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6 <br /> geothermal heating and cooling and solar photovoltaic systems that are already embedded in <br /> the cost estimate for new and renovated County facilities. <br /> The FY2024-34 CIP introduces a Sustainable Building Policy in the Appendix to direct County <br /> departments to when designing, constructing, and operating County buildings in a manner <br /> aligned with stated Climate Action Plan goals. <br /> FY2024-34 Capital Investment Plan Cost and Financing Overview <br /> The recommended FY2024-34 CIP represents an increase of approximately $339.2 million <br /> compared to the FY2023-33 Approved CIP. This increase is primarily attributable to the $300 <br /> million general obligation bond, $100 million in pay as you go funding for school projects, and <br /> $86 million for new County facility projects. The FY2024-34 CIP also represents an increase in <br /> investments in public safety software($2.2 million), public safety vehicles($15.6 million) and new <br /> Climate Action Plan projects ($6.4 million). <br /> The first year of the Recommended CIP, FY2024-25, totals $51.5 million in capital investments. <br /> Of this amount, $16.2 million is recommended for County capital projects, $3 million is <br /> recommended for proprietary fund spending including Solid Waste, and Sportsplex, and $32.3 <br /> million is recommended for capital improvements to school facilities. <br /> Financing Sources <br /> Of the total Recommended CIP, $631.4 million is recommended to be financed using County <br /> funded debt. Other significant sources of funds include additional pay-as-you-go funds for <br /> schools and Lottery and Article 46 sales tax proceeds $175.9 million which are also dedicated to <br /> fund school capital needs. The Plan also includes approximately $39 million in pay-as-you-go or <br /> cash funding for County Projects to support design and architectural services and smaller projects <br /> with short useful lives. <br /> Debt Modeling <br /> Although the Board only appropriates funding for projects in the first year of the Plan, the CIP is <br /> a planning tool that projects future needs and the financial capacity required to meet those <br /> needs. This is done using a debt modeling tool that projects future debt service requirements <br /> and monitors compliance with the County's debt to general fund revenue policy over the full ten- <br /> year planning horizon. <br /> Debt Service Projected Tax Rate Impact <br /> Projected debt service ultimately requires a tax rate equivalent to pay the annual installments on <br /> borrowing. Based on the Recommended FY2024-34 CIP, a total tax rate increase of 8.88 cents <br /> may be required in FY2025-26. Of this amount, 3.41 cents is necessary to support the School <br /> General Obligation Bond, 2.68 cents is required to support the $10 million per year for school pay <br /> as you go funding, 1.04 cents must be dedicated to support new County projects, and 1.75 cents <br /> is needed for the balance of the CIP that includes pays for traditional capital projects. <br /> Page 14 <br />