FY2023-FY2028 Adopted Capital Improvement Program

FY2023 Adopted Budget Capital Improvement Program

Introduction

CIP policies require th e Count y to attempt to budget as pay go for capital improvements a n amount equal to 7% o f General Fund operatin g revenues . General Fund , impact fee , and recordation pay g o ar e considere d i n total i n meetin g this goal . Th e FY 2023 2028 CIP doe s not hav e pay go fundin g allocate d t o meet this goa l fo r the 6 year perio d or an y o f the year s individually. With the adoptio n o f th e F Y 2023 General Fun d operatin g budget , $22.9 million i s allocated to th e Capital Budget . The $22.9 million represents 3.0% of General Fund operatin g revenue. Approximatel y $127. 7 million is projected for th e remainin g fiv e years o f the CIP. (Thes e figure s ar e exclusiv e o f the reserv e funds) Since 1993 , Impact Fees hav e provided additional revenu e to address publi c school construction needs . Impact fees to ai d librar y construction wer e added in 2001 . These fees ar e levied upon newl y constructed housin g units throughout the Count y and ar e applied directl y toward the fundin g of school and librar y projects an d th e debt servic e on impact fe e bonds. Impact fe e revenue , is projected based on th e following: for a singl e famil y home , th e school impact fe e will be $15,880 and th e librar y impact fe e will b e $705 . Approximatel y 7.0 % o f th e current school impact fees collected ar e committed t o th e payment of Impact Fe e Bon d debt servic e but will decreas e to approximatel y 6.2 % b y FY2028. Ove r the F Y 2023 2028 period , school impact fees ar e projected to generate $151.5 million. Durin g thi s sam e perio d librar y impac t fees ar e estimate d t o generat e $7.0 million. Ove r th e six yea r program afte r taking int o account previousl y unallocate d funds from prio r years, approximatel y $72.1 million in pay go is allocate d fo r ne w or expanded school capital projects an d $8.1 millio n i n pay g o is allocated for ne w or expanded librar y capital projects. **Note: Althoug h presented here in a consolidated format , school impact fees ar e collected and allocated pe r school level an d canno t b e co mingled. A s of 2000 , a percentage o f the proceed s fro m Recordation taxe s hav e bee n dedicate d to Parks and Recreatio n capital projects . For th e FY 2023 2028 CIP tim e frame th e percentage rat e is set to chang e from 12.5 % to 10.71% a s of October 1 , 2020 but ha s no effect on projecte d revenue . It is estimated t o generat e $42.5 millio n i n revenue. O f this, approximatel y $11.2 millio n will b e use d to pa y debt servic e and $3. 7 million will b e held in reserv e pe r our special revenue fund balance guideline . Th e FY 2023 2028 CIP allocates $19. 9 million o f direct fundin g and $22.9 of bonds to fund acquisition an d development of recreational and open spac e lan d (after takin g into account previousl y unallocated funds from prio r years) In late F Y 2007 , a n additional percentage o f th e proceed s from Recordation taxes wer e dedicate d fo r pay g o and debt service to support school construction . For th e FY 2023 2028 CI P time fram e th e percentag e rat e is set t o chang e from 16.67 % to 14.29 % as of October 1 , 202 0 but has no effect on projected revenue . Ove r the six year program , approximatel y $28. 0 millio n fro m Recordation Tax proceeds will be use d to pa y debt servic e o n recordatio n bonds issued for school construction . In addition after takin g into account previousl y unallocated funds fro m prio r years, $25.7 million i n pay g o an d $9.3 millio n i n bonds ar e allocated to fund school construction. In 2001 , a Buildin g Excis e Tax was levied to finance publi c road and bridge projects . Revenu e derived fro m th e Buildin g Excis e Tax ma y b e used on Count y road s as well as Stat e roads . In Novembe r 2011 , the rate wa s reduced t o $0.00 an d th e remainin g buildin g excise tax revenu e is allocate d to fund roa d and bridg e projects.

School Impact Fee

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

136,743,218

11,080,240 3,693,414

Revnue

Debt Service Reserve Available

Parks Recordation

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

27,584,118

11,195,249 3,731,750

Revenue

Debt Service Reserve Available School Recordation

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

25,700,437

9,328,696

27,986,085

Revenue

Available Reserve Deb t Service

28