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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 29, 2008 <br />Action Agenda <br />Item No. <br />SUBJECT: Discussion of Recommended Orange County FY 2008-18 Capital Investment <br />Plan (CIP) <br />DEPARTMENT: Budget PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Recommended FY 2008-18 CIP located INFORMATION CONTACT: <br />online at Donna Coffey, (919) 245-2151 <br />http://www.co.orange.nc.us/budget/2008- <br />18CIP-ManagerRecommended.asp <br />PURPOSE: To discuss the Recommended Orange County FY 2008-18 Capital Investment Plan <br />(CIP) including options for allocating anticipated proceeds from the Local Revenue Options <br />scheduled for the May 6, 2008 referendum. <br />BACKGROUND: <br />2008-18 Capital Investment Plan (CIP) <br />The Board of County Commissioners received the proposed FY 2008-18 County and <br />Schools Capital Investment Plan (CIP) (hftp://www.co.orange.nc.us/budget/2008- <br />18CIP-ManagerRecommended.asp) on November 5, 2007 and has, on a number of <br />occasions since then, had an opportunity to exchange ideas with staff and the public <br />about the proposal. As presented to the Board, the plan includes funded as well as <br />unfunded capital needs for the County, Chapel Hill Carrboro City Schools and Orange <br />County Schools. <br />Definition of Funded and Unfunded Capital Needs <br />It is important to clarify the differences between funded and unfunded capital needs. <br />4 Funded capital needs include projects whose costs fall within current and future <br />revenues available to the County. <br />o For purposes of the FY 2008-18 CIP includes pay-as-you-go funding and <br />unspent 1997 and 2001 voter approved bonds funds. Pay-as-you-go <br />funding consists of the net proceeds of dedicated sales and property tax <br />CIP revenues after School and County debt service obligations have been <br />satisfied plus project related grants and fees. <br />4. Unfunded capital needs include projects whose costs fall beyond current and <br />projected revenues available to the County. In order to complete the projects that <br />are currently considered unfunded, the County would have to either acquire new <br />debt through voter approved bonds and alternative third party financing or have <br />access to a new local government authorized revenue.