Minutes 06-08-2021 Virtual Bussiness meeting

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15 The Board accepted the FY2021-26 Capital Investment Plan and approved the Intent to Adopt Capital Funding for FY2021-22. BACKGROUND: For over 20 years, the County has produced a Capital Investment Plan (CIP) that establishes a budget planning guide related to capital needs for the County as well as Schools. The current CIP consists of a 5-year plan that is evaluated annually to include year-to-year changes in priorities, needs, and available resources. Approval of the CIP commits the County to the first year funding only of the capital projects; all other years are used as a planning tool and serves as a financial plan. Capital Investment Plan — Overview The FY 2021-26 CIP includes County Projects, School Projects, and Proprietary Projects. The School Projects include Chapel Hill-Carrboro City Schools (CHCCS), Orange County Schools (OCS), and Durham Technical Community College —Orange County Campus projects. The Proprietary Projects include Water and Sewer, Solid Waste Enterprise Fund, and Sportsplex projects. The CIP has been prepared anticipating moderate economic growth of approximately 2% in property tax growth and 4% sales tax growth over the next five years. Many of the projects in the CIP will rely on debt financing to fund the projects. The items below include revisions made to the following Capital Projects since the presentation of the Manager's Recommended Capital Investment Plan on April 6, 2021: At the May 13, 2021 Budget Work Session, staff included a revised Schools Capital Projects Summary reflecting adjustments made in regards to changes to the FY 2021-22 budgeted average daily membership (ADM) percentages, based on changes made from the time of the original CIP presentation and the FY 2021-22 Manager's Recommended Operating Budget presentation. The impact of these numbers changed the CHCCS percentage from 59.99% to 60.36%, and changed the OCS percentage from 40.01% to 39.64%.