HomeMy WebLinkAboutAgenda - 02-12-2008-4ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: February 12, 2008
4
SUBJECT: Proposed 2008-18 Capital Investment Plan
DEPARTMENT: Budget
PUBLIC HEARING: (YIN) No
ATTACHMENT(S):
Summary -Unfunded County and Schools'
Capital Needs With Projected Costs of More
than $5 Million
INFORMATION CONTACT:
Donna Coffey, (919) 245-2151
PURPOSE: To continue discussions regarding the unfunded portions of the County's
2008-18 Capital Investment Plan and plan for next steps that will lead to Board adoption of
the CIP including approval of the capital budgets for County and Schools' capital project
ordinances on March 18, 2008.
BACKGROUND:
Objective: For the Board to provide specific direction on how to pay for unfunded
priority County and Schools' capital projects for the period covering fiscal years
2008-18.
The County's draft 2008-18 CIP identifies future County and Schools' capital projects
whose funding needs will go beyond currently approved revenues sources over the ten-year
periods (unfunded needs). During the January 29, 2008 work session, staff proposed the
possibility of meeting unfunded capital needs with price tags of $5 million or more by issuing
debt in future years. Attachment 1 of this agenda abstract outlines identified County and
School needs that meet the $5 million plus benchmark. Staff also proposed that
Commissioners consider plans to fund projects that fall below the $5 million benchmark with
additional pay-as-you-go funds such as Local Revenue Options.
Opportunities for the County to issue debt beyond amounts currently programmed between
now and fiscal year 2009-10 are very limited. However, staff anticipates that the County's
borrowing capacity will begin opening up in fiscal year 2009-10 thereby allowing the County
to borrow additional monies to finance new projects and still remain within its current Debt
Management Policy.
On February 7, 2008, the Board plans to discuss the unfunded portions of the proposed
CIP. As shown on Attachment 1 of this agenda abstract, unfunded County and School
capital needs that meet the $5 million plus benchmark total $293.4 million. The Board may
identify additional County or School projects not currently included on Attachment 1. On the
2
other hand, there may be projects that are currently included on the list that the Board may
wish to remove until receiving additional information.
Due to required timing for preparation and dissemination of Board meeting agendas, this
abstract is being prepared in advance of the February 7 work session. Presentation of
materials requested and direction provided by the Board on February 7, may necessitate
staff to present new materials at the February 12 work session.
FINANCIAL IMPACT: Unfunded County and School capital needs with price tags of $5
million or more total $293.4 million. It is important to note that this amount reflects capital
infrastructure costs only and does not include annual operating and staffing costs required
once projects are completed.
The County's cumulative borrowing capacity between 2009-10 and 2017-18 ranges
between $364.5 million and $375 million. The anticipated collective debt service, assuming
a 6 percent annual interest rate for 20 years, for issuances of this size would be in the
neighborhood of $32 million annually and equate to about 17.3 cents on the tax rate.
RECOMMENDATION(S): The Manager recommends that the Board of County
Commissioners continue discussions regarding the unfunded portions of the County's 2008-
18 Capital Investment Plan and plan for next steps that will lead to Board adoption of the
CIP including approval of the capital budgets for County and Schools' capital project
ordinances on March 18, 2008.
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