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8 <br /> 1 • At the October 7, 2015 County Board meeting, the Board voted to pursue a $125 million <br /> 2 Bond Referendum for: <br /> 3 — School Projects - $120 Million <br /> 4 — Affordable Housing Projects - $5 Million <br /> 5 • As part of the presentation on September 10, 2015, the CIP funding case that included <br /> 6 the $125 million referendum resulted in the following: <br /> 7 — A required tax equivalent increase of 4.92¢ in FY 2018 or a total of 7.47¢ <br /> 8 between FY 2018 and 2022. <br /> 9 — While the County was projected to be in compliance in all cases with its Debt <br /> 10 Service to Assessed Value policy, the General Fund Debt Service to General <br /> 11 Fund Revenues exceeds the policy in FY 2020 and 2022. <br /> 12 <br /> 13 September 2015, Recommended 2017, and 2017 CIP Alternative#1 <br /> 14 Difference in Debt Funded Projects <br /> 15 Overview <br /> 16 • The County adopts a 5 Year Capital Improvement Plan on an annual basis as part of its <br /> 17 budget process. <br /> 18 — The County identifies funding sources for each of the projects. <br /> 19 — Proposed capital projects are reviewed and adjusted as necessary each <br /> 20 year. <br /> 21 • Since September 2015, the County has adopted the FY 2016-2017 CIP and is currently <br /> 22 in the process of reviewing the FY 2017-2018 CIP. <br /> 23 • As part of the adoption and development of these CIPs, a number of items have <br /> 24 changed and evolved since September 2015. <br /> 25 • In addition to adjustments made to the projects included in the CIP, a number of <br /> 26 assumptions have been adjusted in the debt funding model, including items such as: <br /> 27 — Project amounts and timing to match the CIP, including one additional year of <br /> 28 CIP projects. <br /> 29 — The addition of short-term financings for software, equipment, and similar <br /> 30 projects. <br /> 31 — Updated budget assumptions and growth rates for key drivers, including: <br /> 32 o General Fund Revenues. <br /> 33 o Assessed Value. <br /> 34 o Value of a Penny. <br /> 35 — In analyses where an upfront tax increase is calculated, the year of the tax <br /> 36 increase was shifted from FY 2018 to FY 2019. <br /> 37 • The following pages contain a summary of the debt issuance included in the current <br /> 38 draft CIP and the associated impacts. <br /> 39 <br /> 40 Capital Improvement Plan — Case Overview- page 20 <br /> 41 • As part of the annual CIP process, the County identifies Capital Projects for potential <br /> 42 debt funding. The CIP includes Installment Purchase Contracts / Limited Obligation <br /> 43 Bonds as well as General Obligation Bonds approved during the November 2016 <br /> 44 Referendum. <br /> 45 • Future debt is assumed to be funded under the following assumptions: <br /> 46 — Issuance Date: Fiscal Year indicated in the CIP (mid-year) <br /> 47 — First Payment: Fiscal Year following issuance <br /> 48 — Short-Term Borrowings: 5 Year Term at 2.25% - 3.00% <br /> 49 — Medium-Term Borrowings: 15 Year Term at 3.25% <br /> 50 — Long-Term Borrowings: 20 Year Term at 4.00% -4.50% <br />