HomeMy WebLinkAboutAgenda - 09-30-2003-7akNa 4,:.,~ 7a
ORANGE COUNTY
guelJet d~lce HILLSBOROUGH. NORTH CAROLINA SataPl~ked l?52
TO: Orange County Board of Commissioners
John M. Link, County Manager
FROM: Donna Dean, Budget Director
DATE: September 24, 2003
RE: Update on County/Town Partner Capital Projects
In November 2001, Orange County voters approved a $75 million bond referendum that supported
schools, parks, recreation, open space, affordable housing, and senior centers. On September 3, 2002,
the Board of County Commissioners approved a timetable that outlined amulti-year plan for issuing debt
related to the 2001 voter approved bond referendum along with a plan to issue a total of $37,875,000 in
alternative financing to support other priority projects identified by the 2001 Capital Needs Advisory Task
Force. (For clarification purposes, alternative financing is a term used to identify non-bond monies
borrowed from financial institutions.) In fiscal year 2002-03, the County sold $19,175,000 of the $75
million 2001 voter approved bonds and borrowed $3,475,000 of the planned $37,875,000 planned
alternative financing.
The chart below summarizes specific County/Town partner projects included in the plan approved by the
Commissioners last September.
Amount of Funding Planned
for Issuance by Fiscal Year
Fairview Park
FY 2002-03 $200,000
FY 2003-04 $500,000
FY 2004-05 $150,000
Available Funds from 2001 Voter Approved Bond
Referendum for Fairview Park $850,000
Homestead Aquatics Center
FY 2003-04 $3,500,000
Available Funds from 2001 Voter Approved Bond
Referendum for Homestead Aquatics Center $3,500,000
Joint Town/County Open Space (Greenway Development)
FY 2002-03 $400,000
FY 2003-04 $200,000
FY 2004-05 $575,000
FY 2005-06 $575,000
Available Funds from 2001 Voter Approved Bond
Referendum for Joint Town/County Open Space (Greenway
Development) $1,750,000
Smith Middle School Field
FY 2002-03 $250,000
Available Funds from 2001 Voter Approved Bond
Referendum for Smith Middle School Field $250,000
Southern Community Park
FY 2004-05 $1,000,000
FY 2005-06 $1,000,000
Available Funds from 2001 Voter Approved Bond
Referendum for Southern Community Park $2,000,000
Monies received during fiscal year 2002-03 are available, in accordance with applicable Board of
Commissioner policies, for the projects outlined in the table above.
It is also important to note that Homestead Park and Southern Community Park received #unding in the
1997 voter approved County bond referendum. The table below summarizes the available funding for
those particular projects:
Homestead Park
1997 A roved Bond Funds $1,000,000
Funding Allocations Approved by BOCC to
date
$145,000
Available Funds from 1997 Voter Approved
Bond Referendum for Homestead Park
$855,000
Southern Community Park
1997 A roved Bond Funds $1,000,000
Funding Allocations Approved by BOCC to
date
$345,000
Available Funds from 1997 Voter Approved
Bond Referendum for Southern Community
Park
$655,000
As outlined in the two charts above, both Homestead Park and Aquatics Center and Southern
Community Park are scheduled to receive County funding from the 1997 and 2001 voter approved bond
referenda. To-date, Commissioners approved allocations total $145,000 for Homestead Park and
Aquatics Center and $345,000 for work at Southern Park. Remaining County funds available for the two
projects include $4,355,000 Homestead Park and Aquatics Center and $2,655,000 for Southern
Community Park.
Feel free to contact me if there are questions or concerns regarding the information outlined in this
memo.
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