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4 <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 are current funds within the Automation and Enhancement Preservation Fund <br /> to <br /> cover this expense. <br /> • Mil!house Road Park— moved $300,000 from Year 2 to Year 4, and moved <br /> $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 /> exceeding the policy and/or addressing cash flow shortfalls: (1) Consider alternative debt <br /> restructuring flexibility from the Local Government Commission (LGC), in order to fund the <br /> scheduled CIP projects within the policy threshold, and reduce cash flow shortfalls; (2) <br /> Implement tax rate adjustments to minimize or eliminate cash flow shortfalls. <br /> FINANCIAL IMPACT: <br /> There is no immediate financial impact associated with discussion and prioritization of the FY <br /> 2017-22 Capital Investment Plan. It is a long-range financial planning tool with a financial <br /> impact in FY 2017-18, if the first year of the CIP is approved by the Board of County <br /> Commissioners with the adoption of the Annual Budget. <br /> Ted Cole, Davenport and Company Senior Vice President, made the following <br /> PowerPoint presentation: <br /> County Tax Supported CIP Discussion Materials <br /> Orange County, North Carolina <br /> Credit Rating Overview and Peer Comparatives- graph <br /> Peer Comparative Introduction <br /> • The County is currently rated AAA by Moody's Investors Service (May 2015), AAA by <br /> Standard and Poor's (June 2015), and AAA by Fitch (June 2015). <br /> • The following pages contain peer comparatives based on the Moody's AAA peer <br /> counties listed below. <br /> — National AAA Counties — 93 Credits <br /> — North Carolina AAA Counties - 9 Credits <br /> o Buncombe, Durham, Forsyth, Guilford, Mecklenburg, New Hanover, <br /> Orange, Union, Wake <br /> Historical Credit Spreads <br /> • The County's credit rating has a direct impact on the cost of borrowing, which in turn <br /> affects the County's debt capacity. <br /> — The credit spread is the premium an issuer pays to the purchaser of their <br /> bonds (i.e. higher interest rate) as compensation for increased credit risk. <br />