Minutes - 20080129 - Laserfiche WebLink

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• Overview of currently dedicated Capital Investment Revenues - Reference slides 3 through 5 of this handout Donna Coffey discussed the dedicated Capital Investment Plan Revenues and said that she used fiscal year 2009-2010, because 2008-2009 would not give a full year for these revenues. At this time, there is $41 million dedicated to County and school capital. Of that, $27.3 million is being paid out on debt service each year. The remaining $13.6 million is used for pay-as-you-go capital projects. She said that the current capital funding policy says that the dedicated property tax for recurring capital is 4 cents - 3 cents for school recurring capital, and 1 cent for County recurring. Right now 2 cents is budgeted for the schools. She has not assumed an increase for 2009-2010. Projected County Capital Revenues for Fiscal Year 2009-10 Per County Capital Funding Policy(1) (graph) The summary of the graph is as follows: $23.2 million for property tax dedicated to repay school and County debt service; $3 million for property tax dedicated to school and County recurring capital; $9.6 million for Articles 40 and 42 sales taxes dedicated to repay school and County debt and fund projects; $1 million for public school building funds dedicated to repay school debt service; $2.1 million for school construction impact fees dedicated to repay school debt service; and $2 million for proceeds from NC Education Lottery dedicated to school projects. Commissioner Foushee asked about the lottery projections and Donna Coffey said that she has not assumed any growth in the lottery for the next ten years. Chair Jacobs asked about the public building school funds and Donna Coffey said that the State has only taken $500,000 so far, but she thinks it may all be taken by the State. Laura Blackmon said that at the TJCOG Manager's meeting today they heard about some actions of the State and the potential for counties to have the option of financing construction and maintenance of local roads. This will have a serious impact on the budget. Clarifying questions of the County Commissioners were answered by the staff. Allocation of Pay-As-You-Go Capital Revenue Per Current Practice (1) Fiscal Year 2009-10 Revenue Projections Used for Illustrative Purposes (graph) Schools Per Current Practice - $10.1 million County Per Current Practice - $3.4 million • Review funded County projects - Reference pages 1-7(bottom part) through 1-10 of 2008-18 C/P Laura Blackmon said that staff needs direction on these County capital projects regarding which projects are too far out; or which ones the Board wants to bring in closer. Commissioner Gordon made reference to #18-Animal Services Facility Construction, and said that the price has gone up from $7.7 million to $8.8 million and asked for an explanation.