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To the extent possible in the time between work sessions, staff have conducted additional <br />analysis and developed additional decision support materials regarding these points , These <br />have been arranged in an accompanying notebook. At this September 14 work session, staff <br />will present that research and other information intended to help the Board regarding various <br />decision points related to debt issuance for these projects,. <br />The conclusion of the staff analysis is that the projects reviewed from the August 31 work <br />session, totaling roughly $67 million, as well as a County Campus and Library project with an <br />estimated cost of $25 million, can be funded within the County's debt capacity for this and the <br />subsequent three fiscal years. The Board's established debt management policy provides that <br />no more than 15 percent of annual General Fund expenditures shall be allocated for debt <br />service. Using a 7 percent annual General Fund growth assumption and structuring debt <br />service payments in a manner reviewed with North Carolina Local Government Commission <br />staff, debt to fund all the projects noted could be issued between 2006-07 and 2009-10 while the <br />County remains below its own self-imposed debt ceiling, <br />Several of the projects noted have estimated price tags that could shift up or down somewhat, <br />subject to final Board decisions on project budget allocations (e,g, Elementary School #10, <br />Animal Services facility) and possible grant or partnership funding opportunities (e.g, Durham <br />Tech Satellite Campus sustainable design elements, West Ten Soccer Park) that could reduce <br />County funding requirements for certain projects. An impending deadline, as well as projects <br />requiring additional cash outlay to complete the project scope, requires that debt funding <br />decisions be made soon, To that end (and with the qualifications noted above on certain project <br />costs) staff will proceed with plans to issue debt for the projects noted along the timelines noted <br />on the individual project pages in the accompanying notebook, subject to Board confirmation or <br />modification at this work session. <br />FINANCIAL IMPACT: As noted in the accompanying background materials, <br />RECOMMENDATION(S): The Manager recommends that the Board provide direction to staff <br />regarding plans to issue debt for the projects outlined in the accompanying background <br />materials, <br />