Minutes 11-10-2016 - Laserfiche WebLink

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3 ➢ Previous Year's Allocation as Base • FY 2016-17= $1,176,763+Growth Rate ➢ Incremental Unit of Tax Rate • 1 Cent on $16,773,580,000 Tax Base = $1,677,358 ➢ Ten Dollars Per Capita • $10 x 141,354 (2015 Population)= $1,413,540 ➢ Fixed Dollar Amount • Subjective Commissioner Pelissier asked if the growth rate is in the budget, or in the revenues received. Gary Donaldson said both of these would be good indexes to use. He said the growth revenue rate from last year to this would be about 2-3%. Bonnie Hammersley said historically there has been about a 3% growth rate in revenues. She said there are other growth rate options, as well. Bob Jessup, Bond Counsel, resumed the presentation: Potential Capital Funding Options ➢ Construct Building, and Lease Long-Term ➢ Make Restricted Capital Grant ➢ Make Multi-Year Grant for Lease or Loan Payments ➢ Fund a Loan-Loss Reserve to back Loans to Outside Agencies Fiscal Policy Consideration ➢ Draft Fiscal Policy: • The County may allocate an amount of public funds up to one percent (1%) of the total County General Fund Budget Appropriation Less the Education Appropriation for the purposes of funding outside agencies that benefit the community. • Outside agencies must provide the requisite financial, organization and project information to be eligible for funding. Funds shall be appropriated for public purposes. • Requests for funding will only be accepted during the County's annual budget preparation process. All complete applications will be presented to the Board of County Commissioners for funding consideration and adoption in June of each fiscal year. Bob Jessup provided the memo below, and how some of the ideas could work. Memo below from Bond Counsel, Bob Jessup: Orange County—capital funding for outside agencies There are a variety of ways in which the County could provide capital funding for outside agencies if it decided to do so. In each case, the legal basis for our approach represents a combination of the statute that allows the County to contract with private entities to carry out work that the County could carry out itself(Section 153A-449), and the statute that allows the county to enter multi-year continuing contracts for services (Section 153A-13). In many ways, these approaches mirror approaches used for affordable housing programs in which the units will be privately owned. Build a building, lease it out long-term The County would build a building for use by the agency. The County would continue to own the building. The County could either pay cash for the building or undertake an installment financing for the building (whether the financing would qualify for tax-exempt financing or would require more expensive taxable financing would have to be determined at that time). The lease