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County Debt Service and Debt Capacity(General Fund Only) - Incremental Tax Adjustment
<br /> Represents 5 Year Level Debt Service on Short-term Vehicles/Information Technology borrowings;518 Year Level Principal on other Short-term
<br /> borrowings;20-Year Level Principal on Long-term borrowings,with an Incremental Tax Adjustment and Interest Only Periods,and a cumulative
<br /> tax equivalent impact of 9.16 cents.
<br /> Fiscal Years 2019-24
<br /> Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
<br /> Debt Service 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br /> Total Existing Annual Debt Service 27,716,270 26,486,143 25,383,528 24,561,722 19,811,393 15,894,407 12,066,408
<br /> General Fund Revenues:
<br /> Annual Growth Projections 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00
<br /> Projected General Fund Revenues 216,431,340 223,141,236 228,808,945 237,208,624 252,498,638 257,548,610 262,699,583
<br /> Estimated Incremental Tax Equivalent 1.27 cents .63 cents 1.96 cents 5.30 cents - - -
<br /> Adjusted General Fund Budget 218,765,918 224,322,495 232,557,475 247,547,684 252,498,638 257,548,610 262,699,583
<br /> Existing Debt Service as a%of General Fund Revs 12.8% 11.9% 11.1% 10.4% 7.8% 6.17% 4.59
<br /> Debt Service Policy 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00
<br /> Future Debt Service Capacity 2.19% 3.13% 3.91% 4.65% 7.15% 8.83% 10.41
<br /> Projected Debt Financing
<br /> 2017-18-$101,457,793
<br /> Debt Service Payments 1,690,811 1,690,811 1,690,811 1,690,811 1,690,811 1,690,811 1,690,811
<br /> 2018-19-$58.645,535
<br /> Debt Service Payments 2,212,289 2,212,289 2,212,289 2,212,289 2,212,289 2,212,289
<br /> 2019-20-$37,071,512
<br /> Debt Sevice Payments 4,717,693 4,717,693 4,717,693 4,717,693 4,717,693
<br /> 2020-21-$32,227,610
<br /> Debt Service Payments 11,264,828 11,264,828 11,264,828 11,264,828
<br /> FY 2021-22-$29,878,532
<br /> Debt Service Payments 3,617,747 3,617,747 3,617,747
<br /> FY 2022-23-$18,471,527
<br /> Debt Service Payments 2,328,006 2,328,006
<br /> FY 2023-24-$13,453,861
<br /> Debt Service Payments 905,289
<br /> New Debt Service 1,690,811 3,903,100 8,620,793 19,885,621 23,503,368 25,831,374 26,736,663
<br /> Projected Annual Debt Service 29,407,081 30,389,243 34,004,321 44,447,343 43,314,761 41,725,781 38,803,071
<br /> Projected Annual Debt Service
<br /> As a Percent of the General Fund Revenues 13.44% 13.55% 14.62% 17.96% 17.16% 16.20% 14.77
<br /> Note: Interest Only Periods are subject to review and discussion with the Local Government Commission staff.
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