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14 <br /> • Parks and Recreation Facility Renovations and Repairs - $180,000 <br /> Funding of$180,000 is recommended in FY2023-24 for ongoing safety, lighting/energy, park <br /> infrastructure, signage, preventive maintenance, and landscape improvements to the <br /> County's seven parks. Each year, park and recreation equipment and facilities need <br /> renovation, safety improvements, repair, replacement, and upgrades. This project provides <br /> for a predictable funding source for these needs identified in the 2030 Parks & Recreation <br /> Master Plan process. <br /> Financing the Capital Investment Plan <br /> The Recommended Capital Investment Plan for FY2023-24 totals $53.4 million in expenditures. <br /> Of that amount, $38.2 million is recommended to be financed by County funded debt. Other <br /> significant sources of funds include additional pay-as-you-go (from Lottery Proceeds) and Article <br /> 46 sales tax proceeds. Both of these sources are dedicated to fund school capital needs and <br /> contribute approximately $4.1 million to the resources used to support the CIP. The Plan also <br /> includes approximately $4.3 million in pay-as-you-go or cash funding to support design and <br /> architectural services and smaller projects with short useful lives. <br /> Debt Capacity Target <br /> County policy establishes a debt service capacity target of fifteen percent (15%) of general fund <br /> revenues. Based on prior borrowing approved by the Board, this target is achieved in FY2023-24 <br /> at 13.65%. As future projects are planned, the County largely maintains policy compliance <br /> throughout the ten year planning horizon, peaking at 15.7%in FY2030-31. As the Board considers <br /> the 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 FY2023-33 CIP. <br /> Long Term Priorities <br /> The FY2023-33 Plan begins to include enumerations for several priority projects that have come <br /> into closer focus with new information. <br /> • Affordable Housing <br /> The FY2023-33 CIP contains a total of $15 million in staggered funding over the ten year <br /> planning horizon. This is intended to provide a predictable source of subsidy for affordable <br /> housing developers. <br /> • Community Center Space Needs <br /> The FY2023-33 CIP projects an expansion of the Community Center in the Rogers Eubanks <br /> neighborhood in the FY2025-FY2027 timeframe. With a total cost of approximately $2.3 <br /> million, the project also anticipates a funding partnership with the Towns of Chapel Hill and <br /> Carrboro consistent with the original cost sharing agreement. <br /> The Efland Community Center has also expressed a desire for more space, but the current <br /> site will not support an expansion. As a result, a different approach would need to be <br /> considered to increase that space. <br /> Page 1 12 <br />