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County presents CIP funding recap and debt outlook; debt-service metrics remain under policy limits
Summary
Finance staff presented FY18-FY23 CIP funding sources and debt projections Feb. 14, showing applied impact-fee use for school projects, a projected GOB borrowing plan, and debt-service ratios well under the county—s 2% debt limit and 10% debt-service policy limit.
County financial staff presented a summary of capital funding sources and updated debt-capacity projections at the Feb. 14 budget work session.
Staff said they had applied approximately $7.2 million of school-related impact fees across FY18'023 in the CIP plan and showed a funding recap that combines local funds, grants, recordation/transfer taxes and debt. The package showed net county funding applied to projects and noted that staff worked to align available impact fees with projects that qualify under current use restrictions.
On borrowing and debt metrics, staff updated the projected assessable base and modeled general obligation borrowing across the plan. Staff reported outstanding debt as a percent of assessable base well below the county—s legal limit (2 percent) and said the county—s debt-service ratio was projected to peak below the county policy limit of 10 percent (staff presented an FY18 debt-service share at about 5.16 percent and a 5-year peak around 5.88 percent).
Why it matters: The presentation clarifies how proposed projects are funded, which projects rely on GOBs and which can use pay-as-you-go or impact-fee proceeds. Staff noted that if borrowing needs or project scopes change, the debt-capacity figures will change and the board will need to rebalance the CIP accordingly.
Next steps: Staff said they would update assessable-base assumptions at the next follow-up session and return March 28 to continue CIP review. Staff also highlighted that, if the board keeps the current bond-authority assumptions, one bond-funded project (asphalt overlay) is a likely candidate for reduction to keep planned borrowing within approved authority.
Ending: Commissioners were given the option to reprioritize programmatic projects if bonding authority or revenues change; staff will return at scheduled follow-ups with revised sheets as needed.
