FY2022-FY2027 Adopted Capital Improvement Program

FY2022 Adopted Budget Capital Improvement Program

Introduction State an d Federa l Grants ar e another sourc e of CIP funding. Approximatel y $128. 8 millio n i s projecte d t o b e availabl e t o fun d various projects . Of this , $114.4 millio n is projected to b e forthcomin g fro m the State, most of which is funding for school construction projects. Enterpris e fees, generated within th e Water & Sewer an d Soli d Wast e enterprise funds, ar e th e primar y fundin g sourc e for project s within thes e program areas . I n addition, genera l obligation bonds ar e als o issued, wit h th e debt service paid b y thes e enterpris e fees. $14. 0 million i n pay g o and $79.8 million i n bonds ar e allocated i n th e FY 2022 2027 CIP. In additio n t o th e previousl y identified revenue sources, a significan t resource (as an alternativ e t o raisin g taxes) availabl e to th e Count y to produce supplementa l revenu e is th e issuanc e o f Genera l Fun d genera l obligation bonds. This revenu e source is th e equivalent of borrowing futur e money, at a fixe d rate o f interest, for the purpos e of payin g today s bills. This sourc e o f fundin g is use d fo r capital expenditures tha t hav e a long term usefu l life and thus th e us e o f the futur e funds t o pa y for them is appropriate.

The Debt Affordabilit y mode l projects a tota l six year Genera l Fund debt capacit y of $401.97 millio n for the period FY2022 2027 .

Standards

FY 22 88.88

FY 23 57.63

FY 24 61.36

FY 25 65.70

F Y 26 70.58

FY 27 57.82

AFFORDABLE DEBT

G F Deb t Service / G F Revenue G F Debt/ Assesse d Value G F Debt/ G F Revenue Tota l Debt Service / G F Revenue

9.0%

6.9 % 6.6%

7.6 % 7.9 % 8.1 % 8.4 %

1.2 % 1.5%

1.5 % 1.5 % 1.5 % 1.5 %

2.0%

80.0%

64.9 % 80.0 % 80.0 % 80.0 % 80.0 % 80.0 %

11.4 % 11.6 % 12.0 % 12.0 % 11.8 % 12.1 %

17.2%

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