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asked if the Board would like to add this, even though there is not a large capital improvement <br /> plan for that facility. The Board asked that it be listed as an additional item. <br /> Michael Talbert went through the spreadsheets. <br /> Commissioner Jacobs made reference to page 8 and said that there is a footnote about <br /> library proceeds. He said that the first time it occurs, it would be useful to note that this is not a <br /> Board of County Commissioners' determination and the County is a passive recipient. He said <br /> that this is subject to change and it is not under the County's control. <br /> Commissioner Pelissier asked if there was a project summary and Michael Talbert said <br /> that there should be a page for that. It is the same format. <br /> Commissioner Gordon said that the two school systems list their projects differently and <br /> that makes it difficult to follow. She asked what could be done about this. Frank Clifton said <br /> that the two school systems are working to resolve this issue. <br /> Commissioner Pelissier said that she would prefer that the format be like CHCCS. <br /> Michael Talbert made reference to the Active County Projects on pages 10-11. There <br /> will probably be about 6-10 projects on this list that will be closed on this fiscal year. <br /> Commissioner Gordon asked why there was a revenue shortage in Hillsborough <br /> Commons. Michael Talbert said that there are revenue shortages because there is still <br /> revenue yet to come in from Medicaid, etc. <br /> Michael Talbert pointed out pages 12 and 13, which had actual figures on it. The debt <br /> service is currently at 16.33%. <br /> Commissioner Jacobs made reference to page 3 of Appendix 3 and the Debt Policy. <br /> He read, "the County will strive to maintain its annual debt service costs at a level no greater <br /> than 15%." Instead of calling it a target, it is called a policy. For two years the level has been <br /> over 15%. He said that this should say"target" instead of"policy." <br /> Commissioner Gordon said it should be left as"policy." <br /> Frank Clifton said that one of the reasons the percentage went up is because the <br /> County's budget went down. He said that the rating agencies look at that. <br /> Chair Foushee said to draft a footnote to this effect. <br /> Michael Talbert highlighted the changes on the Debt Management Policy, Attachment <br /> 3. <br /> Following is the policy as presented by Michael Talbert, with some of the changes <br /> suggested by the Commissioners at the end of the presentation. <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> DEBT MANAGEMENT POLICY <br /> The County has long recognized the importance of proper long-range planning in <br /> order to meet capital improvement needs as they arise without experiencing <br /> dramatic impacts on operational cost and debt service. The following policy <br /> statements will provide guidance on the issuance of dept to help insure that the <br /> County maintains a sound debt position and that its credit quality is protected. In <br /> conjunction with the County's Capital Policies,these policy statements <br /> rationalize the decision making process, identify objectives for staff to <br /> implement, and demonstrate a commitment to long term financial planning <br /> objectives. In addition,this debt management policy will allow for an appropriate <br />