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2 <br /> On September 10, 2015, the Board of County Commissioners held a work session to review <br /> potential General Obligation Bond Referendum packages and its impact on the CIP related to <br /> Debt Capacity and Debt Affordability. The County's financial advisor, Davenport and Company, <br /> presented a series of potential cases related to the Bond Referendum amount. As part of the <br /> presentation, the CIP funding case included the FY 2015-20 Approved CIP and a $125 million <br /> referendum. (See Attachment 3) <br /> Tonight's discussion will be focused on prioritizing Capital projects to achieve the Debt Capacity <br /> of 15%, to restructure debt to fund the scheduled CIP projects within the policy threshold, and <br /> to reflect tax rate equivalent impacts to achieve Debt Affordability by minimizing or eliminating <br /> cash flow shortfalls. <br /> County staff has made an attempt to help remedy exceeding its policy and/or addressing the <br /> cash flow shortfall by delaying or removing County Capital projects until they can be funded <br /> within the parameters of the adopted policy. Also, consistent with Year 1 of the Manager <br /> Recommended FY 2017-22 CIP, it includes substituting pay-as-you-go funds for school projects <br /> to debt financing in Years 2-5. The following are the adjustments made to County Capital <br /> projects, as reflected in FY 2017-22 CIP Alternative 1: <br /> • Parking Lot Improvements - $1,625,000 moved from Year 5 to Year 6 related to OPT/ <br /> AMS North and Passmore Center improvements; and removed $300,000 for Efland- <br /> Cheeks Community Center as it is included in the construction of a new Efland-Cheeks <br /> Community Center in Year 3. <br /> • Southern Orange Campus Expansion - changed funding source to $3,269,500 in <br /> Medicaid Maximization funds for the Health clinics portion, and $1,555,500 in debt <br /> financing. <br /> • Information Technology Fiber Connectivity— moved $1,045,675 out of both Years 2 <br /> and 3 to Years 6-10. <br /> • Information Technology Governance Council Initiatives — removed $500,000 in <br /> Years 2 and 4. <br /> • EMS Substations — moved $700,000 from Year 3 to Year 5; moved $1,500,000 from <br /> Year 4 to Years 6-10, and moved $600,000 from Year 5 to years 6-10. <br /> • Orange County Radio/Paging System Upgrades — removed $1,400,000 as there are <br /> current funds within this project to cover this expense. <br /> • Register of Deeds Automation — removed $400,000 for the software system purchase <br /> as there as current funds within the Automation and Enhancement Preservation Fund to <br /> cover this expense. <br /> • Millhouse Road Park — moved $300,000 from Year 2 to Year 4, and moved $6,400,000 <br /> from Year 3 to Year 5. <br /> • Northeast District Park — moved $350,000 from Year 3 to Year 5, and moved <br /> 7,650,000 from Year 4 to Years 6-10. <br /> The County's financial advisor, Davenport and Company, will present additional information <br /> (See Attachment 3) regarding the following possible options to consider as it relates to <br />