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13 <br /> 1 Financial HeaRld Criteria <br /> 2 Minimum Aggregate D;:Cl::: <br /> 3 ILOBs (Ilnitial ILIRT) .1...18x <br /> 4 Grant Funded LCBs (Ilnitial LIRF) 1 S1x <br /> 5 TIIII IIA & State of Good IRepaiir 1.07x <br /> 6 Minimum Cash Balance During Construction <br /> 7 Orange (Fiscal Year) $4,382,360 (2019) <br /> 8 Durham (Fiscal Year) $3,427,523 (2027) <br /> 9 Minimum Cash Balance After Construction <br /> 10 Orange (Fiscal Year) $16,353,375 (2029) <br /> 1..1 Durham (Fiscal Year) $3,410,09..1 (2035) <br /> Ted Cole said it changed cash balances to the tune of about $83,000. <br /> Chair Dorosin said the minimum cash available for Orange County between scenarios z <br /> and ee would go down, due to the percentage change from 16.5% to 16%. He asked if there <br /> is a reason why Durham's also goes down (page 13 of abstract - last 4 lines). He said it could <br /> just be an anomaly and to move on in the discussion. <br /> Commissioner McKee referred to attachment B, page 13, line 80, and said previously <br /> the minimum cash balance was $210,000 in 2045, and now, under scenario ee, the minimum <br /> cash balance is $16 million. He asked if there is a reason for the radical change. <br /> Ted Cole said an element of it will be driven by shifts in percentage allocation in capital <br /> and operations. He referred to line 68, and said, as one goes across, the amount of debt <br /> being issued is going up, and less is being financed with cash and more with debt, which will <br /> build the reserves. He said one of the other key drivers is the assumption on how much is <br /> funded with debt and when. <br /> Commissioner McKee asked if the total sum of money spent by Orange County in 2062 <br /> could be identified, including interest, financing costs, construction, pay as you go (not <br /> principal) tax revenues, in kind, etc. <br /> Ted Cole said he may need to get back to Commissioner McKee on this number. <br /> Commissioner McKee said he asked this question as he has seen the figures move so <br /> much in the last few weeks, and he has had a hard time keeping up and understanding the <br /> amounts. He asked if this information could be provided by the end of the meeting. <br /> Commissioner Marcoplos requested to know the projected revenues for this period of <br /> time, as well. <br /> Commissioner Marcoplos referred to the development funds, and said a few weeks ago <br /> there was $130 million in this fund (page 7, line 7-9), and now there is $65 million in this fund. <br /> Commissioner Marcoplos asked if the potential uses for these funds could be identified. <br /> Chair Dorosin said on attachment B, lines 23-25, these funds are shown to be the <br /> same in scenarios c, m and z, with a slight variation in ee. <br /> Commissioner Marcoplos said but it started at $130 million. <br /> Patrick McDonough, GoTriangle Manager of Planning and Transit Oriented <br /> Development, said last year it was thought that there may be an opportunity to leverage <br /> federal funds to achieve goals deemed important by Orange and Durham counties, such as <br /> affordable housing. He said the idea here is that, under joint development and the New Starts <br /> regulations, if there is development around the stations, as opposed to a parking deck only, <br />