Agenda - 03-11-2014 - 3 - Laserfiche WebLink

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6 School Projects — Highlights Chapel Hill-Carrboro City Schools — Based on the Schools Adequate Public Facilities Ordinance (SAPFO) most recent November 15, 2013 projections, the following new schools/additions would be needed: Middle School #5 to open in FY 2020-21; Elementary #12 to open in FY 2020-21; and Carrboro High School Additions to open in FY 2023-24, and these funding impacts are reflected mostly in Years 6-10. Pay-As-You-Go (PAYG) funds are estimated are estimated at a 1.5% annual growth rate and the Lottery Proceeds are held constant throughout the 5-year CIP period. Orange County Schools — Based on the SAPFO's recent November 15, 2013 projections, the following new schools/additions would be needed: Elementary #8 to open in FY 2023-24; and Cedar Ridge High School Classroom Addition to open in FY 2022-23. 1.5% annual growth in PAYG funds and constant Lottery Proceeds are assumed throughout the 5-year CIP period. Note: Funds to address both school systems' Facilities Assessment Report needs are not included in the Recommended CIP. The Reports reflected needs totaling approximately $330 million for both school systems. The size and timeframe of a future Bond Referendum and/or Alternative Financing that could possibly address facility needs has not yet been decided by the Board of Commissioners. Appendices — Highlights County Debt Service and Debt Capacity— Based on the Manager's recommended funding, the County's annual debt service as a percent of the General Fund budget would remain under the 15% Debt Service Policy throughout the 5-year CIP period, but given the funding scenarios currently in the CIP for Years 6-10, it would reach 15.44% in Year 6 (FY 2018-19) and rise to a high of 19.15% in Year 8 (FY 2021-22). Water and Sewer Projects Debt Service (to be paid with Article 46 Sales Tax proceeds) — based on the current allocation for debt service for Economic Development initiatives, the accumulated amount of revenue earmarked for debt service is adequate to cover debt service payments through the 5-year CIP period. Active County Capital Projects — also included in the Appendices section is a list of all currently active County Capital projects reflecting available balances as of February 26, 2014. FINANCIAL IMPACT: There is no immediate financial impact associated with the presentation of the FY 2014-19 Capital Investment Plan. It is a long-range financial planning tool with a financial impact in FY 2014-157 if the first year of the CIP is approved by the Board of County Commissioners with the adoption of the Annual Budget. RECOMMENDATION(S): The Manager recommends the Board receive the presentation of the Manager's Recommended FY 2014-19 Capital Investment Plan and provide direction to staff in preparation of the April 10, 2014 Budget work session.