Minutes - 20041116 - Laserfiche WebLink

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package. The total of the four bond referenda was about $212 million, with the schools getting about $168 million and the County getting $44 million. Those would include, not only new construction projects, but also renovation projects for both the schools and the County. Regarding alternative financing, the County has been able to borrow $206 million. This has also funded new construction projects and renovation projects for both the County and the schools. Pay as you ga money totals about $64.7 million -that's the sales tax and the dedicated property tax after the debt service. She said that they have worked to try to identify some projects that have been identified and either partially funded, fully funded, or getting no funding at all. The first three projects are the school projects that were included in the 2004-2014 CIP. This left Elementary School #10, which would cost $12.8 million in alternative financing that is in the recent debt issuance schedule that the Board saw in October. The next two projects far Chapel Hill-Carrboro City Schools -Elementary School #11 and Middle School #5 -were identified and with the SAPFO numbers from last year, with the student projection numbers, those were seen on the last few years of the capital investment plan. There is no funding identified far those, and as the student membership numbers are updated this year, it will show those came out in what is planned for the next ten years. County projects that have identified needs include affordable housing. There is $2.7 million identified in the CIP. It is funded, and that is the 2001 bands that will be issued between 2004 and 2014. The Board has also heard a need for an animal shelter. It is partially funded in the County's ten-year CIP - $425,000 is identified in pay as you go revenue, and that would do only the design work. That does not include any construction. There is also a need far Blackwood Farm preservation. It is partially funded at $75,000. This is only to stabilize the current buildings that are at the facility. Regarding future County space and storage needs -there's $11. 7 million in alternative financing and pay as you go money in the ten-year CIP. There is no specific project identified for this money, but the money has been reserved. The Heritage Center was identified in the CIP as partially funded at $112,000. There is no additional money. There is a need far land banking of future school sites, but there is na money allocated. Library services far the central part of the County, for Carrboro, and for Cheeks were also identified in the Library Task Force Report, but there is na money identified for this. The Triangle Spartsplex is partially funded and there will be another update in December. Twin Creeks Park -the 2001 bond included money for only phase I of that park and does not include anything beyond that. There is $975,000 allocated from the Soccer Superfund for West Ten Soccer Complex, but there is na money to build this site out. There are cost overruns associated with High School #3 and are somewhere between $3-4 million. These are just estimates. There are also cast overruns for Middle School #3 of between $2.5-3 million. There are also cost overruns far the Southern Orange Senior Center of $800,000-$1.2 million. Chair Jacobs reiterated that they are trying to look at the budget -capital and operating - in a sustainable manner in a climate where the revenues have decreased. They are also looking at dealing with changes in particularly capital spending. He said that the County has almost caught up to the school building needs and the SAPFO has also changed in that it is a legal commitment to provide schools as needed in a timely manner. He said that he has been raising this topic far almost a year of the difference in the capital plans of the schools and County government. He said that this is just aten-year model. He has no problem referring this to the school boards far comments. He thinks this is timely because the County needs to have a target.