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HomeMy WebLinkAboutAgenda - 12-11-2007-3eORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 11, 2007 Action Agenda Item No. ~-~ SUBJECT: Presentation of Orange County Schools 2008-18 Unfunded Capital Needs DEPARTMENT: Budget PUBLIC HEARING: (YIN) No ATTACHMENT(S): Summary of 2008-18 Unfunded County and Schools' Capital Needs INFORMATION CONTACT: Donna Coffey, (919) 245-2151 PURPOSE: To receive a presentation of Orange County Schools 2008-18 Unfunded Capital Needs. BACKGROUND: The Board of County Commissioners received the proposed 2008-18 County and Schools Capital Investment Plan (CIP) (http://www.co.orange.nc.us/budget/2008-18CIP- ManagerRecommended.asp) on November 5, 2007 and during their November 13, 2007 work session, Commissioners and staff had an opportunity to exchange ideas about the proposal. As presented to the Board, the plan included funded capital needs for the County, Chapel Hill Carrboro City Schools and Orange County Schools as well as unfunded needs for the County and Chapel Hill Carrboro City Schools. Due to transitioning from the former Superintendent to the newly hired one, the Orange County School Board had an opportunity to review and approve that District's unfunded capital needs for the ten-year period of 2008-18 and consequently a list of unfunded needs for the District were absent from the County's proposed Capital Investment Plan. Tonight's meeting offers the Orange County Schools Board of Education an opportunity to share the District's unfunded capital needs with Commissioners. Definition of Funded and Unfunded Capital Needs Recent CIP related discussions have centered on the differences between funded and unfunded capital needs. Funded capital needs include projects whose costs fall within current and future revenues available to the County. o For purposes of the 2008-18 CIP includes pay-as-you-go funding and unspent 1997 and 2001 voter approved bonds funds. Pay-as-you-go funding ~ consists of the net proceeds of dedicated sales and property tax CIP revenues after School and County debt service obligations have been satisfied plus project related grants and fees. Unfunded capital needs include projects whose costs fall beyond current and projected revenues available to the County. In order to complete the projects that are currently a considered unfunded, approved bonds and government authorize the County would have to either acquire new debt through voter alternative third party financing or have access to a new local d revenue. It is important to note that while projects fall into the unfunded category, it does not mean that the County does not plan to complete the project. It does mean that in order to complete individual project plans, Commissioners and project partners, such as School Boards, must engage in further discussion regarding infrastructure/facility needs, capital funding and annual operating costs. The attached spreadsheet summarizes unfunded capital needs for Orange County Local Government, Chapel Hill Carrboro City Schools and Orange County Schools for fiscal years 2008-18. In accordance with the revised 2008-18 Capital Investment Plan (CIP) approved by Commissioners on December 3, 2007, the next step in the CIP approval process (after tonight) comes with amid-January CIP and Local Revenue Options work session. The Board has not finalized a date for the work session. FINANCIAL IMPACT: The chart below summarizes funded and unfunded capital needs for the County and both school districts for fiscal years 2008-18. 2008-18 Identified County and School Capital Needs Summary of Funded and Unfunded Needs Dollar amounts are shown in millions of dollars Funded Unfunded Total Orange County Local Government $146.6 $74.4 $221.0 Chapel Hill Carrboro Cit Schools $39.7 $245.5 $285.2 Orange County Schools $29.6 $23.8 $53.4 Total 2008-18 County and School Capital Needs $215.9 $343.7 $559.6 For details on individual County and Schools funded projects, refer to the on-line version of the proposed 2008-18 County and Schools Capital Investment Plan (CIP) (http•//www co orange nc us/budget/2008-18CIP-ManagerRecommended.asp). The attached Summary of 2008-18 Unfunded County and Schools' Capital Needs summarizes unfunded capital needs included in the above table. RECOMMENDATION(S): The. Manager recommends that the Board of County Commissioners receive the presentation of Orange County Schools 2008-18 Unfunded Capital Needs. O F O O a r C h h G n u C n IC d C n Q~ r ~p r' L ~' a~ .a c c~ ~ r t!3 ~ V N LI. 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