Orange County NC Website
Browse       Search
13 <br /> 1 March debt capacity scenario, the debt service exceeded 15%, and the excess spending on <br /> 2 debt service was more than $1.2 million. In year 5 for the May scenario, the debt service was <br /> 3 13.8% and there remained over $2.3 million of available debt service capacity, a swing of more <br /> 4 than $3.6 million in the positive direction compared to the Manager's original recommended <br /> 5 budget. <br /> 6 <br /> 7 It appears that the proposed changes in the CIP projects made by the BOCC to date have been <br /> 8 moving the county debt service and debt capacity scenarios in the right direction. That certainly <br /> 9 appears true for years 1-5, the years for which the BOCC review of CIP projects is focused. <br /> 10 <br /> 11 Manager's original recommended FY 2013-18 CIP (page 102) <br /> 12 Chart shows the figures for years 1 through 5 as given on page 102, and adds year 6 <br /> 13 <br /> 14 Projected FY 2013-14 FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 <br /> 15 annual <br /> 16 debt service Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 * <br /> 17 as a percent <br /> 18 of Gen. Fund <br /> 19 Budget 14.33% 13.84% 13.52% 14.51% 15.65% 17.46% <br /> 20 <br /> 21 Available <br /> 22 annual $1.217 M $2.149 M $2.792 M $0.929 M ($1.262 M) ($4.8 M) <br /> 23 debt service <br /> 24 capacity * Source: County staff, May 8, 2013 <br /> 25 <br /> 26 Attachment D1 - May 23 work session (revised page 102) <br /> 27 Chart shows the figures for years 1 through 6 as given on revised page 102. <br /> 28 <br /> 29 Projected FY 2013-14 FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 <br /> 30 annual <br /> 31 debt service Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 <br /> 32 as a percent <br /> 33 of Gen. Fund <br /> 34 Budget 13.77% 13.69% 13.50% 14.08% 13.80% 15.58% <br /> 35 <br /> 36 Available <br /> 37 annual $2.278 M $2.471 M $2.864 M $1.785 M $2.373 M ($1.168 M) <br /> 38 debt service <br /> 39 capacity <br /> 40 <br /> 41 <br /> 42 Clarence Grier said that in year six the County will be over debt capacity and will either <br /> 43 have to change the policy or move things around. <br /> 44 Commissioner porosin suggested raising the debt limit policy to 20%. <br /> 45 Clarence Grier said this would be frowned upon by the Local Government Commission. <br /> 46 Moving up higher than 15% affects the bond rating. <br /> 47 Chair Jacobs said there are other options such as the fund balance or the money set <br /> 48 aside for retiree insurance. The County could be slightly less aggressive and have more <br /> 49 flexibility. <br /> 50 Chair Jacobs asked about moving the Cedar Ridge gym from year two to year one. <br />