FY2022-FY2027 Adopted Capital Improvement Program

FY2022 Adopted Budget Capital Improvement Program

Introduction

CIP policies requir e th e Count y to attempt t o budge t as pay go for capital improvements an amount equa l to 7 % of Genera l Fund operatin g revenues. Genera l Fund, impac t fee , an d recordatio n pay go ar e considere d in tota l in meetin g this goal. Th e FY 2022 2027 CI P does no t hav e pay g o fundin g allocated t o meet this goa l for the 6 year period o r an y o f th e years individually. With th e adoptio n of th e F Y 2022 Genera l Fund operatin g budget, $19. 5 million i s allocate d to th e Capita l Budget . Th e $19. 5 millio n represents 2.8 % of Genera l Fund operatin g revenue. Approximatel y $107.7 million is projected fo r th e remainin g fiv e years o f th e CIP. (These figures ar e exclusiv e of th e reserv e funds) Sinc e 1993, Impact Fees hav e provide d additiona l revenu e to addres s publi c schoo l constructio n needs. Impact fees to aid librar y constructio n were added in 2001. Thes e fees ar e levied upo n newl y constructe d housin g units throughou t the Count y an d are applied directl y towar d th e fundin g of schoo l and librar y projects and th e deb t servic e on impac t fee bonds. Impac t fe e revenue, is projected base d on th e following : for a singl e famil y home, th e schoo l impact fe e will b e $14,61 3 an d the librar y impac t fe e wil l b e $705. Approximatel y 11.1% of th e current school impac t fees collected are committe d t o th e payment o f Impac t Fe e Bond debt servic e bu t wil l increase to approximatel y 14.0 % b y FY2027. Over th e FY 2022 2027 period, schoo l impac t fees ar e projecte d t o generat e $102.3 million. Durin g this same perio d librar y impact fees ar e estimate d to generate $5. 1 million. Over th e six year program afte r takin g into accoun t previousl y unallocated funds fro m prior years , approximatel y $41.4 millio n in pay g o is allocated fo r ne w or expanded schoo l capital project s and $6.3 millio n in pay go is allocated for new or expande d librar y capita l projects. **Note : Although presente d her e in a consolidate d format, school impac t fee s are collecte d an d allocated per schoo l leve l an d cannot b e co mingled. A s of 2000, a percentage of th e proceeds from Recordation taxes hav e been dedicated to Parks an d Recreation capital projects . For the F Y 2022 202 7 CIP tim e frame th e percentage rate is se t to chang e fro m 12.5 % t o 10.71% a s of Octobe r 1, 2020 bu t has n o effect o n projected revenue. I t is estimated to generat e $33. 7 millio n in revenue. O f this, approximatel y $9. 7 millio n wil l b e used to pa y debt service and $3. 2 millio n will b e hel d i n reserv e pe r our specia l revenue fun d balance guideline. Th e FY 2022 202 7 CI P allocates $18. 9 millio n o f direc t fundin g an d $15.9 of bonds to fund acquisitio n an d development of recreationa l an d open spac e lan d (after takin g into account previousl y unallocate d funds from prio r years) I n late F Y 2007 , a n additional percentag e of th e proceeds from Recordation taxes were dedicated for pay go an d deb t service t o support school construction . For th e F Y 2022 2027 CIP tim e fram e the percentage rate is se t t o chang e from 16.67% to 14.29 % as o f October 1, 2020 bu t has no effec t on projected revenue . Ove r th e six yea r program, approximatel y $27.2 millio n from Recordation Tax proceeds wil l be use d t o pa y debt service o n recordatio n bonds issue d for school construction . In additio n afte r takin g into accoun t previousl y unallocated funds from prior years, $17. 1 million in pay g o an d $6.6 millio n i n bonds are allocate d to fund school construction . I n 2001 , a Buildin g Excis e Tax was levied to financ e public road an d bridg e projects. Revenue derive d from th e Buildin g Excise Tax ma y be use d o n Count y roads a s well as State roads. I n November 2011, th e rat e was reduce d to $0.0 0 an d the remainin g buildin g excis e tax revenue is allocate d t o fun d road an d bridge projects.

School Impact Fee

0% 20% 40% 60% 80% 100%

86,718,132

11,676,035 3,892,012

Revnue

Available Reserve Deb t Service

Parks Recordation

0% 20% 40% 60% 80% 100%

20,848,212

9,734,331 3,244,778

Revenue

Available Reserve Deb t Service

School Recordation

0% 20% 40% 60% 80% 100%

9,057,996 8,902,695

27,173,988

Revenue

Available Reserve Deb t Service

30

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