FY2023-FY2028 Adopted Capital Improvement Program

FY2023 Adopted Budget Capital Improvement Program

Introduction

Stat e an d Federal Grants ar e anothe r sourc e of CIP funding . Approximatel y $216. 5 millio n i s projected to b e availabl e to fund various projects. Of this , $197.9 million is projecte d to b e forthcomin g fro m the State , mos t of which i s funding for school construction projects. Enterpris e fees, generate d withi n th e Wate r & Sewer an d Solid Waste enterpris e funds , ar e the primar y fundin g sourc e fo r project s within thes e program areas . In addition , general obligatio n bonds ar e als o issued , with the debt servic e paid b y thes e enterpris e fees. $18. 5 millio n i n pay go and $86. 1 millio n i n bonds are allocated in th e F Y 2023 2028 CIP. In addition t o th e previousl y identified revenue sources, a significant resource (as an alternativ e t o raisin g taxes ) availabl e to th e Count y to produce supplemental revenue is the issuanc e o f General Fund general obligation bonds. This revenu e source is th e equivalent o f borrowing future money, at a fixed rat e of interest, for the purpos e of payin g today s bills . This source of fundin g is used for capital expenditures that hav e a long ter m useful life an d thus th e us e o f the futur e funds t o pa y for them is appropriate.

The Debt Affordabilit y model projects a total six year General Fund debt capacit y of $401.97 millio n for the period FY2023 2028.

Standards

FY 23 99.32

F Y 24 61.12

F Y 25 65.37

FY 26 47.35

F Y 27 70.77

F Y 28 56.21

AFFORDABLE DEBT

G F Debt Service/ GF Revenue G F Debt/ Assesse d Value G F Debt/ G F Revenue Total Debt Service/ G F Revenue

9.0%

5.4 % 5.9 % 6.6 % 6.8 % 7.1 % 6.8 %

1.5 % 1.6 % 1.5 % 1.6 % 1.6 % 1.6 %

2.0%

76.3 % 82.6 % 82.6 % 82.6 % 80.0 % 80.0 %

80.0%

9.5 % 9.8 % 10.4 % 10.2 % 10.5 % 10.0 %

17.2%

***Note: Fo r th e G F Debt/G F Revenu e standard fo r FY24 FY26 , th e limit is above th e 80.0 % standard i n orde r to accommodat e additional fundin g fo r Boar d of Educatio n school CIP projects for utilizatio n of State Built to Lear n funding. This 82.6 % limit use d was a previous measureabl e standard for th e G F Debt to G F Revenu e ratio .

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