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7 <br /> 1 — S&P: The Debt and Contingent Liabilities section defines categories of Net <br /> 2 Direct Debt as a % of Total Governmental Funds Expenditures as follows: <br /> 3 o Very Strong: <8% <br /> 4 o Strong: 8% to 15% <br /> 5 o Adequate: 15% - 25% <br /> 6 o Weak: 25% - 35% <br /> 7 o Very Weak: > 35% <br /> 8 • Existing Tax Supported Debt Service vs. Governmental Expenditures <br /> 9 — FY 2017: 11.72% <br /> 10 • Assumed Future Growth Rates <br /> 11 — 2016 Adjusted Expenditures: $193,857,534 <br /> 12 — 2017: 1.50% <br /> 13 — 2018 & Beyond: 1.70% <br /> 14 • The County does not have a Financial Policy setting a maximum Tax Supported Debt <br /> 15 Service to Governmental Expenditures. However, the County has a policy setting a <br /> 16 maximum Debt Service to General Fund Revenues of 15.0%. <br /> 17 <br /> 18 Key Debt Ratio: Tax Supported Debt Service vs. General Fund Revenues <br /> 19 Tax Supported Debt Service vs. General Fund Revenues <br /> 20 • Existing Tax Supported Debt Service vs. General Fund Revenues <br /> 21 — FY 2017: 12.87% <br /> 22 • Assumed Future Growth Rates <br /> 1 <br /> 23 — 2017 Original Budget : $203,116,868 <br /> z <br /> 24 — 2018 Estimate : $209,221,031 <br /> 25 — 2019 & Beyond: 2.00% <br /> 26 • The County has a policy setting a maximum Tax Supported Debt Service to General <br /> 27 Fund Revenues of 15.0%. <br /> 28 Excludes Fund Balance appropriation of$12,726,944. <br /> z <br /> 29 Per County Staff. Excludes Fund Balance appropriation of $7,976,633. <br /> 30 TS Debt Service vs. General Fund Revenues (Lower is Better) <br /> 31 • Note: Peer comparative is estimated based on data available through Moody's MFRA. <br /> 32 <br /> 33 Debt Affordability Analysis - page 16 - graph <br /> 34 Existing Debt <br /> 35 • FY 2018 Value of a Penny: $1,781,692 <br /> 36 • Assumed FY 2019 & Beyond Growth Rate: 1.70% <br /> 37 <br /> 38 Debt Capacity and Debt Affordability Analysis <br /> 39 September 2015 Overview— Bond Referendum Discussion <br /> 40 Overview <br /> 41 September 2015 Summary of Cases 1 & 2 <br /> 42 • On September 10, 2015, the County Board held a retreat to review potential General <br /> 43 Obligation Bond Referendum packages. <br /> 44 • During that meeting, Davenport presented a series of potential cases which included: <br /> 45 — Case 1: Existing County CIP Only <br /> 46 — Case 2: Existing County CIP and $125 of Referendum Projects <br /> 47 — Case 3: Existing County CIP and $130 of Referendum Projects <br /> 48 — Case 4: Existing County CIP and $135 of Referendum Projects <br />