future other operating expenditure increases or 2) any future operating
expenditure increases related directly to the new facilities and schools being built.
Based on current projects included in the County's Capital Investment Plan and future debt
service, the County could afford additional debt of the following after FY2018 — 19:
Fiscal Year
Capacity
2019
$
9,068,407
2020
$
9,562,078
2021
$
10,796,372
2022
$
46,790,237
2023
$
43,627,691
Total
$
119,844,785
The Board of County Commissioners will need to finalize its decisions regarding
outstanding issues such as the need for a future jail and school, and any other potential
projects that would be financed with an approved bond referendum.
Furthermore, the decision to start an educational campaign and appoint
a Capital Needs Advisory Task Force will need to be completed as soon as possible.
FINANCIAL IMPACT: There is not a financial impact with the information being provided.
There will be a financial impact in future years as decisions are made to proceed with a bond
referendum and issuing debt for future County and School projects. All projects that are being
considered are currently in the County's Capital Investment Plan.
It is currently expected that projects totaling $100 million will be financed with the issuance of
general obligation or limited obligation bonds over a period not to exceed 20 years. At current
municipal bond interest rates, the total combined debt service is estimated to be $6.7 million
annually. This would represent 4.18 cents on the current property tax rate.
RECOMMENDATION(S): The Interim Manager recommends that the Board receive the
information and provide feedback and direction to staff.
Attachment A
Sanford Holshouser LLP
Memorandum
To: Orange County Officials
Date: July 5, 2013
Regarding Required Procedures and Possible Schedule for
General Obligation Bond Referendum
From: Sanford Holshouser LLP
-- Robert M. Jessup Jr.
This memorandum describes the steps required for Orange County to
conduct a general obligation bond referendum on May 6, 2014, and sets out a
proposed schedule. Here are the required steps and suggested dates for action:
1. Determine tentative elan for bond nurnoses and amounts.
Although Step 5 provides for the first formal Board action to determine what will
be presented to the voters, the bond program needs to be substantially worked out
before we begin the formal process. In addition, the plan for what projects are to
be included in the bond package is something that LGC representatives will want
to discuss in detail with County representatives as part of the meeting described in
the next step.
3
Each separate general purpose for bonds has to be the subject of a separate
ballot question. The statutes assume that each question put to voters will propose a
dollar amount for a separate generic purpose, such as paying "capital costs of
school facilities. " Although the statutes allow the purpose to be stated with more
specificity, it is highly recommended that the purpose in the ballot question be left
as general as possible. The more specific plans underlying the planning for the
bond issue do not legally bind the County to a particular future plan of action in
the issuance of the bonds or construction of specified facilities.
2. Meet with LGC staff. The County should arrange a meeting with
LGC staff about the proposed referendum as soon as possible. At the meeting, the
County should obtain a copy of the required application for the LGC's approval of
the proposed bonds.
3. Give informal notice to the County Board of Elections. Because
the Board of Elections will need to coordinate its own procedures for the bond
referendum, it would help the Board of Elections to receive a phone call to inform
the Board of the County's plans, even if the plans are still subject to change. In
addition, State law generally requires that absentee ballots be available at least 50
days prior to the election date (in this case, by March 17), and we want to be sure
that our schedule is generally acceptable to the Board of Elections.
4. Obtain School Board Resolution. If any of the bonds will be
proposed for school purposes, the statutes contemplate that the affected school
boards should provide a formal referendum request to the Commissioners. This
request usually proposes a maximum amount of bonds to be considered at the
referendum. This schedule assumes that each school board could provide this
resolution to the Commissioners prior to a County Board meeting in early January.
5. Adopt "Findings" Resolution. As part of the application
process, the LGC wants to see a statement describing why the proposed projects
and bonds are necessary and desirable. This resolution will also state an estimated
tax rate impact of the borrowing. This resolution could be adopted at a County
Board meeting in early January. This resolution will also authorize the publication
of the "Notice of Intent" described in Step 6.
6. Publish Notice of Intent To File Application. The County must
publish a notice of its intent to file an application for the LGC's approval of the
proposed bonds. The notice must be published at least 10 days before filing the
application. The notice needs to be published as soon as possible after the Board
adopts the findings resolution described in Step 5.
The own words resolution and the Notice of Intent establish the maximum
amount of bonds that can be proposed at the referendum for each of the specified
purposes. From this point, we can decrease the amount of bonds or eliminate
purposes, but we can increase an amount or add a purpose only by re- starting the
authorization process.
7. Make Legislative Committee 45 -day filing. The guidelines call for
this filing to go in 45 days before the LGC considers your application. Because the
LGC only needs to "accept" your application in advance of the referendum — it
doesn't technically have to "approve" the application prior to the referendum -- I'd
suggest we send in the legislative filing when we're ready to file the LGC
application, and just ask the LCG to defer formal action until our 45 -day period has
expired. So that would mean making the filing some time after the mid - January
County Board meeting.
PJ
5
8. File LGC Application. As stated above, this cannot happen until
at least 10 days have elapsed since the publication of the notice of intent. The
application needs to be filed and formally accepted by the LGC before we have the
County Board take its next steps as described in Step 9.
Although we have to submit the LGC application as part of the referendum
process, it is not necessary to receive LGC approval until we are ready to proceed
with the actual sale of bonds, which of course will be after the referendum. The
LGC may or may not act on the application prior to the referendum, although the
current LGC practice is in fact to consider applications as they are received
(instead of waiting for the time of a bond issuance).
9. Introduce Bond Orders; Set public hearing. After the County
files its application, the Board needs to introduce the "Bond Orders" and set a date
for the required public hearing. We can take these actions at any time after the
LGC accepts the application (even the same day). Our schedule shows these steps
occurring at a Board meeting in early February.
The "Bond Order" is the basic authorization for bonds approved by the
County Board. The statutes provide for the format and most of the text of a bond
order; the bond order is a short, general statement of the Board's determination to
proceed. Each of the separate generic purposes for which bonds are to be
proposed will be the subject of a separate bond order: The details of an actual bond
issue are further approved by the Board at the time of a bond issue.
10. File sworn statement of debt. This is a statement, required by
statute, that details outstanding County debt. This document will be similar, but not
quite identical, to a debt statement that appears in the LGC application. This
statement needs to be filed after the bond orders are introduced but before the
publication of the notice of public hearing (as described in the next step).
11. Publish Notice of Public Hearing. We need to publish notice of
the required public hearing at least six days prior to the hearing.
12. Hold Public Hearing; Adopt Bond Order; Set Ballot Question and
Referendum Date. After holding a public hearing, the Board needs to adopt the
Bond Orders and adopt a resolution that formally sets the ballot questions and the
date for the referendum. Our schedule shows these steps occurring at a County
Board meeting in early March. The Board Clerk must then send a copy of the
resolution setting the date and the ballot question to the County Board of Elections
3
R
within three days after the Board meeting.
We can arrange the schedule to have the public hearing at a meeting before
the Board takes final action on the Bond Orders and ballot questions. For
absentee ballots to be available by March 17, an early March Board meeting is just
about as late as we can go for the final Board action.
The adoption of the bond order establishes the final amount of bonds that
will go before the voters. There is never any obligation in fact to issue any or all of
the bonds approved at a referendum.
13. Publish Bond Order as Adopted. This should be done as soon as
possible after the Bond Order is adopted. There is no particular deadline for
publishing this notice, but the notice starts a 30 -day period for court challenges to
the authorization process that must lapse before any bonds can be issued.
14. Publish Notice of Bond Referendum. This notice must be
published twice, once not less than 14 days and once not less than 7 days before
the close of voter registration. State law permits registration until the 25th day
prior to the election date. That puts the date registration closes at April 11 for a
referendum on May 6. The first publication, then, needs to be at least 14 days
earlier, or on or before March 28, and the second publication no more than one
week later (by April 4). I would certainly encourage you, however, to plan to
publish at least a week before the final legal date, in order to leave time to re-
publish in case of any problems with publication.
I have attached schedules in table form for elections in both May 2014 and
November 2014. These tables summarize the steps that have been described in
more detail above.
Once the voters have approved the bonds, you are looking at a minimum of
90 to 120 days to get through the process to actually issue bonds. The County
Board must adopt a resolution to formally approve the election results, and the
County must publish a notice of the results that triggers a 30 -day period during
which people can bring legal challenges to the bond election process. Then, to
approve the issuance of bonds takes only one more Board resolution, with no other
4
7
required public hearings or published notices.
The real timing issue in proceeding with a bond issue centers around the
progress of the projects that are going to be financed. In general, the LGC wants
you to have firm construction numbers for most of the projects to be financed
before you close on the financing — the LGC wants to be sure you don't borrow too
much money, or too little money, or borrow it earlier than you need it. This is only
LGC policy — not the law — so the LGC has flexibility in how it administers this
policy. In general, the LGC will give you some more leeway in the timing of
issuing voter - approved bonds than for other types of financing, but it still wants to
see that you are close to construction with well - developed estimates (at least)
before allowing you to borrow money.
Please let me know if you have any questions about this information, or if I
can be of any other assistance.
-- RMJ
5
N
Orange County -- Proposed Timetable for November '14 Bond Referendum
Event
1. Determine tentative referendum plan
2. Meet with LGC staff
Date
As soon as possible
As soon as possible after informal
decision to proceed with November
referendum
3. Give informal notice to County Board As soon as possible after informal
of Elections decision to proceed with November
referendum
4. Obtain school board resolution Prior to Event 5
5. Board adopts preliminary resolution At a County Board meeting by early June
explaining purpose for referendum
and authorizing publication of notice
of intent to file LGC application
6. Publish notice of intent to file
application
7. Legislative committee 45 -day filing
8. File LGC application
9. Board introduces bond order and
schedules public hearing
10. Clerk files sworn statement of debt
11. Publish notice of public hearing
12. Hold public hearing
8
As soon as possible after Event 5
As soon as possible after Event 5
Must be at least 10 days after Event 6 and
prior to Event 9
At a County Board meeting prior to
summer break
Any time between Event 9 and Event 11
After Event 10 and at least six days prior
to Event 12
At a Board meeting in late August or early
September
13.
14.
15.
16.
M
Adopt bond orders; formally set ballot At a Board meeting in late August or early
questions and referendum date
Publish bond order as adopted
Publish notice of referendum (twice)
Referendum occurs
W
September
As soon as possible after Event 13
By 9/26; then by 10/3
11/4
Attachment B 10
APPROVED - County Debt Service and Debt Capacity (General Fund Only)
Fiscal Years 2013 -18
W1111
Current
Fiscal Year
Fiscal Year Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
Debt Service
2012 -13
2013 -14 2014 -15
2015 -16
2016 -17
2017 -18
Total Annual Debt Service
24,887,879
25,609,786 25,412,505
24,186,472
23,152,009
22,091,295
General Fund Budget
180,002,776
Annual Growth Projections
1.50% 1.50%
1.50%
1.50%
2.00%
Projected General Fund Budget
187,733,499 190,549,501
193,407,744
196,308,860
200,235,037
Annual Debt Service as a % of General Fund
13.83%
13.64% 13.34%
12.51%
11.79%
11.03%
Debt Service Policy
15.00%
15.00% 15.00%
15.00%
15.00%
15.00%
Future Debt Service Capacity
1.17%
1.36% 1.66%
2.49%
3.21%
3.97%
Projected Debt Financing
2013 -2014 - $7,679,750
County Capital $3,751,000
360,096
360,096
360,096
360,096
Culbreth MS Science Addition (CHCCS) $600,000
57,600
57,600
57,600
57,600
CRHS (OCS) Auxilliary Gym $3,328,750
319,560
319,560
319,560
319,560
2014 -2015 - $9,276,042
County Capital $5,422,000*
520,512
520,512
520,512
Culbreth MS Science Addition (CHCCS) $3,854,042
369,988
369,988
369,988
2015 -2016 - $23,100,663
County Capital $10,300,069
988,807
988,807
CRHS (OCS) Classroom Wing $12,282,960
1,179,164
1,179,164
Culbreth MS Science Addition (CHCCS) $517,634
49,693
49,693
2016 -2017 - $9,707,474
County Capital $8,539,000
819,744
Middle School #5 (CHCCS) $1,168,474
112,174
W1111
11
Current
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Debt Service 2012 -13 2013 -14 2014 -15 2015 -16 2016 -17 2017 -18
2017 -2018 - $43,434,774
County Capital $36,748,508
Middle School #5 (CHCCS) $6,686,266
New Debt Service
Projected Annual Debt Service
Projected Annual Debt Service
As a Percent of the General Fund Budget
Available Annual Debt Service Capacity
Based on the 15% Debt Service Policy
737,256 1,627,756 3,845,420 4,777,337
24,887,879
25,609,786
26,149,761
25,814,228
26,997,429
26,868,632
13.83%
13.64%
13.72%
13.35%
13.75%
13.42%
2,112,537 2,550,239 2,432,664 3,196,934 2,448,900 3,166,623
* Includes $2,400, 000 in new financing for Lands Legacy, which should be subject to a voter referendum.
Assumptions:
$ 960,000 of annual debt service = $ 10,000,000 of debt issued at current interest rates for 15 years
$ 800,000 of annual utility debt service = $10,000,000 of debt issued at current interest rates of 20 years
WIN
APPROVED - Water and Sewer Projects Debt Service (Article 46 Sales Tax)
Fiscal Years 2013 -18
Debt Service
Current
Fiscal Year
2012 -13
Fiscal Year
2013 -14
Fiscal Year
2014 -15
Fiscal Year
2015 -16
Fiscal Year
2016 -17
Fiscal Year
2017 -18
Total Available Funds
Dedicated to
Debt Service (FY 12 -18)
Article 46 Sales Tax Budget (for Debt Service)
750,000
769,500
789,293
809,382
829,773
850,469
$ 4,798,417
Annual Debt Service as a % of Economic
$
2013 -2014 - $275,000
Development's Share of Article 46 Sales Tax
12,800
12,800
12,800
12,800
$
Eno EDD $115,000
9,200
Proceeds
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
Projected Debt Financing
2012 -13 - $4,256,046
Buckhorn EDD Phase 2 - $4,256,046
340,484 340,484
340,484
340,484
340,484
$
2013 -2014 - $275,000
Efland Sewer Flow to Mebane $160,000
12,800
12,800
12,800
12,800
$
Eno EDD $115,000
9,200
9,200
9,200
9,200
$
2014 -2015 - $5,186,000
Buckhorn EDD- (Efland Sewer to Mebane) - $3,436,000
274,880
274,880
274,880
$
Eno EDD - $1,750,000
140,000
140,000
140,000
$
2015 -2016 - $2,500,000
Buckhorn- Mebane EDD Phase 3 & 4 - $2,500,000
200,000
200,000
$
2016 -2017 - $0
2017 -2018 - $0
Projected Annual Debt Service -
340,484 362,484
777,364
977,364
977,364
Available Article 46 Sales Tax Proceeds for
Debt Service 750,000
429,016 426,809
32,018
(147,591)
(126,895)
$
Note: Since the obligation for the Article 46 Sales Tax runs for 10
years, without renewal, the General Fund would
be obligated to
pay the debt service.
Assumptions:
$ 960,000 of annual debt service = $ 10,000,000 of debt issued
at current interest rates for 15 years
$ 800,000 of annual utility debt service = $10,000,000 of debt issued
at current interest rates of 20 years
1,702,418
51,200
36,800
824,640
420,000
400,000
1,363,359
12
11"]
Attachment C se eo„
1 m>
Future Debt Capacity
Proposed FY 2014-2018 CTP and FY 2019 -2023 Debt Capacity
Existing and Proposed Debt Service
Cn 35
C
0 30 i ,, ■,
25 = __■ ■ ■I
■�
20 F
15 - -I -�
10 - - - - - - - - -I
3I)- 3I 3b alb
A Existing Tax Supported J Proposed General County
J Proposed School J Future Capacity
Existing and Proaosed Princibal
N 25 — —
c
o _�■
20 _ ■•111'
■I
15
■
10
5 --
!1IIl�l��p- nr,
tib ti� �� �� rL� �b r� 3� 3- 3� 3b 3' p' p�
�O r ro 'o -o ro ro ro ro 'o § § P 'o '-p
JExistingTax Supported J Proposed General County
JProposed School J Future Capacity
DAVENPORT & COMPANY
September 26, 2013
Proposed Debt Assumptions
■ Borrowing Assumptions
— Amortization: Level Principal
— Term: 20 -years
— Interest Rate: 5.0%
— First Interest: FY after issuance
— First Principal: FY after Issuance
■ Future Debt Capacity:
— FY 2019:
$ 9,068,407
— FY 2020:
9,562,078
— FY 2021:
10,796,372
— FY 2022:
46,790,237
— FY 2023:
43,627,691
— Total Capacity:
$119,844,785
■ Total Proposed FY19 -23 DS: $182,763,297
■ Key Debt Ratios (worst shown)
— Debt Per Capita:
— Debt to AV:
— Debt Service vs. Expenditures:
— 10 Year Payout Ratio:
$1,422 (FY 2018)
1.27% (FY 2023)
15.56% (FY 2019)
64.2% (FY 2023)
Orange County, NC 19
Attachment D
Debt Affordability Analysis
Proposed FY 2014 -2018 CIP
A B C D F F G H I J K L M N O P
■ Value of 1¢ in FY 2014 = $1,606,829
■ Assumed Growth Rate= 1.15%
DAVENPORT & COMPANY
September 26, 2013
Note: The Analysis above does not include potential operating
impacts associated with new capital projects, nor does it address
potential changes in the County's existing operating budget.
Orange County, NC 17
Debt Service
Requirements
Revenue Available for DS
Debt Service Cash
Flow Surplus (Deficit)
FY
Existing Debt
Service
CIP Debt
Service
CIP
Operating
CIP Pay -Go Cash Impact
: General Fund
; Budgeted Debt
Total Service
General Fund Other
Budgeted for Dedicated
Pay -Go Cash Revenue
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax Equiv.
(Column 0)
Capital Reserve Adjusted Surplus/
Utilized (Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance
2014
25,089,644
-
4,344,849
29,434,493:
25,089,644
4,344,849
29,434,493
2015
24,201,003
868,299
4,957,232
30,026,534:
25,089,644
4,344,849
29,434,493
(592,042)
-
(592,042)
0.364
2016
22,744,495
1,774,196
4,724,433
29,243,124 ;
25,089,644
4,344,849
29,434,493
191,368
598,830
790,198
-
790,198
2017
21,655,566
4,039,365
4,801,994
30,496,925 ;
25,089,644
4,344,849
29,434,493
(1,062,432)
605,696
(456,737)
-
-
333,462
2018
21,688,632
4,907,463
4,666,219
31,262,314:
25,089,644
4,344,849
29,434,493
(1,827,822)
612,640
(333,462)
(881,720)
0.521
-
2019
20,418,975
9,124,022
4,666,219
34,209,216:
25,089,644
4,344,849
29,434,493
(4,774,724)
1,511,493
(3,263,230)
1.921
-
2020
19,802,383
8,888,517
4,666,219 -
33,357,120 ;
25,089,644
4,344,849 -
29,434,493
(3,922,627)
4,829,468
-
906,841
-
906,841
2021
19,159,723
8,653,013
4,666,219
32,478,955:
25,089,644
4,344,849
29,434,493
(3,044,462)
4,884,840
1,840,377
2,747,218
2022
18,418,174
8,417,508
4,666,219
31,501,901:
25,089,644
4,344,849
29,434,493
(2,067,408)
4,940,846
2,873,438
5,620,657
2023
14,104,871
8,182,003
4,666,219
26,953,093 ;
25,089,644
4,344,849
29,434,493
2,481,400
4,997,495
7,478,895
13,099,552
2024
10,225,448
7,946,498
4,666,219
22,838,165:
25,089,644
4,344,849
29,434,493
6,596,328
5,054,794
11,651,121
24,750,673
2025
7,090,542
7,710,993
4,666,219
19,467,754:
25,089,644
4,344,849
29,434,493
9,966,739
5,112,749
15,079,488
39,830,161
2026
4,753,048
7,475,488
4,666,219
16,894,756 ;
25,089,644
4,344,849
29,434,493
12,539,737
5,171,369
17,711,106
57,541,267
2027
6,386,169
7,239,983
4,666,219
18,292,371:
25,089,644
4,344,849
29,434,493
11,142,121
5,230,661
16,372,782
73,914,049
2028
1,568,129
7,004,479
4,666,219
13,238,826;
25,089,644
4,344,849
29,434,493
16,195,667
5,290,632
21,486,299
95,400,348
2029
1,308,491
6,768,974
4,666,219
12,743,683 ;
25,089,644
4,344,849
29,434,493
16,690,809
5,351,292
22,042,101
117,442,449
2030
1,257,283
6,533,469
4,666,219
12,456,971:
25,089,644
4,344,849
29,434,493
16,977,522
5,412,647
22,390,168
139,832,617
2031
1,206,075
6,297,964
4,666,219
12,170,258;
4,344,849
29,434,493
17,264,234
5,474,705
22,738,939
162,571,556
2032
1,154,868
6,062,459
4,666,219
11,883,546:
25,089,644
4,344,849
29,434,493
17,550,947
5,537,475
23,088,422
185,659,978
2033
814,253
5,826,954
4,666,219 -
11,307,426 ;
25,089,644
4,344,849 -
29,434,493
18,127,067
5,600,964
-
23,728,031
-
209,388,009
2034
-
5,591,449
4,666,219
10,257,668:
25,089,644
4,344,849
29,434,493
19,176,824
5,665,182
24,842,006
234,230,015
2035
4,921,795
4,666,219
9,588,014:
25,089,644
4,344,849
29,434,493
19,846,479
5,730,135
25,576,614
259,806,629
2036
4,244,195
4,666,219
8,910,414 ;
25,089,644
4,344,849
29,434,493
20,524,078
5,795,834
26,319,912
286,126,540
2037
2,898,555
4,666,219
7,564,774:
25,089,644
4,344,849
29,434,493
21,869,719
5,862,285
27,732,004
313,858,544
2038
2,280,326
4,666,219
6,946,545
25,089,644
4,344,849
29,434,493
22,487,948
5,929,499
28,417,447
342,275,991
2039
-
4,666,219
4,666,219
25,089,644
4,344,849
29,434,493
24,768,274
5,997,483
30,765,757
373,041,747
2040
4,666,219
4,666,219:
25,089,644
4,344,849
29,434,493
24,768,274
6,066,247
30,834,520
403,876,268
2041
4,666,219
4,666,219
25,089,644
4,344,849
29,434,493
24,768,274
6,135,799
30,904,072
434,780,340
2042
4,666,219
4,666,219 ;
25,089,644
4,344,849
29,434,493
24,768,274
6,206,148
30,974,422
465,754,762
2043
4,666,219
4,666,219:
25,089,644
4,344,849
29,434,493
24,768,274
6,277,304
31,045,578
496,800,340
Total
243,047,772
143,657,966
191,478,611
578,184,349 ;
Total
(790,198)
Total Tax Effect
2.811
■ Value of 1¢ in FY 2014 = $1,606,829
■ Assumed Growth Rate= 1.15%
DAVENPORT & COMPANY
September 26, 2013
Note: The Analysis above does not include potential operating
impacts associated with new capital projects, nor does it address
potential changes in the County's existing operating budget.
Orange County, NC 17