Agenda - 04-26-2005- - Laserfiche WebLink

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Capital Funding Options -Staff Considerations Prepared /or the Apol 20, 2005 Board of County Commissioners Work Session 2. What is considered or referred to as "Baseline Capital Funding"? The County's current capital funding policy (most recently updated in 1998) offers the least amount of pa,y-as-you-go funding available for County capital projects; therefore, staff considers "baseline funding" to be the County's current capital funding policy. For fiscal.year 2005-06 that amount totals $3,684,345. 3. What funding sources should be included in the calculation of the 60/40 target (e.g. dedicated sales tax, general obligation bonds, certificates of participation, private placement, other alternative financing approaches)? Funding sources proposed to be split 60/40 between Schools and County include: • All proposed options (Options 1 through 5C) provide for the "Net Amount Available for School and County Capital Projects" to be included in the proposed 60/40 split between Schools and County. "Net Amount Available for School and County Capital Projects" is calculated in the following manner: i. Projected Proceeds from Articles 40 and 42 Sales Taxes 2. Plus; Property Tax Dedicated to Retire Debt Service on 1988, 1992, 1997 and 2001 Voter Approved General Obligation Bonds 3. Plus: Property Tax Dedicated to Retire Debt Service Related to the 2001 (and subsequently amended) Alternative Financing Plan (most recently endorsed by the Board on October 25, 2005 4. Less: Net Debf Service a. Net Debt Service is the sum of i. Existing and Projected School Debt less Public School Building Funds and School Construction Impact Fees ii. Existing and Projected County Debt less Rental Income from Skills Development Center (to repay debt service on Skills Development Center financing) and Federal Inmate Fees (to repay debt service related to Jail and New Courthouse Addition) • Options 3, 4, 5A, 58 and 5C allow for the amount of property tax dedicated to Schools and County recurring capital to be added together and split 60/40 between Schools and County. Options 1 and 2 propose that the amount of property tax dedicated to Schools and County recurring capital to remain separate and apart and not be split 60/40 between Schools and County. 4. What funding sources should not be included in the calculation of the 60/40 target (e.g. school construction impact fees, Public School Building Funds)? All of the options offered to the Board to date have allowed for projected proceeds from School Construction Impact Fees and Public School Building Funds to offset school related debt. Statutes and ordinances designate use of these revenues solely for school capital projects or the repayment of school construction debt;