Agenda - 09-26-2013 - 2 - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 26, 2013 Action Agenda Item No. 2 SUBJECT: Overview and Presentation by Davenport and Company, LLC on Orange County's Financial Status and Debt Capacity DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No Services ATTACHMENT(S): A. Davenport & Company Presentation INFORMATION CONTACT: with Orange County Capital Clarence G. Grier, 919 - 245 -2450 Investment Plan — Provided Under Ted Cole, 804 - 697 -2907 Separate Cover at Meeting or Access Electronically on County's Website: http ://orangecountync.gov /OCCLERK S/agenmenu.asp. Choose September 26, 2013 agenda B. Orange County Debt Management Policy PURPOSE: To provide an overview of the Orange County's tax supported debt and related debt capacity for planning future debt issuances. BACKGROUND: Due to the increasing need to fund the capital needs of both the County and Boards of Education (Orange County Schools and Chapel Hill — Carrboro City Schools), and the continued need to prioritize and effectively plan for the funding of future capital improvements, and debt issuances, Orange County staff and the County's financial advisor for debt issuances, Davenport & Company LLC, provided an overview of the County's financial status and debt capacity to the County /School Collaboration Work Group. Currently the County's Bond Ratings are as follows: S &P Fitch Moody's AAA AAA Aaa The County's debt management policy states that the annual debt service will not exceed 15% of General Fund revenues. For FY 2013 -14, the General Fund debt service is $25.6 million or 14% of General Fund revenues. Davenport & Company, LLC will provide an overview and presentation of the County's tax supported debt, tax supported capital investment plan, and their observations and recommendations for future capital investment program decisions.