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Current Policy Establishes Level of Debt at 15% of General Fund <br />^ Budgeted debt service payments for fiscal year 2004-05 total $17.8 million <br />^ Equates to about 13% of total General Fund budget of $136.4 million <br />Assumption Variables <br />Annual percentage increase of General Fund budget <br />7.9 percent <br />Interest rate for debt issued after July 20, 2004 <br />Range of 5 to 6 percent <br />Enterprise fund debt not included in this discussion <br />Has its awn dedicated revenue stream <br />Debt Issuance Schedules far Maiar School 8~ County Projects <br />^ September 2002 <br />Total - $112.875 million -includes 2001 voter approved bonds of $75 million plus $37.7 <br />million in alternative financing <br />May 2004 (Attachment 2 of abstract} <br />Total - $130.425 million -includes 2001 voter approved bonds of $75 million plus $4.2 <br />million in two-thirds net debt reduction bonds for County facilities and $59.225 million in <br />alternative financing <br />Allowed for reallocation of $12.8 million in 2001 voter approved band funds originally <br />planned for CHCCS Elementary #10 to be used towards construction of CHCCS High <br />School #3 <br />Increased alternative financing plans to allow for: <br />Increase of $12.8 million for Elementary #10 <br />Increase of $2.2 million for CHCCS High School #3 smart growth initiatives <br />Reduction of $1.65 million far OCS Addition to Board of Education <br />Debt Issuance Schedules for Major School & County Projects <br />^ October 2004 (Attachment 7 of abstract} <br />. Total - $130.725 million -includes 2009 voter approved bands of $75 million plus $4.2 <br />million in two-thirds net debt reduction bonds for County facilities and $59.525 million in <br />alternative financing <br />.Increases alternative financing amount for Justice Facility from $6 million to $6.3 million <br />to caner planningldesignfees <br />In accordance with BOCC approved action on May 18, 2004 and County's 2004-14 Capital <br />Investment Plan <br />.Timetables for CHCCS Elementary #10 and High School #3 and OCS Middle School #3 <br />remain unchanged from May 2004 schedule <br />Board may wish to consider further adjustments to schedule upon receipt of November 15 <br />ten-year certified student membership projections <br />.Reflects slower than originally anticipated timetables for Homestead Aquatics Center, <br />Southern Community Park and Affordable Housing <br />.Does not address requests from both school systems for additional funding for <br />anticipated budget shortfalls for OCS Middle School #3 and CHCCS High School #3 <br />