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renovation, safety improvements, repair, replacement and upgrades. This project provides <br /> for a scheduled and prioritized funding source for these needs identified in the 2030 Parks <br /> & Recreation Master Plan process. <br /> Vehicle Replacements -$965,550 <br /> The Capital Investment Plan is also used to procure replacement vehicles. The highest priority <br /> vehicles include those used in public safety functions. The FY19-20 CIP requests $965,550 to <br /> replace Sheriff's Office vehicles, an Animal Control vehicle, Ambulance remounts, and an <br /> administrative vehicle for Emergency Services. <br /> Financing the Capital Investment Plan <br /> The Recommended Capital Investment Plan for FY2019-20 totals $47.4 million in expenditures. <br /> Of that amount, $37 million is recommended to be financed by County funded debt. Other <br /> significant sources of funds include Lottery Proceeds and Article 46 sales tax proceeds. Both of <br /> these sources are dedicated to fund school capital needs and are estimated to contribute <br /> approximately $3.3 million to the resources used to support the CIP. <br /> Debt Capacity Target and Next Steps <br /> County policy establishes a debt service capacity target of fifteen percent (15%) of general fund <br /> revenues. As the voter approved general obligation bonds have been issued for school projects <br /> and affordable housing, this policy is expected to be exceeded in future years. Additional <br /> pressure on this policy will occur in future years due to emergency spending on remediation <br /> projects and the increased cost of the Northern County Campus. As the Board considers the <br /> CIP, staff will provide updates and recommend necessary adjustments so that the Board is <br /> comfortable with the current and planned debt over the course of the FY2019-24 CIP. <br /> As the CIP evolves in the future, it anticipates funding for three large projects. The first is a <br /> replacement for the emergency responder radio system. The total cost of this project could <br /> exceed $40 million. This project is currently in the Plan for FY2020-21 and is offset by <br /> contributions from all of the public safety agencies in the County. The second major project is a <br /> new academic building requested by Durham Technical Community College. Current cost <br /> estimates suggest a total project cost of over $26 million. The final significant project <br /> consideration is whether the County proposes additional general obligation school bonds. The <br /> CIP includes the final allocation of the 2016 bonds in FY2021-22. The Plan does not currently <br /> include additional school bond funding. <br /> Thanks and Appreciation <br /> I would like to thank Deputy County Manager, Travis Myren, for leading the development of the <br /> CIP and for working with each of the department directors to create a capital plan that <br /> addresses the Board's priorities. I would also like to thank the County's Finance and <br /> Administrative Services team most notably Chief Financial Officer, Gary Donaldson, Deputy <br /> Finance Director, Paul Laughton, and Budget Analyst, Chaz Offenburg. Their sharp financial <br /> acumen, attention to detail, and impressive work ethic shaped and produced the document we <br /> are introducing today for the Board's consideration. <br /> 16 <br />