Discussion Materials Esse Essex County x County, Virginia , Virginia May 15, 2018 Member NYSE|FINRA|SIPC
Table of Contents 2 Topics for Discussion 3 Capital Improvement Plan Overview and Initiatives 8 Tax Supported Debt Profile 14 14 Key Next Steps Appendix Appendix A Existing Tax Supported Debt Details B Fund Balance C Financial Policies May 15, 2018 Essex County, Virginia 1
Topics for Discussion Capital Improvement Plan Overview and Initiatives Tax Supported Debt Profile – Key Debt Ratios – Debt Capacity – Debt Affordability Key Next Steps May 15, 2018 Essex County, Virginia 2
Capital Improvement Plan Overview and Initiatives May 15, 2018 Essex County, Virginia 3
Capital Improvement Plan Overview Sample 5 5 Ye Year C CIP: U Uses o of F Funds Developing a Multi- loping a Multi-Year Capit Capital I l Impro provement Plan ( ement Plan (“CIP IP”) ”) Identify realistic capital and maintenance needs (not a wish list) including: Education Admin 40% 20% – One-time and major capital items; – Ongoing capital needs (i.e., annual maintenance, rolling stock, etc.); and – Related operational costs. Assigning funding sources for all projects with a balanced approach of pay- as-you-go cash, grants, reserves and debt. Analyzing potential operating budget impacts associated with planned capital projects and identify existing revenues available: Public Parks & Safety Recreation – Current Budgeted Debt Service Levels; 20% 20% – Annual recurring funding for vehicles, equipment, information technology, etc.; Sample 5 5 Ye Year C CIP: S Sources o s of F Funds – Establish (or create) reserves/surpluses to be utilized to supplement or defray near-term (one to multiple years) of “peak requirements” that may Long-term Short-term Debt only temporarily exceed current funding levels; and Debt 40% 15% – Identifying and preserving current expenditures that will step-down in future years such that these are not absorbed into the operational-side of the budget. Capital Reserve Coordinating the responsibilities and efforts of the Planning Commission, Fund County Staff, and the County Board of Supervisors. 15% Revisiting this process at regular intervals. Pay-As-You- Grants Adopting a plan at the governing level. Go Capital 15% 15% May 15, 2018 Essex County, Virginia 4
Capital Improvement Plan Initiatives The County is currently in the process of evaluating a long-term Identify Financial Determine Universe of Capital Improvement Plan to identify and address future capital Resources Available to Capital Needs Fund Capital Projects needs. The County could consider implementing a multi-step CIP Development process in order to achieve a balanced & fully funded CIP that addresses identified capital needs: Evaluate Debt Capacity / Prioritize Capital Projects Affordability 1. Identify financial resources available to fund capital projects. 2. Identify capital needs for the next 5-10 years. 3. Determine funding capacity/affordability. Initial CIP Funding Plan 4. Develop an initial CIP and Funding Plan. 5. Revise CIP to maximize project funding within identified resources. Revisit/Refine Project 6. Finalize and approve the CIP. Timing, Amounts and Funding Sources 7. Revisit CIP on an annual basis. Finalize and Approve CIP May 15, 2018 Essex County, Virginia 5
Sample Project Request Document Project Summary Form - Project Title: - Department: - Project Manager: Project Description: Comment s: Describe t he project in as much det ail as possible. Include such informat ion as t he proposed use(s), locat ion, size (sq feet ), land acreage need for t he facilit y or st ruct ure, and t he est imat ed life of t he project . Project Justification: Comment s: Explain in det ail why t he project is needed. In preparing t his sect ion you should consider t he following quest ions (as applicable) as a guide. Please be specific wit h det ailed fact s and figures. Also indicat e t he source of your dat a. 1. What problem or service deficiency is this project designed to alleviate? To what extent will it alleviate the problem? Will it improve efficiency or effectiveness? 2. What segment and size of the population will this project serve? 3. Will this project reduce or increase your annual operating cost in some way? 4. Is this project required by federal, state or local legislation? 5. Why is your proposed timetable appropriate? What effect could changing your timetable have on this project? Comment s: Project Alternatives: List any alt ernat ives t o t his project t hat your depart ment considered and reject ed in favor of t his project . Why did you reject t hem? Project Status/Updated: Comment s: This sect ion is for ongoing project s formally approved by t he Board of Supervisors. Provide any pert inent informat ion about t he st at us of an exist ing project , whet her it is changing or not . If changes, why t he change is occurring and what it will enhance. Relationship to other projects: Comment s: Ident ify and explain any relat ionship t his project has t o t he success of ot her project s. Indicat e if t his project is necessary t o complet e or make fully usable anot her major public improvement . Not e if t he schedule for complet ing t his project is crucial t o t he success of anot her project . Explanation of Annual Operating Costs and Operations Related to Project: Comment s: Explain t he operat ing impact (cost s and savings) t hat you indicat e on t he Project Cost Form above. May 15, 2018 Essex County, Virginia 6
Sample Project Request Document Project Cost Form Current 1 2 3 4 5 6 7 8 9 10 Project Cost Estimates 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 Total Planning $0 Land Acquisition $0 Construction $0 Equip/Furnishings $0 Other $0 Contingencies $0 Project Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Operating Impact Personnel $0 Utilities $0 Operating Costs $0 Capital $0 Minus Savings $0 Net Additional Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Minus New Revenues $0 Operating Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Funding Available Grants $0 Donations $0 $0 Other (Specify) Funding Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Project Title: Start Date/Comp. Date: Department: Project Manager: May 15, 2018 Essex County, Virginia 7
Tax Supported Debt Profile May 15, 2018 Essex County, Virginia 8
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