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1 Commissioner Jacobs said that there is supposed to be a revenue source from the <br /> 2 agreement with UNC regarding the methane gas recovery. Frank Clifton said that he will <br /> 3 review the contracts about this. There will be a revenue source from this. <br /> 4 Page 24 is the schedule for the Schools Capital Projects Summary. This takes each <br /> 5 project in their ten-year plan and lists it out for the first five years. It is listed by system. Page <br /> 6 25 has the revenue sources tied into the school projects. <br /> 7 Michael Talbert asked if the Board wanted to see unfunded projects listed individually <br /> 8 and the Board agreed. <br /> 9 Commissioner Yuhasz suggested requesting this same format from the two school <br /> 10 systems. Staff will ask about this. <br /> 11 Commissioner Jacobs suggested putting this issue on the joint agenda with the two <br /> 12 school boards. <br /> 13 Presentation continued. <br /> 14 The Board expressed approval of the format for page 37. <br /> 15 Michael Talbert made reference to the Emergency Management Center and said that <br /> 16 the budget was for$325,000 and there was only $142,215 in the revenue, but the County only <br /> 17 spent $142,215. He said that the fact that there is a revenue shortfall is not hurting the County <br /> 18 in this case because it was not spent all at once. This project will be recommended to be <br /> 19 closed out. <br /> 20 Commissioner Pelissier said that she would like a column added that indicates when a <br /> 21 project started. <br /> 22 Commissioner Gordon said that the Board discussed listing unfunded projects, and it <br /> 23 would be helpful to list these so that they are not forgotten. <br /> 24 Michael Talbert said that many of these projects have had changes over the years and <br /> 25 this could make the columns cumbersome. <br /> 26 Frank Clifton said that they could put a column for 6+ years and then a supplemental <br /> 27 sheet that could list these unfunded projects. <br /> 28 Michael Talbert made reference to page 39, which has real data — capital reserve <br /> 29 balances as of June 30, 2010. The top half of the page is for the County Capital Reserve <br /> 30 Fund and the bottom half is the School Capital Reserve Fund. <br /> 31 Michael Talbert asked how often the Board would like this report and Chair Foushee <br /> 32 suggested getting this quarterly. <br /> 33 Frank Clifton suggested putting a link on the website also. <br /> 34 Michael Talbert made reference to page 40 — County Debt Service and Debt Capacity. <br /> 35 This also had real data. He said that the debt service policy is that the County will have no <br /> 36 more than 15% annual debt service as a percent of the General Fund Fund Balance. This <br /> 37 year, it is at 16.33%. Next year, there is a potential to go down to 14.7% if no more debt is <br /> 38 issued. <br /> 39 Michael Talbert said that in 2010-11, there is anticipation of a $2.3 million debt <br /> 40 issuance coming later this year. This is new debt for the Sheriff's radios approved in the CIP, <br /> 41 for the Link Center renovations, and for the telephone system. <br /> 42 The next line is the qualified school bonds and the $4 million is just a best guess. <br /> 43 The next line is Elementary School #11 and this would be a debt issuance for 2011-12 <br /> 44 with debt service coming through in 2012-13. This could change, but it is where it stands at <br /> 45 this moment. <br /> 46 Michael Talbert said that as a rule of thumb, if you take the debt service of $2,730,000 <br /> 47 projected and multiply it by 11, you get $30 million. In terms of the actual debt service, what <br /> 48 this will buy the County would be roughly $30 million. This is at today's interest rates with a <br /> 49 15-year repayment schedule. <br />