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8 <br /> Overview <br /> September 2015 Summary of Cases 1 & 2 <br /> • On September 10, 2015, the County Board held a retreat to review potential General <br /> Obligation Bond Referendum packages. <br /> • During that meeting, Davenport presented a series of potential cases which included: <br /> — Case 1: Existing County CIP Only <br /> — Case 2: Existing County CIP and $125 of Referendum Projects <br /> — Case 3: Existing County CIP and $130 of Referendum Projects <br /> — Case 4: Existing County CIP and $135 of Referendum Projects <br /> • At the October 7, 2015 County Board meeting, the Board voted to pursue a $125 <br /> million Bond Referendum for: <br /> — School Projects - $120 Million <br /> — Affordable Housing Projects - $5 Million <br /> • As part of the presentation on September 10, 2015, the CIP funding case that included <br /> the $125 million referendum resulted in the following: <br /> — A required tax equivalent increase of 4.92¢ in FY 2018 or a total of 7.47¢ <br /> between FY 2018 and 2022. <br /> — While the County was projected to be in compliance in all cases with its Debt <br /> Service to Assessed Value policy, the General Fund Debt Service to <br /> General Fund Revenues exceeds the policy in FY 2020 and 2022. <br /> September 2015, Recommended 2017, and 2017 CIP Alternative #1 <br /> Difference in Debt Funded Projects <br /> Overview <br /> • The County adopts a 5 Year Capital Improvement Plan on an annual basis as part of its <br /> budget process. <br /> — The County identifies funding sources for each of the projects. <br /> — Proposed capital projects are reviewed and adjusted as necessary each <br /> year. <br /> • Since September 2015, the County has adopted the FY 2016-2017 CIP and is currently <br /> in the process of reviewing the FY 2017-2018 CIP. <br /> • As part of the adoption and development of these CIPs, a number of items have <br /> changed and evolved since September 2015. <br /> • In addition to adjustments made to the projects included in the CIP, a number of <br /> assumptions have been adjusted in the debt funding model, including items such as: <br /> — Project amounts and timing to match the CIP, including one additional year <br /> of CIP projects. <br /> — The addition of short-term financings for software, equipment, and similar <br /> projects. <br /> — Updated budget assumptions and growth rates for key drivers, including: <br /> o General Fund Revenues. <br /> o Assessed Value. <br /> o Value of a Penny. <br /> — In analyses where an upfront tax increase is calculated, the year of the tax <br /> increase was shifted from FY 2018 to FY 2019. <br /> • The following pages contain a summary of the debt issuance included in the current <br /> draft CIP and the associated impacts. <br /> Capital Improvement Plan — Case Overview- page 20 <br />