FY2025-FY2030 Adopted Capital Improvement Program

FY2025 Adopted Budget Capital Improvement Program

Overview

In 2001, a Building Excise Tax was levied to finance public road and bridge projects. Revenue derived from the Building Excise Tax may be used on County roads as well as State roads. In November 2011, the rate was reduced to $0.00 and the remaining building excise tax revenue is allocated to fund road and bridge projects.

State and Federal Grants are another source of CIP funding. Approximately $168.4 million is projected to be available to fund various projects. Of this, $137.5 million is projected to be forthcoming from the State, most of which is funding for school construction projects. Enterprise fees, generated within the Water & Sewer and Solid Waste enterprise funds, are the primary funding source for projects within these program areas. In addition, general obligation bonds are also issued, with the debt service paid by these enterprise fees. $50.0 million in pay-go and $157.9 million in bonds are allocated in the FY 2025-2030 CIP. In addition to the previously identified revenue sources, a significant resource (as an alternative to raising taxes) available to the County to produce supplemental revenue is the issuance of General Fund general obligation bonds. This revenue source is the equivalent of borrowing future money, at a fixed rate of interest, for the purpose of paying today’s bills. This source of funding is used for capital expenditures that have a long-term useful life and thus the use of the future funds to pay for them is appropriate.

The Debt Affordability model projects a total six-year General Fund debt capacity of $588.63 million for the period FY2025-2030.

Standards

FY 25 140.53

FY 26 74.92

FY 27 81.50

FY 28 118.67

FY 29 92.40

FY 30 80.61

AFFORDABLE DEBT

GF Debt Service/ GF Revenue GF Debt/ Assessed Value GF Debt/ GF Revenue Total Debt Service/ GF Revenue

9.0%

7.8%

7.0%

7.7%

7.8%

7.5%

7.9%

2.0%

1.5%

1.6%

1.6%

1.6%

1.6%

1.6%

80.0%

73.6%

80.0%

80.0%

80.0%

80.0%

80.0%

17.2%

9.8%

9.0%

9.7%

9.7%

9.2%

9.5%

29