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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 12, 2008 <br />4 <br />SUBJECT: Proposed 2008-18 Capital Investment Plan <br />DEPARTMENT: Budget <br />PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Summary -Unfunded County and Schools' <br />Capital Needs With Projected Costs of More <br />than $5 Million <br />INFORMATION CONTACT: <br />Donna Coffey, (919) 245-2151 <br />PURPOSE: To continue discussions regarding the unfunded portions of the County's <br />2008-18 Capital Investment Plan and plan for next steps that will lead to Board adoption of <br />the CIP including approval of the capital budgets for County and Schools' capital project <br />ordinances on March 18, 2008. <br />BACKGROUND: <br />Objective: For the Board to provide specific direction on how to pay for unfunded <br />priority County and Schools' capital projects for the period covering fiscal years <br />2008-18. <br />The County's draft 2008-18 CIP identifies future County and Schools' capital projects <br />whose funding needs will go beyond currently approved revenues sources over the ten-year <br />periods (unfunded needs). During the January 29, 2008 work session, staff proposed the <br />possibility of meeting unfunded capital needs with price tags of $5 million or more by issuing <br />debt in future years. Attachment 1 of this agenda abstract outlines identified County and <br />School needs that meet the $5 million plus benchmark. Staff also proposed that <br />Commissioners consider plans to fund projects that fall below the $5 million benchmark with <br />additional pay-as-you-go funds such as Local Revenue Options. <br />Opportunities for the County to issue debt beyond amounts currently programmed between <br />now and fiscal year 2009-10 are very limited. However, staff anticipates that the County's <br />borrowing capacity will begin opening up in fiscal year 2009-10 thereby allowing the County <br />to borrow additional monies to finance new projects and still remain within its current Debt <br />Management Policy. <br />On February 7, 2008, the Board plans to discuss the unfunded portions of the proposed <br />CIP. As shown on Attachment 1 of this agenda abstract, unfunded County and School <br />capital needs that meet the $5 million plus benchmark total $293.4 million. The Board may <br />identify additional County or School projects not currently included on Attachment 1. On the <br />