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HomeMy WebLinkAbout030116apr Agenda Package030116apr HC BOC Page 1
Member NYSE|FINRA|SIPC
Discussion Materials
Harnett County, North Carolina
March 1, 2016
030116apr HC BOC Page 2
Contents / Agenda
3 Credit Rating Overview and Peer Comparatives
9 General Fund Balance
12 Existing Tax Supported Debt Profile
18 Potential Capital Project and Financing Needs
43 Appendix A: Existing Tax Supported Debt
50 Appendix B: Financial Policies
63 Appendix C: Rating Reports
March 1, 2016 1 Harnett County, NC
030116apr HC BOC Page 3
Review the County’s current Credit Ratings and introduce a series of Peer Comparative.
Review the County’s Historical General Fund Balance Levels.
Present a detailed analysis of the County’s Existing Tax Supported Debt Profile.
–Analyze a series of Key Financial Ratios within the County’s Financial Policies so as to better understand the County’s
Existing Debt Profile and future Debt Capacity.
–Examine a series of Peer Comparatives to understand how the County’s Existing Debt Profile compares against North
Carolina and regional counties.
–Discuss the County’s current debt service budget in order to provide perspective on the “Affordability” of existing debt
service requirements and potential opportunities for future capital funding (i.e. Debt Affordability).
Review the County’s Potential Capital Funding Needs and analyze the potential impacts of the planned borrowings on the
County’s Tax Supported Debt Profile.
–Revisit the Key Financial Ratios and Financial Policies.
–Analyze the impact of proposed financings on the County’s Debt Affordability based on current revenue sources.
Goals and Objectives
March 1, 2016 2 Harnett County, NC
030116apr HC BOC Page 4
Credit Rating Overview and Peer
Comparatives
March 1, 2016 Harnett County, NC 3
030116apr HC BOC Page 5
Peer Comparative Introduction
The County is currently rated Aa3 by Moody’s Investors Service (April
2013) and AA- by Standard and Poor’s (September 2013).
The following pages contain peer comparatives based on the below
Moody’s rating categories.
–Regional Peers
–Chatham County (Aa1)
–Johnston County (Aa2)
–Lee County (Aa2)
–Sampson County (A1)
–North Carolina County Medians
–Aaa 8 Credits
–Durham, Forsyth, Guilford, Mecklenburg, New Hanover,
Orange, Union, Wake
–Aa 46 Credits
–Alamance, Beaufort, Bertie, Bladen, Brunswick, Buncombe,
Cabarrus, Caldwell, Carteret, Chatham, Cleveland, Columbus,
Craven, Cumberland, Currituck, Dare, Davidson, Davie,
Franklin, Gaston, Granville, Harnett, Haywood, Henderson,
Hoke, Iredell, Johnston, Lee, Lenoir, Lincoln, Moore, Nash,
Onslow, Pender, Pitt, Randolph, Richmond, Rockingham,
Rowan, Rutherford, Stanly, Surry, Transylvania, Warren,
Wilkes, Wilson
–A 11 Credits
–Caswell, Clay, Edgecombe, Halifax, Hertford, Northampton,
Robeson, Sampson, Scotland, Swain, Vance
Peer Comparatives
March 1, 2016
Moody's
Investors
Service
Standard &
Poor's
Fitch Ratings
Aaa AAA AAA
Aa1 AA+ AA+
Aa2 AA AA
Aa3 AA- AA-
A1 A+ A+
A2 A A
A3 A- A-
Baa1 BBB+ BBB+
Baa2 BBB BBB
Baa3 BBB- BBB-
Non Investment Grade
4 Harnett County, NC
Note: The data shown in the peer comparatives is from Moody’s Municipal Financial
Ratio Analysis database. The figures shown are derived from the most recent financial
statement available as of Feburary 12, 2016 (FY 2014 or FY 2015 figures).
030116apr HC BOC Page 6
Strengths
–Sizable; stable and growing tax base
–Tax base and local economy benefits from strong Institutional
presence
Challenges
–Elevated unemployment at 11.5% (January 2013)
–High debt burden at 2.3%
What Could Change the Long Term Rating (Up)
–Improved financial position through accumulation of larger operating
surpluses
–Significant economic expansion and diversification
–Decreased debt burden
What Could Change the Long Term Rating (Down)
–Multi-year trend of structural budget imbalance
–Reduction of General Fund balance and other available reserves
–Deterioration of the county's tax base
March 1, 2016 Harnett County, NC 5
Rating Agency Commentary – Moody’s (4/1/2013)
030116apr HC BOC Page 7
The 'AA-' rating reflects S&P’s opinion of the County’s:
–Very weak economy with projected per capita effective buying income
at 73.9% of the national level and a market value of $63,452 per
capita;
–Strong management, with "good" financial policies;
–Very strong budgetary flexibility with reserves maintained at more
than 8% of expenditures for the past three fiscal years; officials do
not plan to spend down reserves significantly;
–Strong budgetary performance with a general fund surplus of 4.2% of
expenditures in fiscal 2012 and a small deficit of less than 1% of
total governmental fund expenditures;
–Very strong liquidity with total government available cash at 32.3% of
governmental fund expenditures and more than 100% of
governmental fund debt service;
–Adequate debt and contingent liability, driven by governmental debt
service at 11.2% of governmental expenditures and net direct debt
at more than 100% of governmental revenue; and
–Very strong institutional framework score.
Outlook
–The stable outlook reflects Standard & Poor's opinion of the county's
strong reserves, supported by good financial management practices
and policies. Due to limited budgetary pressure and debt plans, we
believe reserves will likely remain, in our opinion, strong. We could
raise the rating if reserves were to remain strong, if incomes were to
improve, and if unemployment were to decrease significantly.
Otherwise, we could lower the rating if any budgetary pressure were
to occur that results in structural deficits and lower reserves.
March 1, 2016 Harnett County, NC 6
Rating Agency Commentary – S&P (9/25/2013)
030116apr HC BOC Page 8
Moody’s S&P
Rating Agency Methodology Updates
On January 15, 2014, Moody’s updated its US Local Governments
General Obligation Debt methodology and assumptions.
Under the new methodology, an initial indicative rating is
calculated from a weighted average of four key factors:
Up to a one-notch adjustment can be made from the indicative
rating based on other qualitative factors.
On September 12, 2013, Standard & Poor’s updated its US Local
Governments General Obligation Ratings methodology and
assumptions.
Under the new methodology, an initial indicative rating is
calculated from a weighted average of seven key factors:
Up to a one-notch adjustment can be made from the indicative
rating based on other qualitative factors.
March 1, 2016 Harnett County, NC 7
US Local Governments General Obligation Debt Methodology
1. Economy / Tax Base 30%
Tax Base Size (Full Value)10%
Full Value Per Capita 10%
Wealth (Median Family Income)10%
2. Finances 30%
Fund Balance (% of Revenues)10%
Fund Balance Trend (5-Year Change)5%
Cash Balance (% of Revenues)10%
Cash Balance Trend (5-Year Change)5%
3. Management 20%
Institutional Framework 10%
Operating History 10%
4. Debt / Pensions 20%
Debt to Full Value 5%
Debt to Revenue 5%
Moody's Adjusted Net Pension Liability (3-Year Average) to Full Value 5%
Moody's Adjusted Net Pension Liability (3-Year Average) to Revenue 5%
US Local Governments General Obligation Ratings Methodology
1. Institutional Framework 10%
Legal and practical environment in which the local gov't operates
2. Economy 30%
Total Market Value Per Capita
Projected per capita effective buying income as a % of US projected
effective buying income
3. Management 20%
Impact of management conditions on the likelihood of repayment
4. Budgetary Flexibility 10%
Available Fund Balance as a % of Expenditures
5. Budgetary Performance 10%
Total Government Funds Net Result (%)
General Fund Net Revenue
6. Liquidity 10%
Total Gov't Available Cash as a % of Total Gov't Funds Debt Service
Total Gov't Cash as a % of Total Gov't Funds Expenditures
7. Debt and Contingent Liabilities 10%
Net Direct Debt as a % of Total Governmental Funds Revenue
Total Governmental Funds Debt Service as a % of Total
Governmental Funds Expenditures
030116apr HC BOC Page 9
March 1, 2016
The County’s credit rating has a direct impact on the cost
of borrowing, which in turn effects the County’s debt
capacity.
–The credit spread is the premium an issuer pays to
the purchaser of their bonds (i.e. higher interest
rate) as compensation for increased credit risk.
–Since the financial downturn in September 2008,
credit quality of issuers has taken on a renewed
importance to investors.
–The average spread for an A rated borrower has
increased from 0.33% from Nov 2004 – Dec 2008
to 0.72% since Dec 2008.
Historical Credit Spreads
8 Harnett County, NC
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
Pe
r
c
e
n
t
(
%
)
30-Year MMD
AAA AA A BBB
Credit Spreads (%) vs the 30-yr AAA MMD
Nov 2004 - Dec 2008
Rating Min Max Average
AA 0.04 0.19 0.10
A 0.15 1.26 0.33
BBB 0.30 2.52 0.60
Dec 2008 - Feb 2016
Rating Min Max Average
AA 0.09 0.56 0.23
A 0.27 1.11 0.72
BBB 0.69 2.58 1.41
Note: credit spreads compared to the 'AAA' equivalent
030116apr HC BOC Page 10
General Fund Balance
March 1, 2016 9 Harnett County, NC
030116apr HC BOC Page 11
General Fund Balance
General Fund Balance
March 1, 2016 Harnett County, NC 10
Source: County CAFRs
The County has an adopted Fund Balance Policy, stating:
–“Available fund balances as defined in GS-159 at the close of
each fiscal year should be at least 15% of the Total Annual
Operating Budget. If the County is not in compliance with this
policy at the time the Fiscal Policy Guidelines are adopted, the
County will strive to be in compliance within a 36 month period.”
20112012201320142015
1 General Fund Budget
2 Revenues 99,566,109 101,518,585 105,324,309 107,369,773 110,487,763
3 Expenditures 99,714,800 100,900,981 101,852,867 103,330,529 108,508,715
4
5 General Fund Balance
6 Nonspendable 52,271 748,224 451,088 111,181 159,625
7 Restricted 7,347,530 9,363,837 9,433,149 9,260,952 11,496,063
8 Committed - - - - -
9 Assigned - - - 3,193,811 2,600,000
10 Unassigned 11,279,350 13,212,441 17,959,942 18,732,095 19,417,388
11 Total 18,679,151 23,324,502 27,844,179 31,298,039 33,673,076
12
13 NC Available1 11,279,350 11,197,107 15,559,942 18,732,095 19,417,388
14
15 Rating Agency Available2 11,279,350 13,212,441 17,959,942 21,925,906 22,017,388
16
17 General Fund Balance Ratios
18 Unassigned as a % of Revenues 11.3%13.0%17.1%17.4%17.6%
19 Unassigned as a % of Expenditures 11.3%13.1%17.6%18.1%17.9%
20 NC Available as a % of Revenues 11.3%11.0%14.8%17.4%17.6%
21 NC Available as a % of Expenditures 11.3%11.1%15.3%18.1%17.9%
22 Rating Agency Available as a % of Revenues 11.3%13.0%17.1%20.4%19.9%
23 Rating Agency Available as a % of Expenditures 11.3%13.1%17.6%21.2%20.3%
24 Total General Fund Balance as a % of Revenues 18.8%23.0%26.4%29.1%30.5%
25 Total General Fund Balance as a % of Expenditures 18.7%23.1%27.3%30.3%31.0%
26
27 Other Fund Balance
28 Nonspendable - 2,612 1,742 - -
29 Restricted 6,675,606 2,212,333 23,331,386 12,479,663 9,699,559
30 Committed 198,652 103,168 471,969 475,891 72,877
31 Assigned 143,764 60,662 76,734 60,348 257,438
32 Unassigned (950,018) (470,924) (444,222) (1,904,724) (1,831,777)
33 Total 6,068,004 1,907,851 23,437,609 11,111,178 8,198,097
1 Per County Staff.
2 Includes Committed, Assigned, and Unassigned Fund Balances.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2011 2012 2013 2014 2015
General Fund Balance as a % of Expenditures
Unassigned NC Available
Rating Agency Available Total
Policy (NC Available)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2011 2012 2013 2014 2015
General Fund Balance as a % of Revenues
Unassigned NC Available Rating Agency Available Total
030116apr HC BOC Page 12
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Percent
Rating Agency Available Fund Balance as a % of Revenues
0 25 50
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Dollars ($)
Millions
Total Rating Agency Available General Fund Balance
0 10 20 30
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Dollars ($)
Millions
Total Unassigned General Fund Balance
0 25 50 75 100
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Dollars ($)
Millions
Total General Fund Balance
March 1, 2016 Harnett County, NC 11
General Fund Balance – Peer Comparatives
Source: County CAFRs and Moody’s MFRA
$146.449 million $143.816 million $58.039 million
1
1
1 Includes Committed, Assigned, and Unassigned Fund Balances.
0.0 5.0 10.0 15.0 20.0 25.0 30.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Percent
Unassigned Fund Balance as a % of Revenues
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2015)
Percent
Total General Fund Balance as a % of Revenues
030116apr HC BOC Page 13
Existing Tax Supported Debt Profile
March 1, 2016 12 Harnett County, NC
030116apr HC BOC Page 14
March 1, 2016
Tax Supported Debt Service
Par Outstanding – Estimated as of 6/30/2015
Existing Tax Supported Debt
Type Par Amount % of Total
School Debt $100,377,954 74.95%
County Debt $33,551,237 25.05%
Total $133,929,191 100.00%
Source: LGC Bond Ledger, County Staff, and 2015 CAFR
Tax Supported Debt Service
Note: 2004 and 2005 QZABs are shown net of balance fund
transfer. 2012B QSCBs are shown gross of federal subsidy
and net of sinking fund earnings.
13 Harnett County, NC
FY PrincipalInterestTotal10-yr Payout
Total 133,929,191 49,467,297 183,396,488
2016 11,527,191 4,744,012 16,271,204 73.0%
2017 12,269,353 4,329,831 16,599,184 75.9%
2018 10,928,440 3,990,272 14,918,712 79.1%
2019 10,883,628 3,706,482 14,590,110 83.3%
2020 9,486,160 3,448,073 12,934,233 85.4%
2021 9,047,076 3,181,671 12,228,747 86.2%
2022 8,952,440 2,941,800 11,894,240 87.2%
2023 8,818,702 2,682,705 11,501,408 88.5%
2024 8,717,613 2,426,096 11,143,709 90.1%
2025 7,158,265 2,205,661 9,363,926 92.3%
2026 6,601,372 2,010,265 8,611,636 95.8%
2027 6,513,559 1,822,534 8,336,093 100.0%
2028 6,422,182 1,631,181 8,053,363 100.0%
2029 3,750,947 1,472,945 5,223,893 100.0%
2030 1,984,488 1,365,195 3,349,684 100.0%
2031 1,945,400 1,365,195 3,310,595 100.0%
2032 1,907,609 1,365,195 3,272,804 100.0%
2033 1,867,631 1,365,195 3,232,826 100.0%
2034 1,824,041 1,365,195 3,189,236 100.0%
2035 1,789,651 1,365,195 3,154,847 100.0%
2036 1,533,442 682,598 2,216,040 100.0%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
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20
2
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20
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20
2
6
20
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20
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20
3
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20
3
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20
3
3
20
3
4
20
3
5
20
3
6
M
i
l
l
i
o
n
s
School Debt County Debt
030116apr HC BOC Page 15
10 -Year Payout Ratio 10 -year Payout Ratio Peer Comparative
Key Debt Ratio: Tax Supported Payout Ratio
Existing 10-year Payout Ratio
–FY 2016: 73.0%
The 10-Year Payout Ratio measures the amount of principal to be
retired in the next 10 years.
This ratio is an important metric that indicates whether or not a
locality is back-loading its debt.
The County has a policy establishing a minimum 10 Year Payout Ratio
of 50.00%.
March 1, 2016
Source: LGC Bond Ledger, County Staff, 2015 CAFR, and Moody’s Investors Service
Rating Considerations:
–Moody’s: Moody’s rating criteria for General Obligation credits
allows for a scorecard adjustment if an issuer has unusually
slow or rapid amortization of debt principal.
–S&P: A payout ratio greater than 65% results in a one point
positive qualitative adjustment to the Debt & Contingent
Liabilities section of S&P’s General Obligation rating
methodology.
Note: Chatham and Lee County 10-Year Payouts calculated by Davenport.
14 Harnett County, NC
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
10-yr Payout Policy
0 20 40 60 80 100
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2016)
Percent
030116apr HC BOC Page 16
Debt to Assessed Value Debt to Assessed Value Peer Comparative
Key Debt Ratio: Debt to Assessed Value
Existing Debt to Assessed Value
–FY 2016: 1.72%
Assumed Future Growth Rates
–2015 Assessed Value: $7,800,825,785
–2016 & Beyond: 0.00%
The County has a policy establishing a maximum Debt to Assessed
Value ratio of 2.50%.
March 1, 2016
Source: LGC Bond Ledger, County Staff, 2015 CAFR, County Budget Documents, and Moody’s Investors Service
Rating Considerations:
–Moody’s: Criteria for General Obligation Credits defines categories
of Debt to Assessed Values as:
–Very Strong (Aaa): < 0.75%
–Strong (Aa): 0.75% - 1.75%
–Moderate (A): 1.75% - 4.00%
–Weak – Very Poor (Baa and below): > 4.00%
–S&P: A positive qualitative adjustment is made to the Debt and
Contingent Liabilities score for a debt to market value ratio below
3.00%, while a negative adjustment is made for a ratio above
10.00%.
15 Harnett County, NC
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
Existing Policy 0.0 1.0 2.0 3.0 4.0
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2016)
Percent
030116apr HC BOC Page 17
Debt Service vs. Governmental Expenditures Debt Service vs. Expenditures Peer Comparative
Key Debt Ratio: Debt Service vs. Expenditures
Existing Debt Service vs. Expenditures
–FY 2016: 13.17%
Assumed Future Growth Rates
–2015 Adjusted Expenditures: $107,302,666
–2016 & Beyond 0.00%
The County has a policy establishing a maximum Debt Service to
Expenditures Value ratio of 15.00%.
March 1, 2016
Note: Governmental Expenditures represent the ongoing operating expenditures of the County. In this
analysis, debt service and capital outlay expenditures are excluded.
Source: LGC Bond Ledger, County Staff, 2015 CAFR, County Budget Documents, and Moody’s Investors Service
Rating Considerations:
–Moody’s: Moody’s criteria allows for a scorecard adjustment if an
issuer has very high or low debt service relative to its budget
Percent.
–S&P: The Debt and Contingent Liabilities section defines
categories of Net Direct Debt as a % of Total Governmental Funds
Expenditures as follows:
–Very Strong: <8%
–Strong: 8% to 15%
–Adequate: 15% - 25%
–Weak: 25% - 35%
–Very Weak: > 35%
16 Harnett County, NC
0%
2%
4%
6%
8%
10%
12%
14%
16%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
Existing Policy 0 5 10 15 20 25
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (A1)
Lee County (Aa2)
Johnston County (Aa2)
Chatham County (Aa1)
Harnett County (2016)
Percent
030116apr HC BOC Page 18
March 1, 2016
Debt Affordability Analysis
Existing Debt
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
17 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 - 17,811,204 1,540,000 - - 1,540,000 - 1,540,000
2017 5,040,908 11,558,276 - - - 16,599,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 - 17,433,993 834,809 - - 834,809 - 2,374,809
2018 4,271,544 10,647,167 - - - 14,918,712 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 - 17,559,115 2,640,403 - - 2,640,403 - 5,015,213
2019 4,193,138 10,396,971 - - - 14,590,110 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 - 17,686,615 3,096,505 - - 3,096,505 - 8,111,718
2020 2,796,016 10,138,217 - - - 12,934,233 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 - 17,816,537 4,882,304 - - 4,882,304 - 12,994,022
2021 2,477,062 9,751,685 - - - 12,228,747 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 - 17,948,928 5,720,181 - - 5,720,181 - 18,714,203
2022 2,398,894 9,495,346 - - - 11,894,240 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 - 18,083,834 6,189,594 - - 6,189,594 - 24,903,796
2023 2,319,235 9,182,172 - - - 11,501,408 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 - 18,221,303 6,719,895 - - 6,719,895 - 31,623,692
2024 2,240,269 8,903,440 - - - 11,143,709 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 - 18,361,384 7,217,675 - - 7,217,675 - 38,841,367
2025 2,154,014 7,209,912 - - - 9,363,926 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 - 18,504,127 9,140,201 - - 9,140,201 - 47,981,568
2026 1,599,463 7,012,173 - - - 8,611,636 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 - 18,649,582 10,037,945 - - 10,037,945 - 58,019,513
2027 1,525,295 6,810,799 - - - 8,336,093 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 - 18,797,800 10,461,707 - - 10,461,707 - 68,481,220
2028 1,450,454 6,602,909 - - - 8,053,363 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 - 18,948,835 10,895,472 - - 10,895,472 - 79,376,691
2029 - 5,223,893 - - - 5,223,893 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 - 19,102,739 13,878,847 - - 13,878,847 - 93,255,538
2030 - 3,349,684 - - - 3,349,684 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 15,909,884 - - 15,909,884 - 109,165,422
2031 - 3,310,595 - - - 3,310,595 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 16,108,781 - - 16,108,781 - 125,274,202
2032 - 3,272,804 - - - 3,272,804 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 16,309,416 - - 16,309,416 - 141,583,619
2033 - 3,232,826 - - - 3,232,826 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 16,515,333 - - 16,515,333 - 158,098,951
2034 - 3,189,236 - - - 3,189,236 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 16,728,015 - - 16,728,015 - 174,826,966
2035 - 3,154,847 - - - 3,154,847 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 16,934,708 - - 16,934,708 - 191,761,674
2036 - 2,216,040 - - - 2,216,040 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 17,465,141 - - 17,465,141 - 209,226,815
2037 - - - - - - 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 19,276,142 - - 19,276,142 - 228,502,957
2038 - - - - - - 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 19,458,456 - - 19,458,456 - 247,961,413
2039 - - - - - - 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 19,644,233 - - 19,644,233 - 267,605,646
2040 - - - - - - 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 19,833,540 - - 19,833,540 - 287,439,186
2041 - - - - - - 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 20,026,444 - - 20,026,444 - 307,465,629
2042 - - - - - - 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 20,223,013 - - 20,223,013 - 327,688,642
2043 - - - - - - 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 20,423,317 - - 20,423,317 - 348,111,959
2044 - - - - - - 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 20,627,426 - - 20,627,426 - 368,739,386
Total Tax Effect 0.00¢
Total37,877,809 145,518,679 - - - 183,396,488 Total -
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 19
Potential Capital Project and Financing
Needs
March 1, 2016 18 Harnett County, NC
030116apr HC BOC Page 20
March 1, 2016 Harnett County, NC 19
2009 Certificates of Participation
Current Market Public Refunding Results
Notes:
- Net of estimated Fixed Cost of Issuance of $300,000 and Underwriter’s Discount of
$99,675.
- Interest rates are preliminary as of 2/12/16 and subject to change.
- Assumes a 4/27/16 closing date.
- Assumes the County makes an equity contribution of $418,188.61 at closing.
- Selling the Bonds as non-callable would allow the County to realize estimated additional
savings of $300,000.
The County would need to receive approximately a 2.03% interest rate from
a bank in order to achieve the same gross savings as the current market
public sale.
Summary of Refunding Results
1 Bonds Refunded
2 Par Refunded 21,595,000$
3 Coupon 4.00% - 5.00%
4 Call Date 6/1/2019
5 Call Price 100.00%
6 Maturities Refunded 6/1/20 - 6/1/29
7
8 Refunding Bonds
9 Bond Par Amount 19,935,000$
10 Final Maturity 6/1/2029
11 True Interest Cost 2.074%
12 All-In TIC 2.246%
13
14 Savings
15 Gross Savings 2,032,649$
16 Net PV Savings 1,751,310$
17 Net PV Savings %8.110%
18 Average Annual Savings 145,189$
19
20 Negative Arbitrage
21 Arbitrage Yield 1.848%
22 Escrow Yield 0.880%
23 Negative Arbitrage 669,937$
Net Prior BondNet RefundingAnnual
Year Debt ServiceDebt ServiceSavings
6/30/2016 97,386 94,138 3,249
6/30/2017 1,031,150 996,750 34,400
6/30/2018 1,031,150 996,750 34,400
6/30/2019 1,031,150 996,750 34,400
6/30/2020 3,191,150 2,996,750 194,400
6/30/2021 3,083,150 2,891,750 191,400
6/30/2022 2,996,750 2,807,000 189,750
6/30/2023 2,888,750 2,696,500 192,250
6/30/2024 2,780,750 2,586,500 194,250
6/30/2025 2,683,550 2,492,000 191,550
6/30/2026 2,586,350 2,392,250 194,100
6/30/2027 2,483,750 2,292,500 191,250
6/30/2028 2,375,750 2,182,750 193,000
6/30/2029 2,262,750 2,068,500 194,250
Total 30,523,536$ 28,490,888$ 2,032,649$
Annual Savings
030116apr HC BOC Page 21
Potential Projects Financing Assumptions
Potential Capital Funding Needs and Financing Assumptions
School Maintenance Projects:
–Amount: $2,200,000
–Timing: Spring 2016 (FY 2016)
–Financing Assumption: QSCBs
Benhaven Elementary School:
–Amount: $23,000,000
–Timing: Summer 2016 (FY 2017)
–Financing Assumption: GO Bonds1
Government Building:
–Amount: $20,000,000
–Timing: Summer 2019 (FY 2020)
–Financing Assumption: Installment / LOBs
Future County High School:
–Amount: $65,000,000
–Timing:
–Case 4: Summer 2019 (FY 2020)
–Case 5: Summer 2023 (FY 2024)
–Financing Assumption: GO Bonds1
Future School Expansion:
–Amount: $12,000,000
–Timing:
–Case 4: Summer 2021 (FY 2022)
–Case 5: Summer 2019 (FY 2020)
–Financing Assumption: GO Bonds1
QSCBs:
–First Interest: FY Following Issuance
–First Principal: FY Following Issuance
–Amortization: Level Principal
–Term: 10 Years
–Interest Rate: 0.50%2
GO Bonds1:
–First Interest: FY of Issuance
–First Principal: FY Following Issuance
–Amortization: Level Principal
–Term: 20 Years
–Interest Rate: 5.00%
Installment / LOBs:
–First Interest: FY of Issuance
–First Principal: FY Following Issuance
–Amortization: Level Principal
–Term: 20 Years
–Interest Rate: 5.00%
March 1, 2016 Harnett County, NC 20
1 $100 Million of GO Bonds were authorized by the County in November 2014. The GO authorization has an initial
expiration date of November 2021 that can be extended to November 2024 with LGC and County Board approval.
2 Assumed net interest rate after federal subsidy.
030116apr HC BOC Page 22
Davenport has analyzed the following five financing cases:
–Case 1:
–Refinancing of 2009 COPs (FY 2016)
–Issue $2.2 Million of QSCBs (FY 2016)
–Case 2:
–Refinancing of 2009 COPs (FY 2016)
–Issue $2.2 Million of QSCBs (FY 2016)
–Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
–Case 3:
–Refinancing of 2009 COPs (FY 2016)
–Issue $2.2 Million of QSCBs (FY 2016)
–Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
–Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
–Case 4:
–Refinancing of 2009 COPs (FY 2016)
–Issue $2.2 Million of QSCBs (FY 2016)
–Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
–Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
–Issue $65 Million of GOs for Future High School (FY 2020)
–Issue $12 Million of GOs for Future School Expansion (FY 2022)
–Case 5:
–Refinancing of 2009 COPs (FY 2016)
–Issue $2.2 Million of QSCBs (FY 2016)
–Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
–Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
–Issue $12 Million of GOs for Future School Expansion (FY 2020)
–Issue $65 Million of GOs for Future High School (FY 2024)
March 1, 2016 Harnett County, NC 21
Financing Cases
030116apr HC BOC Page 23
March 1, 2016 Harnett County, NC 22
Summary of Cases
Case 1 Case 2 Case 3 Case 4 Case 5
Issuance Assumptions
1QSCBs FY 2016 FY 2016 FY 2016 FY 2016 FY 2016
2Benhaven Elementary n/a FY 2017 FY 2017 FY 2017 FY 2017
3Government Building n/a n/a FY 2020 FY 2020 FY 2020
4Future County High School n/a n/a n/a FY 2020 FY 2024
5Future School Expansion n/a n/a n/a FY 2022 FY 2020
6
7Debt Issued $2,200,000 $25,200,000 $45,200,000 $122,200,000 $122,200,000
8 Total New Debt Service $2,260,500 $37,910,500 $68,910,500 $188,260,500 $188,260,500
9
10 Debt Ratios (Worst Shown)Policy
11 10 Year Payout 50.00%73.29%71.42%71.42%64.82%64.78%
12 Debt to Assessed Value 2.50%1.75%1.89%1.89%2.51%2.06%
13 Debt Service to Expenditures15.00%13.56%13.99%13.99%17.70%16.28%
14 Years out of Compliance 0 0 0 6 3
15
16 Tax Equivalent Impact
17 FY 2016 -----
18 FY 2017 -----
19 FY 2018 -----
20 FY 2019 -----
21 FY 2020 -----
22 FY 2021 ---2.54¢-
23 FY 2022 ---3.17¢-
24 FY 2023 ---0.12¢-
25 Total 0.00¢ 0.00¢ 0.00¢ 5.83¢ 0.00¢
030116apr HC BOC Page 24
Case 1
Refinancing of 2009 COPs (FY 2016)
Issue $2.2 Million of QSCBs (FY 2016)
March 1, 2016 Harnett County, NC 23
030116apr HC BOC Page 25
March 1, 2016
Proposed Debt Service
Proposed Principal
Assumptions
Case 1: Proposed Debt Service
QSCB Financing Assumptions:
–Amortization: Level Principal
–Term: 10 Years
–Interest Rate: 0.50%
–First Interest: FY 2017
–First Principal FY 2017
Debt Issued: $2,200,000
Debt Service: $2,260,500
Level Principal Amortization
24 Harnett County, NC
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2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
M
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Existing 2016 -QSCB
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
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Existing 2016 -QSCB
030116apr HC BOC Page 26
March 1, 2016 Harnett County, NC 25
10 -Year Payout
Debt to Assessed Value
Case 1: Key Debt Ratios
Debt Service to Expenditures
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
10-yr Payout Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
Existing Proposed Debt Policy
0%
2%
4%
6%
8%
10%
12%
14%
16%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
Existing Proposed Debt Policy
030116apr HC BOC Page 27
March 1, 2016
Case 1: Debt Affordability Analysis
Existing & Proposed Debt – Level Principal Amortization
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
26 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 3,154 17,814,358 1,543,154 - - 1,543,154 - 1,543,154
2017 5,040,908 11,558,276 231,000 - - 16,830,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 33,400 17,467,393 637,209 - - 637,209 - 2,180,364
2018 4,271,544 10,647,167 229,900 - - 15,148,612 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 33,400 17,592,515 2,443,903 - - 2,443,903 - 4,624,267
2019 4,193,138 10,396,971 228,800 - - 14,818,910 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 33,400 17,720,015 2,901,105 - - 2,901,105 - 7,525,372
2020 2,796,016 10,138,217 227,700 - - 13,161,933 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 188,400 18,004,937 4,843,004 - - 4,843,004 - 12,368,376
2021 2,477,062 9,751,685 226,600 - - 12,455,347 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 190,650 18,139,578 5,684,231 - - 5,684,231 - 18,052,607
2022 2,398,894 9,495,346 225,500 - - 12,119,740 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 189,000 18,272,834 6,153,094 - - 6,153,094 - 24,205,701
2023 2,319,235 9,182,172 224,400 - - 11,725,808 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 191,500 18,412,803 6,686,995 - - 6,686,995 - 30,892,696
2024 2,240,269 8,903,440 223,300 - - 11,367,009 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 188,500 18,549,884 7,182,875 - - 7,182,875 - 38,075,571
2025 2,154,014 7,209,912 222,200 - - 9,586,126 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 191,050 18,695,177 9,109,051 - - 9,109,051 - 47,184,622
2026 1,599,463 7,012,173 221,100 - - 8,832,736 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 188,600 18,838,182 10,005,445 - - 10,005,445 - 57,190,067
2027 1,525,295 6,810,799 - - - 8,336,093 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 191,000 18,988,800 10,652,707 - - 10,652,707 - 67,842,774
2028 1,450,454 6,602,909 - - - 8,053,363 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 192,750 19,141,585 11,088,222 - - 11,088,222 - 78,930,996
2029 - 5,223,893 - - - 5,223,893 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 189,000 19,291,739 14,067,847 - - 14,067,847 - 92,998,842
2030 - 3,349,684 - - - 3,349,684 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 15,909,884 - - 15,909,884 - 108,908,726
2031 - 3,310,595 - - - 3,310,595 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 16,108,781 - - 16,108,781 - 125,017,507
2032 - 3,272,804 - - - 3,272,804 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 16,309,416 - - 16,309,416 - 141,326,923
2033 - 3,232,826 - - - 3,232,826 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 16,515,333 - - 16,515,333 - 157,842,256
2034 - 3,189,236 - - - 3,189,236 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 16,728,015 - - 16,728,015 - 174,570,270
2035 - 3,154,847 - - - 3,154,847 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 16,934,708 - - 16,934,708 - 191,504,978
2036 - 2,216,040 - - - 2,216,040 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 17,465,141 - - 17,465,141 - 208,970,119
2037 - - - - - - 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 19,276,142 - - 19,276,142 - 228,246,262
2038 - - - - - - 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 19,458,456 - - 19,458,456 - 247,704,717
2039 - - - - - - 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 19,644,233 - - 19,644,233 - 267,348,950
2040 - - - - - - 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 19,833,540 - - 19,833,540 - 287,182,490
2041 - - - - - - 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 20,026,444 - - 20,026,444 - 307,208,934
2042 - - - - - - 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 20,223,013 - - 20,223,013 - 327,431,947
2043 - - - - - - 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 20,423,317 - - 20,423,317 - 347,855,264
2044 - - - - - - 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 20,627,426 - - 20,627,426 - 368,482,690
Total Tax Effect 0.00¢
Total37,877,809 145,518,679 2,260,500 - - 185,656,988 Total -
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 28
Case 2
Refinancing of 2009 COPs (FY 2016)
Issue $2.2 Million of QSCBs (FY 2016)
Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
March 1, 2016 Harnett County, NC 27
030116apr HC BOC Page 29
March 1, 2016
Proposed Debt Service
Proposed Principal
Assumptions
Case 2: Proposed Debt Service
Financing Assumptions:
–Amortization: Level Principal
–Term:
–QSCBs: 10 Years
–Benhaven: 20 Years
–Interest Rate:
–QSCBs: 0.50%
–Benhaven: 5.00%
–First Interest:
–QSCBs: FY 2017
–Benhaven: FY 2017
–First Principal
–QSCBs: FY 2017
–Benhaven: FY 2018
Debt Issued:
–QSCBs (FY 2016): $2,200,000
–Benhaven Elementary (FY 2017): $23,000,000
–Total $25,200,000
Debt Service:
–QSCBs (FY 2017): $2,260,500
–Benhaven Elementary (FY 2017): $35,650,000
–Total $37,910,500
Level Principal Amortization
28 Harnett County, NC
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2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
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Existing 2016 -QSCB 2017 -ES
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
M
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Existing 2016 -QSCB 2017 -ES
030116apr HC BOC Page 30
March 1, 2016 Harnett County, NC 29
10 -Year Payout
Debt to Assessed Value
Case 2: Key Debt Ratios
Debt Service to Expenditures
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
10-yr Payout Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
Existing Proposed Debt Policy
0%
2%
4%
6%
8%
10%
12%
14%
16%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
Existing Proposed Debt Policy
030116apr HC BOC Page 31
March 1, 2016
Case 2: Debt Affordability Analysis
Existing & Proposed Debt – Level Principal Amortization
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
30 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 3,154 17,814,358 1,543,154 - - 1,543,154 - 1,543,154
2017 5,040,908 11,558,276 806,000 - - 17,405,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 33,400 17,467,393 62,209 - - 62,209 - 1,605,364
2018 4,271,544 10,647,167 2,529,900 - - 17,448,612 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 33,400 17,592,515 143,903 - - 143,903 - 1,749,267
2019 4,193,138 10,396,971 2,471,300 - - 17,061,410 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 33,400 17,720,015 658,605 - - 658,605 - 2,407,872
2020 2,796,016 10,138,217 2,412,700 - - 15,346,933 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 188,400 18,004,937 2,658,004 - - 2,658,004 - 5,065,876
2021 2,477,062 9,751,685 2,354,100 - - 14,582,847 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 190,650 18,139,578 3,556,731 - - 3,556,731 - 8,622,607
2022 2,398,894 9,495,346 2,295,500 - - 14,189,740 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 189,000 18,272,834 4,083,094 - - 4,083,094 - 12,705,701
2023 2,319,235 9,182,172 2,236,900 - - 13,738,308 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 191,500 18,412,803 4,674,495 - - 4,674,495 - 17,380,196
2024 2,240,269 8,903,440 2,178,300 - - 13,322,009 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 188,500 18,549,884 5,227,875 - - 5,227,875 - 22,608,071
2025 2,154,014 7,209,912 2,119,700 - - 11,483,626 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 191,050 18,695,177 7,211,551 - - 7,211,551 - 29,819,622
2026 1,599,463 7,012,173 2,061,100 - - 10,672,736 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 188,600 18,838,182 8,165,445 - - 8,165,445 - 37,985,067
2027 1,525,295 6,810,799 1,782,500 - - 10,118,593 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 191,000 18,988,800 8,870,207 - - 8,870,207 - 46,855,274
2028 1,450,454 6,602,909 1,725,000 - - 9,778,363 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 192,750 19,141,585 9,363,222 - - 9,363,222 - 56,218,496
2029 - 5,223,893 1,667,500 - - 6,891,393 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 189,000 19,291,739 12,400,347 - - 12,400,347 - 68,618,842
2030 - 3,349,684 1,610,000 - - 4,959,684 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 14,299,884 - - 14,299,884 - 82,918,726
2031 - 3,310,595 1,552,500 - - 4,863,095 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 14,556,281 - - 14,556,281 - 97,475,007
2032 - 3,272,804 1,495,000 - - 4,767,804 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 14,814,416 - - 14,814,416 - 112,289,423
2033 - 3,232,826 1,437,500 - - 4,670,326 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 15,077,833 - - 15,077,833 - 127,367,256
2034 - 3,189,236 1,380,000 - - 4,569,236 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 15,348,015 - - 15,348,015 - 142,715,270
2035 - 3,154,847 1,322,500 - - 4,477,347 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 15,612,208 - - 15,612,208 - 158,327,478
2036 - 2,216,040 1,265,000 - - 3,481,040 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 16,200,141 - - 16,200,141 - 174,527,619
2037 - - 1,207,500 - - 1,207,500 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 18,068,642 - - 18,068,642 - 192,596,262
2038 - - - - - - 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 19,458,456 - - 19,458,456 - 212,054,717
2039 - - - - - - 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 19,644,233 - - 19,644,233 - 231,698,950
2040 - - - - - - 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 19,833,540 - - 19,833,540 - 251,532,490
2041 - - - - - - 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 20,026,444 - - 20,026,444 - 271,558,934
2042 - - - - - - 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 20,223,013 - - 20,223,013 - 291,781,947
2043 - - - - - - 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 20,423,317 - - 20,423,317 - 312,205,264
2044 - - - - - - 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 20,627,426 - - 20,627,426 - 332,832,690
Total Tax Effect 0.00¢
Total37,877,809 145,518,679 37,910,500 - - 221,306,988 Total -
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 32
Case 3
Refinancing of 2009 COPs (FY 2016)
Issue $2.2 Million of QSCBs (FY 2016)
Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
March 1, 2016 Harnett County, NC 31
030116apr HC BOC Page 33
March 1, 2016
Proposed Debt Service
Proposed Principal
Assumptions
Case 3: Proposed Debt Service
Financing Assumptions:
–Amortization: Level Principal
–Term:
–QSCBs: 10 Years
–Benhaven / Government Building: 20 Years
–Interest Rate:
–QSCBs: 0.50%
–Benhaven / Government Building: 5.00%
–First Interest:
–QSCBs: FY 2017
–Benhaven: FY 2017
–Government Building: FY 2020
–First Principal
–QSCBs: FY 2017
–Benhaven: FY 2018
–Government Building: FY 2021
Debt Issued:
–QSCBs (FY 2016): $2,200,000
–Benhaven Elementary (FY 2017): $23,000,000
–Government Building (FY 2020): $20,000,000
–Total $45,200,000
Debt Service:
–QSCBs (FY 2017): $2,260,500
–Benhaven Elementary (FY 2017): $35,650,000
–Government Building (FY 2020): $31,000,000
–Total $68,910,500
Level Principal Amortization
32 Harnett County, NC
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
M
i
l
l
i
o
n
s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
M
i
l
l
i
o
n
s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB
030116apr HC BOC Page 34
March 1, 2016 Harnett County, NC 33
10 -Year Payout
Debt to Assessed Value
Case 3: Key Debt Ratios
Debt Service to Expenditures
0%
2%
4%
6%
8%
10%
12%
14%
16%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Existing Proposed Debt Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Existing Proposed Debt Policy
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
10-yr Payout Policy
030116apr HC BOC Page 35
March 1, 2016
Case 3: Debt Affordability Analysis
Existing & Proposed Debt – Level Principal Amortization
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
34 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 3,154 17,814,358 1,543,154 - - 1,543,154 - 1,543,154
2017 5,040,908 11,558,276 806,000 - - 17,405,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 33,400 17,467,393 62,209 - - 62,209 - 1,605,364
2018 4,271,544 10,647,167 2,529,900 - - 17,448,612 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 33,400 17,592,515 143,903 - - 143,903 - 1,749,267
2019 4,193,138 10,396,971 2,471,300 - - 17,061,410 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 33,400 17,720,015 658,605 - - 658,605 - 2,407,872
2020 2,796,016 10,138,217 2,412,700 500,000 - 15,846,933 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 188,400 18,004,937 2,158,004 - - 2,158,004 - 4,565,876
2021 2,477,062 9,751,685 2,354,100 2,000,000 - 16,582,847 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 190,650 18,139,578 1,556,731 - - 1,556,731 - 6,122,607
2022 2,398,894 9,495,346 2,295,500 1,950,000 - 16,139,740 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 189,000 18,272,834 2,133,094 - - 2,133,094 - 8,255,701
2023 2,319,235 9,182,172 2,236,900 1,900,000 - 15,638,308 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 191,500 18,412,803 2,774,495 - - 2,774,495 - 11,030,196
2024 2,240,269 8,903,440 2,178,300 1,850,000 - 15,172,009 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 188,500 18,549,884 3,377,875 - - 3,377,875 - 14,408,071
2025 2,154,014 7,209,912 2,119,700 1,800,000 - 13,283,626 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 191,050 18,695,177 5,411,551 - - 5,411,551 - 19,819,622
2026 1,599,463 7,012,173 2,061,100 1,750,000 - 12,422,736 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 188,600 18,838,182 6,415,445 - - 6,415,445 - 26,235,067
2027 1,525,295 6,810,799 1,782,500 1,700,000 - 11,818,593 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 191,000 18,988,800 7,170,207 - - 7,170,207 - 33,405,274
2028 1,450,454 6,602,909 1,725,000 1,650,000 - 11,428,363 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 192,750 19,141,585 7,713,222 - - 7,713,222 - 41,118,496
2029 - 5,223,893 1,667,500 1,600,000 - 8,491,393 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 189,000 19,291,739 10,800,347 - - 10,800,347 - 51,918,842
2030 - 3,349,684 1,610,000 1,550,000 - 6,509,684 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 12,749,884 - - 12,749,884 - 64,668,726
2031 - 3,310,595 1,552,500 1,500,000 - 6,363,095 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 13,056,281 - - 13,056,281 - 77,725,007
2032 - 3,272,804 1,495,000 1,450,000 - 6,217,804 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 13,364,416 - - 13,364,416 - 91,089,423
2033 - 3,232,826 1,437,500 1,400,000 - 6,070,326 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 13,677,833 - - 13,677,833 - 104,767,256
2034 - 3,189,236 1,380,000 1,350,000 - 5,919,236 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 13,998,015 - - 13,998,015 - 118,765,270
2035 - 3,154,847 1,322,500 1,300,000 - 5,777,347 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 14,312,208 - - 14,312,208 - 133,077,478
2036 - 2,216,040 1,265,000 1,250,000 - 4,731,040 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 14,950,141 - - 14,950,141 - 148,027,619
2037 - - 1,207,500 1,200,000 - 2,407,500 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 16,868,642 - - 16,868,642 - 164,896,262
2038 - - - 1,150,000 - 1,150,000 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 18,308,456 - - 18,308,456 - 183,204,717
2039 - - - 1,100,000 - 1,100,000 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 18,544,233 - - 18,544,233 - 201,748,950
2040 - - - 1,050,000 - 1,050,000 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 18,783,540 - - 18,783,540 - 220,532,490
2041 - - - - - - 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 20,026,444 - - 20,026,444 - 240,558,934
2042 - - - - - - 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 20,223,013 - - 20,223,013 - 260,781,947
2043 - - - - - - 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 20,423,317 - - 20,423,317 - 281,205,264
2044 - - - - - - 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 20,627,426 - - 20,627,426 - 301,832,690
Total Tax Effect 0.00¢
Total37,877,809 145,518,679 37,910,500 31,000,000 - 252,306,988 Total -
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 36
Case 4
Refinancing of 2009 COPs (FY 2016)
Issue $2.2 Million of QSCBs (FY 2016)
Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
Issue $65 Million of GOs for Future High School (FY 2020)
Issue $12 Million of GOs for Future School Expansion (FY 2022)
March 1, 2016 Harnett County, NC 35
030116apr HC BOC Page 37
March 1, 2016
Proposed Debt Service
Proposed Principal
Assumptions
Case 4: Proposed Debt Service
Financing Assumptions:
–Amortization: Level Principal
–Term:
–QSCBs: 10 Years
–GOs / Government Building: 20 Years
–Interest Rate:
–QSCBs: 0.50%
–GOs / Government Building: 5.00%
–First Interest:
–QSCBs: FY 2017
–Benhaven: FY 2017
–Government Building / Future HS: FY 2020
–School Expansion: FY 2022
–First Principal
–QSCBs: FY 2017
–Benhaven: FY 2018
–Government Building / Future HS: FY 2021
–School Expansion: FY 2023
Debt Issued:
–QSCBs (FY 2016): $2,200,000
–Benhaven Elementary (FY 2017): $23,000,000
–Government Building (FY 2020): $20,000,000
–Future High School (FY 2020): $65,000,000
–Future School Expansion (FY 2022): $12,000,000
–Total $122,200,000
Debt Service:
–QSCBs (FY 2017): $2,260,500
–Benhaven Elementary (FY 2017): $35,650,000
–Government Building (FY 2020): $31,000,000
–Future High School (FY 2020): $100,750,000
–Future School Expansion (FY 2022): $18,600,000
–Total $188,260,500
Level Principal Amortization
36 Harnett County, NC
-
5.0
10.0
15.0
20.0
25.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
20
4
1
20
4
2
M
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l
i
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n
s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB 2020 GO 2022 GO
-
5.0
10.0
15.0
20.0
25.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
20
4
1
20
4
2
M
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s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB 2020 GO 2022 GO
030116apr HC BOC Page 38
March 1, 2016 Harnett County, NC 37
10 -Year Payout
Debt to Assessed Value
Case 4: Key Debt Ratios
Debt Service to Expenditures
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
20
4
1
20
4
2
10-yr Payout Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Existing Proposed Debt Policy
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Existing Proposed Debt Policy
030116apr HC BOC Page 39
March 1, 2016
Case 4: Debt Affordability Analysis
Existing & Proposed Debt – Level Principal Amortization
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
38 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 3,154 17,814,358 1,543,154 - - 1,543,154 - 1,543,154
2017 5,040,908 11,558,276 806,000 - - 17,405,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 33,400 17,467,393 62,209 - - 62,209 - 1,605,364
2018 4,271,544 10,647,167 2,529,900 - - 17,448,612 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 33,400 17,592,515 143,903 - - 143,903 - 1,749,267
2019 4,193,138 10,396,971 2,471,300 - - 17,061,410 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 33,400 17,720,015 658,605 - - 658,605 - 2,407,872
2020 2,796,016 10,138,217 4,037,700 500,000 - 17,471,933 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 188,400 18,004,937 533,004 - - 533,004 - 2,940,876
2021 2,477,062 9,751,685 8,854,100 2,000,000 - 23,082,847 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 190,650 18,139,578 (4,943,269) - (2,940,876) (2,002,393)2.54¢ -
2022 2,398,894 9,495,346 8,933,000 1,950,000 - 22,777,240 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 189,000 18,272,834 (4,504,406) 2,002,393 - (2,502,013)3.17¢ -
2023 2,319,235 9,182,172 9,611,900 1,900,000 - 23,013,308 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 191,500 18,412,803 (4,600,505) 4,504,406 - (96,099)0.12¢ -
2024 2,240,269 8,903,440 9,360,800 1,850,000 - 22,354,509 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 188,500 18,549,884 (3,804,625) 4,600,505 - 795,880 - 795,880
2025 2,154,014 7,209,912 9,109,700 1,800,000 - 20,273,626 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 191,050 18,695,177 (1,578,449) 4,600,505 - 3,022,056 - 3,817,935
2026 1,599,463 7,012,173 8,858,600 1,750,000 - 19,220,236 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 188,600 18,838,182 (382,055) 4,600,505 - 4,218,450 - 8,036,386
2027 1,525,295 6,810,799 8,387,500 1,700,000 - 18,423,593 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 191,000 18,988,800 565,207 4,600,505 - 5,165,711 - 13,202,097
2028 1,450,454 6,602,909 8,137,500 1,650,000 - 17,840,863 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 192,750 19,141,585 1,300,722 4,600,505 - 5,901,226 - 19,103,323
2029 - 5,223,893 7,887,500 1,600,000 - 14,711,393 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 189,000 19,291,739 4,580,347 4,600,505 - 9,180,851 - 28,284,175
2030 - 3,349,684 7,637,500 1,550,000 - 12,537,184 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 6,722,384 4,600,505 - 11,322,889 - 39,607,063
2031 - 3,310,595 7,387,500 1,500,000 - 12,198,095 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 7,221,281 4,600,505 - 11,821,785 - 51,428,849
2032 - 3,272,804 7,137,500 1,450,000 - 11,860,304 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 7,721,916 4,600,505 - 12,322,421 - 63,751,270
2033 - 3,232,826 6,887,500 1,400,000 - 11,520,326 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 8,227,833 4,600,505 - 12,828,337 - 76,579,607
2034 - 3,189,236 6,637,500 1,350,000 - 11,176,736 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 8,740,515 4,600,505 - 13,341,019 - 89,920,627
2035 - 3,154,847 6,387,500 1,300,000 - 10,842,347 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 9,247,208 4,600,505 - 13,847,713 - 103,768,340
2036 - 2,216,040 6,137,500 1,250,000 - 9,603,540 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 10,077,641 4,600,505 - 14,678,146 - 118,446,485
2037 - - 5,887,500 1,200,000 - 7,087,500 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 12,188,642 4,600,505 - 16,789,147 - 135,235,632
2038 - - 4,487,500 1,150,000 - 5,637,500 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 13,820,956 4,600,505 - 18,421,460 - 153,657,093
2039 - - 4,295,000 1,100,000 - 5,395,000 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 14,249,233 4,600,505 - 18,849,738 - 172,506,830
2040 - - 4,102,500 1,050,000 - 5,152,500 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 14,681,040 4,600,505 - 19,281,545 - 191,788,375
2041 - - 660,000 - - 660,000 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 19,366,444 4,600,505 - 23,966,949 - 215,755,324
2042 - - 630,000 - - 630,000 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 19,593,013 4,600,505 - 24,193,518 - 239,948,841
2043 - - - - - - 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 20,423,317 4,600,505 - 25,023,822 - 264,972,663
2044 - - - - - - 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 20,627,426 - - 20,627,426 - 285,600,089
Total Tax Effect 5.83¢
Total37,877,809 145,518,679 157,260,500 31,000,000 - 371,656,988 Total (2,940,876)
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 40
Case 5
Refinancing of 2009 COPs (FY 2016)
Issue $2.2 Million of QSCBs (FY 2016)
Issue $23 Million of GOs for Benhaven Elementary (FY 2017)
Issue $20 Million of Installment Financing / LOBs for Government Center (FY 2020)
Issue $12 Million of GOs for Future School Expansion (FY 2020)
Issue $65 Million of GOs for Future High School (FY 2024)
March 1, 2016 Harnett County, NC 39
030116apr HC BOC Page 41
March 1, 2016
Proposed Debt Service
Proposed Principal
Assumptions
Case 5: Proposed Debt Service
Financing Assumptions:
–Amortization: Level Principal
–Term:
–QSCBs: 10 Years
–GOs / Government Building: 20 Years
–Interest Rate:
–QSCBs: 0.50%
–GOs / Government Building: 5.00%
–First Interest:
–QSCBs: FY 2017
–Benhaven: FY 2017
–Government Building / Future School Expansion: FY 2020
–Future High School: FY 2024
–First Principal
–QSCBs: FY 2017
–Benhaven: FY 2018
–Government Building / Future School Expansion: FY 2021
–Future High School: FY 2025
Debt Issued:
–QSCBs (FY 2016): $2,200,000
–Benhaven Elementary (FY 2017): $23,000,000
–Government Building (FY 2020): $20,000,000
–Future School Expansion (FY 2020): $12,000,000
–Future High School (FY 2024): $65,000,000
–Total $122,200,000
Debt Service:
–QSCBs (FY 2017): $2,260,500
–Benhaven Elementary (FY 2017): $35,650,000
–Government Building (FY 2020): $31,000,000
–Future School Expansion (FY 2020): $18,600,000
–Future High School (FY 2024): $100,750,000
–Total $188,260,500
Level Principal Amortization
40 Harnett County, NC
-
5.0
10.0
15.0
20.0
25.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
20
4
1
20
4
2
20
4
3
20
4
4
M
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l
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s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB 2020 GO 2024 GO
-
5.0
10.0
15.0
20.0
25.0
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
20
4
1
20
4
2
20
4
3
20
4
4
M
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l
i
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s
Existing 2016 -QSCB 2017 -ES 2020 IPC / LOB 2020 GO 2024 GO
030116apr HC BOC Page 42
March 1, 2016 Harnett County, NC 41
10 -Year Payout
Debt to Assessed Value
Case 5: Key Debt Ratios
Debt Service to Expenditures
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
Existing Proposed Debt Policy
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Existing Proposed Debt Policy
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10-yr Payout Policy
030116apr HC BOC Page 43
March 1, 2016
Case 5: Debt Affordability Analysis
Existing & Proposed Debt – Level Principal Amortization
FY 2016 Value of a Penny: $788,628
Assumed Growth Rate: 0.00%
Note: Additional future changes in operating impacts have not been
included.
42 Harnett County, NC
A B C D E F G H I J K L M N O P Q R S T
Debt Service Requirements Revenue Available for DS Debt Service Cash Flow Surplus (Deficit)
FY
Existing County
Debt Service
Existing School
Debt Service
Proposed
School DS
Proposed
County DS
New School
Operations Total
2016 Budget
Appropriation Lottery / ADM1
Current Sales
Tax2
1/4 ¢ Sales
Tax3
QSCB
Subsidy4
Savings from
2009 COPs
Refinancing5
Total Revenues
Available
Surplus/
(Deficit)
Revenue from
Prior Tax
Adjustment
Debt Service
Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Debt Service
Reserve Fund
Balance
2016 5,411,516 10,859,688 - - - 16,271,204 8,180,704 2,000,000 4,922,595 1,540,000 1,167,904 3,154 17,814,358 1,543,154 - - 1,543,154 - 1,543,154
2017 5,040,908 11,558,276 806,000 - - 17,405,184 8,180,704 1,500,000 5,016,124 1,569,260 1,167,904 33,400 17,467,393 62,209 - - 62,209 - 1,605,364
2018 4,271,544 10,647,167 2,529,900 - - 17,448,612 8,180,704 1,500,000 5,111,431 1,599,076 1,167,904 33,400 17,592,515 143,903 - - 143,903 - 1,749,267
2019 4,193,138 10,396,971 2,471,300 - - 17,061,410 8,180,704 1,500,000 5,208,548 1,629,458 1,167,904 33,400 17,720,015 658,605 - - 658,605 - 2,407,872
2020 2,796,016 10,138,217 2,712,700 500,000 - 16,146,933 8,180,704 1,500,000 5,307,510 1,660,418 1,167,904 188,400 18,004,937 1,858,004 - - 1,858,004 - 4,265,876
2021 2,477,062 9,751,685 3,554,100 2,000,000 - 17,782,847 8,180,704 1,500,000 5,408,353 1,691,966 1,167,904 190,650 18,139,578 356,731 - - 356,731 - 4,622,607
2022 2,398,894 9,495,346 3,465,500 1,950,000 - 17,309,740 8,180,704 1,500,000 5,511,112 1,724,113 1,167,904 189,000 18,272,834 963,094 - - 963,094 - 5,585,701
2023 2,319,235 9,182,172 3,376,900 1,900,000 - 16,778,308 8,180,704 1,500,000 5,615,823 1,756,872 1,167,904 191,500 18,412,803 1,634,495 - - 1,634,495 - 7,220,196
2024 2,240,269 8,903,440 4,913,300 1,850,000 - 17,907,009 8,180,704 1,500,000 5,722,523 1,790,252 1,167,904 188,500 18,549,884 642,875 - - 642,875 - 7,863,071
2025 2,154,014 7,209,912 9,699,700 1,800,000 - 20,863,626 8,180,704 1,500,000 5,831,251 1,824,267 1,167,904 191,050 18,695,177 (2,168,449) - (2,168,449) - - 5,694,622
2026 1,599,463 7,012,173 9,448,600 1,750,000 - 19,810,236 8,180,704 1,500,000 5,942,045 1,858,928 1,167,904 188,600 18,838,182 (972,055) - (972,055) - - 4,722,567
2027 1,525,295 6,810,799 8,977,500 1,700,000 - 19,013,593 8,180,704 1,500,000 6,054,944 1,894,248 1,167,904 191,000 18,988,800 (24,793) - (24,793) - - 4,697,774
2028 1,450,454 6,602,909 8,727,500 1,650,000 - 18,430,863 8,180,704 1,500,000 6,169,988 1,930,238 1,167,904 192,750 19,141,585 710,722 - - 710,722 - 5,408,496
2029 - 5,223,893 8,477,500 1,600,000 - 15,301,393 8,180,704 1,500,000 6,287,218 1,966,913 1,167,904 189,000 19,291,739 3,990,347 - - 3,990,347 - 9,398,842
2030 - 3,349,684 8,227,500 1,550,000 - 13,127,184 8,180,704 1,500,000 6,406,675 2,004,284 1,167,904 - 19,259,568 6,132,384 - - 6,132,384 - 15,531,226
2031 - 3,310,595 7,977,500 1,500,000 - 12,788,095 8,180,704 1,500,000 6,528,402 2,042,366 1,167,904 - 19,419,376 6,631,281 - - 6,631,281 - 22,162,507
2032 - 3,272,804 7,727,500 1,450,000 - 12,450,304 8,180,704 1,500,000 6,652,441 2,081,171 1,167,904 - 19,582,220 7,131,916 - - 7,131,916 - 29,294,423
2033 - 3,232,826 7,477,500 1,400,000 - 12,110,326 8,180,704 1,500,000 6,778,838 2,120,713 1,167,904 - 19,748,159 7,637,833 - - 7,637,833 - 36,932,256
2034 - 3,189,236 7,227,500 1,350,000 - 11,766,736 8,180,704 1,500,000 6,907,636 2,161,006 1,167,904 - 19,917,250 8,150,515 - - 8,150,515 - 45,082,770
2035 - 3,154,847 6,977,500 1,300,000 - 11,432,347 8,180,704 1,500,000 7,038,881 2,202,065 1,167,904 - 20,089,555 8,657,208 - - 8,657,208 - 53,739,978
2036 - 2,216,040 6,727,500 1,250,000 - 10,193,540 8,180,704 1,500,000 7,172,619 2,243,905 583,952 - 19,681,181 9,487,641 - - 9,487,641 - 63,227,619
2037 - - 6,477,500 1,200,000 - 7,677,500 8,180,704 1,500,000 7,308,899 2,286,539 - - 19,276,142 11,598,642 - - 11,598,642 - 74,826,262
2038 - - 5,077,500 1,150,000 - 6,227,500 8,180,704 1,500,000 7,447,768 2,329,983 - - 19,458,456 13,230,956 - - 13,230,956 - 88,057,217
2039 - - 4,885,000 1,100,000 - 5,985,000 8,180,704 1,500,000 7,589,276 2,374,253 - - 19,644,233 13,659,233 - - 13,659,233 - 101,716,450
2040 - - 4,692,500 1,050,000 - 5,742,500 8,180,704 1,500,000 7,733,472 2,419,364 - - 19,833,540 14,091,040 - - 14,091,040 - 115,807,490
2041 - - 3,900,000 - - 3,900,000 8,180,704 1,500,000 7,880,408 2,465,331 - - 20,026,444 16,126,444 - - 16,126,444 - 131,933,934
2042 - - 3,737,500 - - 3,737,500 8,180,704 1,500,000 8,030,136 2,512,173 - - 20,223,013 16,485,513 - - 16,485,513 - 148,419,447
2043 - - 3,575,000 - - 3,575,000 8,180,704 1,500,000 8,182,708 2,559,904 - - 20,423,317 16,848,317 - - 16,848,317 - 165,267,764
2044 - - 3,412,500 - - 3,412,500 8,180,704 1,500,000 8,338,180 2,608,542 - - 20,627,426 17,214,926 - - 17,214,926 - 182,482,690
Total Tax Effect 0.00¢
Total37,877,809 145,518,679 157,260,500 31,000,000 - 371,656,988 Total (3,165,297)
1 Assumes 0% growth.
2 Article 40 & 42 Board of Education Sales Tax grown at 1.90%.
3 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Grown at 1.90%.
4 QSCB Subsidies are reduced by 6.8% as a result of sequestration.
5 Preliminary and subject to change.
030116apr HC BOC Page 44
Appendix A
Existing Tax Supported Debt
March 1, 2016 43 Harnett County, NC
030116apr HC BOC Page 45
March 1, 2016
Existing Tax Supported Debt Summary
44 Harnett County, NC
County Debt
FY PrincipalInterestTotal
Total 33,551,237 4,326,571 37,877,809
2016 4,578,678 832,837 5,411,516
2017 4,371,362 669,546 5,040,908
2018 3,714,751 556,794 4,271,544
2019 3,719,706 473,432 4,193,138
2020 2,390,762 405,253 2,796,016
2021 2,127,979 349,084 2,477,062
2022 2,102,650 296,244 2,398,894
2023 2,075,166 244,069 2,319,235
2024 2,047,682 192,587 2,240,269
2025 2,012,114 141,900 2,154,014
2026 1,507,313 92,150 1,599,463
2027 1,470,668 54,627 1,525,295
2028 1,432,406 18,048 1,450,454
2029 - - -
2030 - - -
2031 - - -
2032 - - -
2033 - - -
2034 - - -
2035 - - -
2036 - - -
Total Tax Supported Debt Service
FY PrincipalInterestTotal
Total 133,929,191 49,467,297 183,396,488
2016 11,527,191 4,744,012 16,271,204
2017 12,269,353 4,329,831 16,599,184
2018 10,928,440 3,990,272 14,918,712
2019 10,883,628 3,706,482 14,590,110
2020 9,486,160 3,448,073 12,934,233
2021 9,047,076 3,181,671 12,228,747
2022 8,952,440 2,941,800 11,894,240
2023 8,818,702 2,682,705 11,501,408
2024 8,717,613 2,426,096 11,143,709
2025 7,158,265 2,205,661 9,363,926
2026 6,601,372 2,010,265 8,611,636
2027 6,513,559 1,822,534 8,336,093
2028 6,422,182 1,631,181 8,053,363
2029 3,750,947 1,472,945 5,223,893
2030 1,984,488 1,365,195 3,349,684
2031 1,945,400 1,365,195 3,310,595
2032 1,907,609 1,365,195 3,272,804
2033 1,867,631 1,365,195 3,232,826
2034 1,824,041 1,365,195 3,189,236
2035 1,789,651 1,365,195 3,154,847
2036 1,533,442 682,598 2,216,040
School Debt
FY PrincipalInterestTotal
Total 100,377,954 45,140,725 145,518,679
2016 6,948,513 3,911,175 10,859,688
2017 7,897,991 3,660,285 11,558,276
2018 7,213,690 3,433,478 10,647,167
2019 7,163,922 3,233,050 10,396,971
2020 7,095,398 3,042,820 10,138,217
2021 6,919,098 2,832,587 9,751,685
2022 6,849,790 2,645,556 9,495,346
2023 6,743,536 2,438,636 9,182,172
2024 6,669,931 2,233,508 8,903,440
2025 5,146,151 2,063,761 7,209,912
2026 5,094,058 1,918,115 7,012,173
2027 5,042,891 1,767,907 6,810,799
2028 4,989,777 1,613,132 6,602,909
2029 3,750,947 1,472,945 5,223,893
2030 1,984,488 1,365,195 3,349,684
2031 1,945,400 1,365,195 3,310,595
2032 1,907,609 1,365,195 3,272,804
2033 1,867,631 1,365,195 3,232,826
2034 1,824,041 1,365,195 3,189,236
2035 1,789,651 1,365,195 3,154,847
2036 1,533,442 682,598 2,216,040
030116apr HC BOC Page 46
School Debt
March 1, 2016 45 Harnett County, NC
$4,000,000 $789,500 $46,317,586
2004 QZAB 2005 QZAB 2007A COPs (partial refinancing) - School Portion
Schools Schools Refinancing 2000 COPs, Overhills Elementary, Coats Elementary
FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal
Total 988,949 - 988,949 Total 283,773 - 283,773 Total 4,734,857 277,168 5,012,025
2016 0.000%197,790 - 197,790 2016 0.000%40,539 - 40,539 2016 4.0%-5.0% 1,893,650 169,267 2,062,917
2017 0.000%197,790 - 197,790 2017 0.000%40,539 - 40,539 2017 4.000%1,682,570 84,591 1,767,161
2018 0.000%197,790 - 197,790 2018 0.000%40,539 - 40,539 2018 4.000%1,158,636 23,309 1,181,946
2019 0.000%197,790 - 197,790 2019 0.000%40,539 - 40,539 2019 -
2020 0.000%197,790 - 197,790 2020 0.000%40,539 - 40,539 2020 -
2021 - - - 2021 0.000%40,539 - 40,539 2021 -
2022 - - - 2022 0.000%40,539 - 40,539 2022 -
2023 - - - 2023 - - - 2023 -
2024 - - - 2024 - - - 2024 -
2025 - - - 2025 - - - 2025 -
2026 - - - 2026 - - - 2026 -
2027 - - - 2027 - - - 2027 -
2028 - - - 2028 - - - 2028 -
2029 - - - 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
2034 - 2034 - 2034 - - -
2035 - 2035 - 2035 - - -
2036 - 2036 - 2036 - - -
Dated Date:5/28/2004 Next Call:unknown Dated Date:10/20/2005 Next Call:unknown Dated Date:5/16/2007 Next Call:12/1/2017
Purpose:Schools Insurance:n/a Purpose:Schools Insurance:n/a Purpose:Refinancing / Schools Insurance:FSA
Coupon Dates:May 28 Maturity Date:May 28 Coupon Dates:Oct 20 Maturity Date:Oct 20 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1
Shown net of balance fund transfer of $835,362.40 Shown net of balance fund transfer of $140,875.20 Note: School portion interpolated based on Bond Ledger percentages.
030116apr HC BOC Page 47
School Debt
March 1, 2016 46 Harnett County, NC
$35,075,000 $14,004,000 $23,967,000
2009 COPs Series 2010 IPC (2008 IPC Refunding) - Bank of America 2011 IPC (SunTrust Leasing) - School Portion
Refinancing 2008 IPC, Angier Elementary Refunding of 2002 COPs, Elementary, Overhills High
FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal
Total 29,075,000 10,674,900 39,749,900 Total 10,113,000 1,682,712 11,795,712 Total 18,416,420 2,008,077 20,424,497
2016 3.500%1,000,000 1,325,350 2,325,350 2016 2.400%799,000 242,712 1,041,712 2016 2.535%2,336,730 437,238 2,773,968
2017 4.000%2,160,000 1,290,350 3,450,350 2017 2.400%796,000 223,536 1,019,536 2017 2.535%2,291,140 378,580 2,669,720
2018 4.000%2,160,000 1,203,950 3,363,950 2018 2.400%793,000 204,432 997,432 2018 2.535%2,100,050 322,922 2,422,972
2019 4.000%2,160,000 1,117,550 3,277,550 2019 2.400%789,000 185,400 974,400 2019 2.535%2,058,340 270,214 2,328,554
2020 5.000%2,160,000 1,031,150 3,191,150 2020 2.400%786,000 166,464 952,464 2020 2.535%2,012,750 218,613 2,231,363
2021 4.000%2,160,000 923,150 3,083,150 2021 2.400%782,000 147,600 929,600 2021 2.535%1,971,040 168,118 2,139,158
2022 5.000%2,160,000 836,750 2,996,750 2022 2.400%779,000 128,832 907,832 2022 2.535%1,927,390 118,706 2,046,096
2023 5.000%2,160,000 728,750 2,888,750 2023 2.400%775,000 110,136 885,136 2023 2.535%1,882,770 70,412 1,953,182
2024 4.500%2,160,000 620,750 2,780,750 2024 2.400%771,000 91,536 862,536 2024 2.535%1,836,210 23,274 1,859,484
2025 4.500%2,160,000 523,550 2,683,550 2025 2.400%767,000 73,032 840,032 2025 - - -
2026 4.750%2,160,000 426,350 2,586,350 2026 2.400%763,000 54,624 817,624 2026 - - -
2027 5.000%2,160,000 323,750 2,483,750 2027 2.400%759,000 36,312 795,312 2027 - - -
2028 5.000%2,160,000 215,750 2,375,750 2028 2.400%754,000 18,096 772,096 2028 - - -
2029 5.000%2,155,000 107,750 2,262,750 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
2034 - 2034 - 2034 - - -
2035 - 2035 - 2035 - - -
2036 - 2036 - 2036 - - -
Dated Date:2/26/2009 Next Call:6/1/2019 1 Dated Date:11/1/2010 Next Call:Current1 Dated Date:11/15/2011 Next Call:12/1/2020 1
Purpose:Schools Insurance:Assured Purpose:Refinancing / School Insurance:n/a Purpose:Refinancing / Schools Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1
1 In whole or in part on any date at par 1 Prepayment is allowed on any payment date at 102% of principal for first
one-half of term, then reducing to 101% for remaining one-half of term.
1 The County may prepay, in whole on any regularly scheduled payment date
after 12/1/2020 at a prepayment price of 100% of such principal amount
Boone Trail Elementary, Harnett Central High, Johnsonville Elementary,
Highland Elementary
030116apr HC BOC Page 48
School Debt
March 1, 2016 47 Harnett County, NC
$1,105,000 $29,435,000 $30,497,000
Limited Obligation Bonds, Series 2012A (Tax-Exempt)Limited Obligation Bonds, Series 2012B (QSCB)2015 Refunding COPs (Regions) - School Portion
Highland Middle Highland Middle Refinancing 2007 COPs, Overhills Elementary, Coats Elementary
FY CouponPrincipalInterestTotal FY CouponPrincipalInterest Total FY CouponPrincipalInterestTotal
Total 555,000 8,325 563,325 Total 23,379,401 27,986,504 51,365,905 Total 12,831,554 2,503,040 15,334,593
2016 3.000%555,000 8,325 563,325 2016 1,365,195 1,365,195 2016 2.520%125,804 363,088 488,891
2017 - - - 2017 559,128 1,365,195 1,924,323 2017 2.520%170,824 318,033 488,856
2018 - - - 2018 588,223 1,365,195 1,953,418 2018 2.520%175,452 313,669 489,121
2019 - - - 2019 587,427 1,365,195 1,952,622 2019 2.520%1,330,826 294,690 1,625,516
2020 - - - 2020 586,847 1,365,195 1,952,042 2020 2.520%1,311,472 261,397 1,572,869
2021 - - - 2021 667,932 1,365,195 2,033,127 2021 2.520%1,297,587 228,523 1,526,110
2022 - - - 2022 665,049 1,365,195 2,030,244 2022 2.520%1,277,812 196,073 1,473,885
2023 - - - 2023 669,413 1,365,195 2,034,608 2023 2.520%1,256,354 164,143 1,420,496
2024 - - - 2024 667,826 1,365,195 2,033,021 2024 2.520%1,234,896 132,753 1,367,649
2025 - - - 2025 1,012,025 1,365,195 2,377,220 2025 2.520%1,207,126 101,984 1,309,110
2026 - - - 2026 994,226 1,365,195 2,359,421 2026 2.520%1,176,832 71,946 1,248,778
2027 - - - 2027 975,670 1,365,195 2,340,865 2027 2.520%1,148,221 42,650 1,190,871
2028 - - - 2028 957,428 1,365,195 2,322,624 2028 2.520%1,118,348 14,091 1,132,440
2029 - - - 2029 1,595,947 1,365,195 2,961,143 2029 - - -
2030 - - - 2030 1,984,488 1,365,195 3,349,684 2030 - - -
2031 - - - 2031 1,945,400 1,365,195 3,310,595 2031 - - -
2032 - - - 2032 1,907,609 1,365,195 3,272,804 2032 - - -
2033 - - - 2033 1,867,631 1,365,195 3,232,826 2033 - - -
2034 - - - 2034 1,824,041 1,365,195 3,189,236 2034 -
2035 - - - 2035 1,789,651 1,365,195 3,154,847 2035 -
2036 - - - 2036 4.638%1,533,442 682,598 2,216,040 2036 -
Dated Date:11/15/2012 Next Call:Non-callable Dated Date:11/15/2012 Next Call:Current1 Dated Date:4/15/2015 Next Call:Current1
Purpose:Schools Insurance:n/a Purpose:Schools Insurance:n/a Purpose:Refinancing / Schools Insurance:n/a
Coupon Dates:May 1 / Nov 1 Maturity Date:Nov 1 Coupon Dates:May 1 / Nov 1 Maturity Date:Nov 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1
Note: Interest is Subsidized by the Federal Government at a sequester reduced rate of 3.97%. Note: School portion interpolated based on Bond Ledger percentages.
Principal Deposits shown are net of the Sinking Fund Earnings at 3.48% through 10/16/34.
1 Make-whole call.
1 In whole or in part on any day on or before May 1, 2020: 103%; after May 1,
2020 to and including May 1, 2025: 102%; after May 1, 2025: 101%
030116apr HC BOC Page 49
County Debt
March 1, 2016 48 Harnett County, NC
$46,317,586 $5,059,009 $830,160
2007A COPs (partial refinancing) - County Portion Installment Financing, Series 2014 (Motorola)EMS Remount / Sheriffs Vehicle
Refinancing 2000 COPs, Law Enforcement Center E-911 EMS Remount / Sheriffs Vehicle
FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal FY CouponPrincipalInterestTotal
Total 6,064,511 355,003 6,419,514 Total 4,531,665 100,044 4,631,710 Total 582,119 24,949 607,067
2016 4.0%-5.0% 2,425,430 216,801 2,642,231 2016 0.982%1,116,245 41,682 1,157,927 2016 1.700%141,871 9,896 151,767
2017 4.000%2,155,074 108,347 2,263,420 2017 0.982%1,127,211 30,716 1,157,927 2017 1.700%144,283 7,484 151,767
2018 4.000%1,484,007 29,855 1,513,863 2018 0.982%1,138,285 19,642 1,157,927 2018 1.700%146,735 5,031 151,767
2019 - 2019 0.982%1,149,924 8,003 1,157,927 2019 1.700%149,230 2,537 151,767
2020 - 2020 - 2020 - - -
2021 - 2021 - 2021 - - -
2022 - 2022 - 2022 - - -
2023 - 2023 - 2023 - - -
2024 - 2024 - 2024 - - -
2025 - 2025 - 2025 - - -
2026 - 2026 - - - 2026 - - -
2027 - 2027 - - - 2027 - - -
2028 - 2028 - - - 2028 - - -
2029 - - - 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
2034 - 2034 - - - 2034 -
2035 - 2035 - - - 2035 -
2036 - 2036 - - - 2036 -
Dated Date:5/16/2007 Next Call:12/1/2017 Dated Date:1/1/2014 Next Call:Unknown Dated Date:Unknown Next Call:Unknown
Purpose:Refinancing / Law Insurance:FSA Purpose:E-911 Insurance:n/a Purpose:EMS Remount / Sheriffs Insurance:Unknown
Enforcement Center Vehicle
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1 Coupon Dates:Jan 15 / Jul 15 Maturity Date:Dec 15 Coupon Dates:Unknown Maturity Date:Unknown
Note: County portion interpolated based on Bond Ledger percentages.Need more information to refine
030116apr HC BOC Page 50
County Debt
March 1, 2016 49 Harnett County, NC
$30,497,000 $1,274,000 $4,664,000
2015 Refunding COPs (Regions) - County Portion 2015 IPC (First Bank)2015 IPC (First Bank) - Taxable
Refinancing 2007 COPs, Law Enforcement Center Refunding of 2005 IPC, Ag Center Harnett Forward Together Committee Land Purchase
FY CouponPrincipalInterestTotal FY CouponPrincipalInterest Total FY CouponPrincipalInterestTotal
Total 16,434,942 3,205,950 19,640,892 Total 1,274,000 47,101 1,321,101 Total 4,664,000 593,525 5,257,525
2016 2.520%161,132 465,051 626,183 2016 1.490%267,000 13,502 280,502 2016 2.420%467,000 85,906 552,906
2017 2.520%218,795 407,343 626,138 2017 1.490%259,000 14,088 273,088 2017 2.420%467,000 101,567 568,567
2018 2.520%224,723 401,755 626,478 2018 1.490%254,000 10,244 264,244 2018 2.420%467,000 90,266 557,266
2019 2.520%1,704,552 377,446 2,081,998 2019 1.490%249,000 6,482 255,482 2019 2.420%467,000 78,965 545,965
2020 2.520%1,679,762 334,804 2,014,566 2020 1.490%245,000 2,786 247,786 2020 2.420%466,000 67,663 533,663
2021 2.520%1,661,979 292,698 1,954,676 2021 - - - 2021 2.420%466,000 56,386 522,386
2022 2.520%1,636,650 251,135 1,887,785 2022 - - - 2022 2.420%466,000 45,109 511,109
2023 2.520%1,609,166 210,238 1,819,404 2023 - - - 2023 2.420%466,000 33,832 499,832
2024 2.520%1,581,682 170,033 1,751,715 2024 - - - 2024 2.420%466,000 22,554 488,554
2025 2.520%1,546,114 130,623 1,676,737 2025 - - - 2025 2.420%466,000 11,277 477,277
2026 2.520%1,507,313 92,150 1,599,463 2026 - - - 2026 - - -
2027 2.520%1,470,668 54,627 1,525,295 2027 - - - 2027 - - -
2028 2.520%1,432,406 18,048 1,450,454 2028 - - - 2028 - - -
2029 - - - 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
2034 - 2034 - - - 2034 - - -
2035 - 2035 - - - 2035 - - -
2036 - 2036 - - - 2036 - - -
Dated Date:4/15/2015 Next Call:Current1 Dated Date:8/27/2015 Next Call:Current1 Dated Date:8/27/2015 Next Call:Current1
Purpose:Refinancing / Law Insurance:n/a Purpose:Refinancing / Ag Center Insurance:n/a Purpose:HFTC Insurance:n/a
Enforcement Center
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 / Dec 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 / Dec 1
Note: County portion interpolated based on Bond Ledger percentages.1 In whole or in part at any time at par 1 In whole or in part at any time at par
1 In whole or in part on any day on or before May 1, 2020: 103%; after May 1,
2020 to and including May 1, 2025: 102%; after May 1, 2025: 101%
030116apr HC BOC Page 51
Appendix B
Financial Policies
March 1, 2016 50 Harnett County, NC
030116apr HC BOC Page 52
Fiscal Policy Guidelines
For:
Harnett County, North Carolina
Adopted: May 7, 2012
030116apr HC BOC Page 53
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
1
TABLE OF CONTENTS
Page
Objectives 2
Capital Improvement Budget Policies 3-4
Debt Policies 5
Reserve Policies 6
Budget Development Policies 7
Cash Management / Investment Policies 8-9
Enterprise Funds Policy 10-11
030116apr HC BOC Page 54
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
2
FISCAL POLICY GUIDELINES - OBJECTIVES
This fiscal policy will influence and guide the financial management practice of Harnett County,
North Carolina. A fiscal policy that is adopted, adhered to, and regularly reviewed is recognized
as the cornerstone of sound financial management. Effective fiscal policy:
• Contributes to the County's ability to insulate itself from fiscal crisis,
• Enhances short term and long term financial credit ability by helping to achieve
the highest credit and bond ratings possible,
• Promotes long-term financial stability by establishing clear and consistent
guidelines,
• Directs attention to the total financial picture of the County rather than single
issue areas,
• Promotes the view of linking long-run financial planning with day to day
operations, and
• Provides the County Staff, the County Board of Commissioners and the County
citizens a framework for measuring the fiscal impact of government services
against established fiscal parameters and guidelines.
• This policy will be reviewed periodically by County staff and any changes will be
approved by the Board of Commissioners.
To these ends, the following fiscal policy statements are presented.
030116apr HC BOC Page 55
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
3
CAPITAL IMPROVEMENT BUDGET POLICIES
1. It is the responsibility of the County Board of Commissioners to provide for the
capital facilities necessary to deliver municipal services to the citizens of the
County, as well as facilities for the Harnett County Public Schools and the
Central Carolina Community College system.
2. The County will consider all capital improvements in accordance with an adopted
Capital Improvement Plan.
3. The Capital Improvement Plan is inclusive of Capital Improvements
(renovations), Capital Replacement (vehicles and heavy equipment) and Major
Capital Projects (new buildings).
4. The County will develop a five-year Capital Improvement Plan and review and
update the plan annually. The Harnett County Public Schools and the
Community College System will submit their respective five-year capital
improvement requests annually and will provide a prioritization for the
improvements within their request for the County Commissioner’s review.
5. The County will enact an annual capital budget based on the five-year Capital
Improvement Plan, while considering changes in population, changes in real
estate development, or changes in assumptions in the capital budget projections.
6. The County, in consultation with the Harnett County Public School and
Community College Systems, will coordinate development of the capital
improvement budget with development of the operating budget. Future operating
costs associated with new capital improvements will be projected and included in
operating budget forecasts.
7. The Capital Improvement Plan will include the estimated costs for the County to
maintain all County, Public School and Community College assets at a level
adequate to protect the public’s welfare and safety, the County's capital
investment and to minimize future maintenance and replacement costs. A
maintenance and replacement schedule will be developed and followed based
upon these estimates.
030116apr HC BOC Page 56
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
4
8. The County, in consultation with the Harnett County Public School and
Community College Systems, will identify the estimated costs and potential
funding sources for each capital project proposal before it is submitted for
approval.
9. The County will pursue the most cost effective financing consistent with prudent
financial management.
030116apr HC BOC Page 57
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
5
DEBT POLICIES
1. The County will confine long-term borrowing to capital improvements or projects
that cannot be financed from current revenues except where approved justification
is provided.
2. The County will take a balanced approach to capital funding utilizing debt
financing, capital reserves and pay-as-you-go funding that will provide the least
financial impact on the taxpayer. Pay-as-you-go funding will come from budgeted
appropriations.
3. When the County finances capital improvements or other projects by issuing
bonds or entering into capital leases, it will repay the debt within a period not to
exceed the expected useful life of the project. Target debt ratios will be annually
calculated and included in the review of financial trends.
4. Net debt as a percentage of estimated market value of taxable property shall not
exceed 2.5%. Net debt is defined as any and all debt that is tax-supported.
5. Debt Service expenditures as a percent of total governmental fund expenditures
should not exceed 15.0%. Should this ratio exceed 15%, staff must request an
exception from the Board of Commissioners stating the justification and expected
duration of the policy exception.
6. The County will retire tax anticipation debt, if any, annually and will retire bond
anticipation debt within six months after completion of the project.
7. Payout of aggregate outstanding tax-supported debt principal shall be no less than
50.0% repaid in 10 years.
030116apr HC BOC Page 58
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
6
RESERVE POLICIES
1. Available fund balances as defined in GS-159 at the close of each fiscal year
should be at least 15% of the Total Annual Operating Budget. If the County is
not in compliance with this policy at the time the Fiscal Policy Guidelines are
adopted, the County will strive to be in compliance within a 36 month period.
The County Board may, from time-to-time, utilize fund balances that will reduce
available fund balances below the 15% policy for the purposes of a declared fiscal
emergency or other such global purpose as to protect the long-term fiscal security
of Harnett County. In such circumstances, the Board will adopt a plan to restore
the available fund balances to the policy level within 36 months. If restoration
cannot be accomplished within such time period without severe hardship to the
County, then the Board will establish a different but appropriate time period.
2. Monies in excess of 15% available fund balance will be transferred to a Capital
Reserve Fund.
030116apr HC BOC Page 59
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
7
BUDGET DEVELOPMENT POLICIES
1. The Budget Process will be compliant with the North Carolina Local Government
Budget and Fiscal Control Act.
2. One-time or other special revenues will not be used to finance continuing County
operations but instead will be used for funding special projects.
3. The County will pursue an aggressive policy seeking the collection of current and
delinquent property taxes, utility, license, permit and other fees due to the County.
4. County staff will generate reports that show actual revenues and expenditures
compared to the budget and will present this to the County Board on a monthly
basis.
5. Budget amendments will be brought to the County Board for consideration as
needed.
030116apr HC BOC Page 60
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
8
CASH MANAGEMENT / INVESTMENT POLICIES
1. It is the intent of the County that public funds will be invested to the extent
possible to reduce the dependence upon property tax revenues. Funds will be
invested with the chief objectives of safety of principal, liquidity, and yield, in
that order. All deposits and investments of County funds will be in accordance
with N.C.G.S. 159.
2. Up to one-half (50%) of the appropriations to Non-County Agencies and to non
debt-supported capital outlays for County Departments can be encumbered prior
to December 31. Any additional authorization shall require the County Manager’s
written approval upon justification. The balance of these appropriations may be
encumbered after January 1, upon a finding by the County Manager that there is a
reasonable expectation that the County’s Budgeted Revenues will be realized.
3. The County will use a Central Depository to maximize the availability and
mobility of cash for all funds that can be legally and practically combined.
4. Cash Flows will be forecasted and investments will be made to mature when
funds are projected to be needed to meet cash flow requirements.
5. Liquidity: No less than 20% of funds available for investment will be maintained
in liquid investments at any point in time.
6. Maturity: All investments will mature in no more than thirty-six (36) months from
their purchase date.
7. Custody: All investments will be purchased “payment-verses-delivery” and if
certificated will be held by the Finance Officer in the name of the County. All
non-certificated investments will be held in book-entry form in the name of the
County with the County’s third party Custodian (Safekeeping Agent).
8. Authorized Investments: The County may deposit County Funds into: Any Board
approved Official Depository, if such funds are secured in accordance with
NCGS-159 (31). The County may invest County Funds in: the North Carolina
Capital Management Trust, US Treasury Securities, US Agency Securities
specifically authorized in GS-159 and rated no lower than “AAA”, and
Commercial Paper meeting the requirements of NCGS-159 plus having a national
bond rating.
9. Diversification: No more than 5% of the County’s investment funds may be
invested in a specific company’s commercial paper and no more than 20% of the
County’s investment funds may be invested in commercial paper. No more than
030116apr HC BOC Page 61
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
9
25% of the County’s investments may be invested in any one US Agency’s
Securities.
10. Allocation: Investment income will be allocated to each participating fund or
account based on a fair and equitable formula determined by the Finance Director.
030116apr HC BOC Page 62
Appendix C
Rating Reports
March 1, 2016 63 Harnett County, NC
030116apr HC BOC Page 63
New Issue: Moody's assigns A1 rating to Harnett County Public Facilities
Corporation's (NC) $20.6 million Limited Obligation Bonds, Series 2013
Global Credit Research - 01 Apr 2013
A1 applies to $137 million of Harnett County's lease revenue appropriation debt
HARNETT COUNTY PUBLIC FACILITIES CORPORATION, NCCountiesNC
Moody's Rating
ISSUE RATING
Limited Obligation Bonds, Series 2013 A1
Sale Amount $20,600,000
Expected Sale Date 04/11/13
Rating Description Lease Rental: Appropriation
Moody's Outlook
Opinion
NEW YORK, April 01, 2013 --Moody's Investors Service has assigned an A1 rating to Harnett County PublicFacilities Corporation's (NC) $20.6 million Limited Obligation Bonds Series 2013. The Limited Obligation Bonds aresecured by installment payments from Harnett County (general obligation rated Aa3), subject to annualappropriation.
SUMMARY RATINGS RATIONALE
The A1 rating reflects the essential nature of the financed asset (water system infrastructure), adequate legalprovisions for bond-holders, and the strong long-term rating characteristics of the county itself. Proceeds from theSeries 2013 bonds will provide funds to refinance outstanding water district bonds.
Moody's maintains the Aa3 rating on Harnett County's $23 million of outstanding general obligation debt and A1rating on $137 million of outstanding lease revenue appropriation debt. The Aa3 rating is based on the county'ssatisfactory financial position, sizable and growing tax base, and elevated debt burden.
STRENGTHS:
Sizable; stable and growing tax base
Tax base and local economy benefits from strong Institutional presence
CHALLENGES:
Elevated unemployment at 11.5% (January 2013)
High debt burden at 2.3%
DETAILED CREDIT DISCUSSION
SATISFACTORY LEGAL PROTECTIONS FOR BOND HOLDERS; ESSENTIAL ASSETS PLEDGED ASCOLLATERAL
The essential nature of the financed project and pledged assets somewhat mitigates the risk of non-appropriation
030116apr HC BOC Page 64
by the county, and that other legal provisions adequately protect certificate-holders. In the event of non-appropriation, the county would lose title to the water system assets, which provides adequate collateralization ofapproximately 100% of outstanding principal under the Trust Indenture. The county will make payments under theInstallment Purchase Contract directly to the Trustee, at least five days prior to debt service payment dates.Further strengthening security, the county has covenanted to include the appropriation in its preliminary budget,and it must be removed from the annual budget by an affirmative vote of the county commission. Under theInstallment Purchase Contract title insurance will also be secured by the county.
STRONG FINANCIAL POSITION WITH HIGH LEVELS OF RESERVES MITIGATE POTENTIAL IMPACTS OFINTERRUPTIONS TO TOURISM-BASED REVENUES
Moody's expects the county to maintain a sound financial position given management's strong record ofmaintaining healthy fund balance levels in step with budgetary growth. The county appropriated fund balance forbudgetary relief in fiscal 2009 and 2010 primarily as a result of underperforming sales tax revenues. Incorporatinglower projections for sales tax and other economically sensitive revenues into the 2011 budget, the county wasable to realize a $1.4 million operating surplus bringing total fund balance to $18.6 million or 18.4% of General Fundrevenues.
Fiscal 2012 closed on a strong note with a $4.2 million operating surplus, growing the General Fund balance to$23.3 million or a healthy 22.2% of General Fund revenues, marking a replenishment to pre-recessionary historicallevels. The unassigned portion increased to $13.2 million or 12.6% of General Fund revenues.
The fiscal 2013 budget conservatively projected utilization of reserves reflecting slight increases in the county'seducation expenses. Positively, sales tax receipts are tracking approximately 4.8% higher for the first sevenmonths of the fiscal year over last year. The tax rate remained flat for the fourth consecutive year.
The county adopted formal financial policies in May of 2012 which require that total General Fund balance equal noless than 15% of General Fund revenues. Establishing a trend of structurally balanced operations and maintainingreserves in line with budgetary growth will be key factors in evaluating Harnett's credit strength going forward.
The county participates in the North Carolina State Retirement Plan which is 95% funded. The county contributes100% of its Annual Pension Cost (APC) .
GROWING ECONOMY BOLSTERED BY PROXIMITY TO FORT BRAGG AND OTHER STABILIZINGINSTITUTIONS
Moody's expects the county's $7.1 billion tax base located on the Cape Fear River adjacent to Fort Bragg andapproximately 30 miles south of Research Triangle Park (RTP) to continue to benefit from anchoring institutionalpresence. Harnett County's central geographic location and role as a bedroom community to the Triangle areahave spurred steady population growth and economic expansion during the past decade. The US Census ranksthe micro-area of Dunn as one of the fastest growing populations in the country. Full value has grown at anaverage annual rate of 6.8% since 2008. The county's estimated 2013 full value is expected to increase to $7.3billion. The county has experienced significant growth as a result of the Department of Defense Base Realignmentand Closure (BRAC) 2005 recommendation to relocate the Headquarters U.S. Army Forces and HeadquartersU.S. Army Reserve Command to Fort Bragg, a U.S. Army installation located immediately south of the county.The fort is scheduled to gain a net 12,569 military jobs and 1,405 civilian jobs by 2013, the scope of which isexpected to induce additional population and job growth in the county and greater region.
Growth related to the BRAC realignment is expected to spur economic development in the county with a numberof residential projects expected in the next two years. Most notable, the Lexington Plantation Project is a plannedunit development with approximately 6,430 approved residential lots expected to break ground in the spring of2013. The presence of Fort Bragg and other institutions has also helped to boost the county's economicallysensitive revenue streams. Following 3 years of dramatic declines, the county's sales tax revenue is up 13.2% infiscal 2012 and is expected to grow another 2.7% in 2013. Notably, the county has entered into a 40-year contractwith the U.S. Government to provide wastewater service to the fort and is in the process of expanding its waterand wastewater treatment systems to meet the expected growth in demand.
Unemployment in the county is elevated at 11.5% (January 2013) compared to 10.2% and 8.5% in the state andnation, respectively. Wealth indices approximate state and national medians and full value per capital is $64,166.
ABOVE-AVERAGE DEBT POSITION REFLECTS SCHOOL CAPITAL NEEDS
The county's direct debt burden, equal to 2.1% of full valuation, is higher than the 0.9% statewide median for
030116apr HC BOC Page 65
similarly-rated credits and partially reflects the impact of a sizeable school capital program to meet growth instudent enrollment. The overall debt burden of 2.3% includes the overlapping obligations of various municipalities.Amortization of principal is slightly above average, with 83% of principal retired within 10 years, and debt servicecomprised an above-average 12.2% of fiscal 2012 operating costs. The county next plans to issue long-term debtin 2013 for the expansion of the wastewater treatment system, to be secured by the net revenues of the county'swater and wastewater enterprise. All outstanding debt is fixed rate and the county is not party to any derivativeagreements.
What could make the rating change - UP
-- Improved financial position through accumulation of larger operating surpluses
-- Significant economic expansion and diversification
-- Decreased debt burden
What could make the rating change - DOWN
-- Multi-year trend of structural budget imbalance
-- Reduction of General Fund balance and other available reserves
-- Deterioration of the county's tax base
KEY STATISTICS:
Population: 114,678 (26% increase since 2000 census)
Fiscal 2012 Full Valuation: $7.4 billion
Fiscal 2012 Full Value per Capita: $60,605
Per capita income as % of State: 71.4%
Median family income as % of State: 82.3%
Direct debt burden: 2.1%
Payout of principal (10 years): 83%
Fiscal 2012 General Fund balance: $23.3 million (22.2% of General Fund revenues)
Unemployment (January 2013): 11.5%
G.O. debt outstanding: $10.7 million
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was The Fundamentals of Credit Analysis for Lease-BackedMunicipal Obligations published in December 2011. Please see the Credit Policy page on www.moodys.com for acopy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatorydisclosures in relation to each rating of a subsequently issued bond or note of the same series or category/classof debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordancewith Moody's rating practices. For ratings issued on a support provider, this announcement provides certainregulatory disclosures in relation to the rating action on the support provider and in relation to each particular ratingaction for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings,this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and inrelation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case wherethe transaction structure and terms have not changed prior to the assignment of the definitive rating in a mannerthat would have affected the rating. For further information please see the ratings tab on the issuer/entity page forthe respective issuer on www.moodys.com.
030116apr HC BOC Page 66
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legalentity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures foreach credit rating.
Analysts
Edward DamutzLead AnalystPublic Finance GroupMoody's Investors Service
Kristin ButtonAdditional ContactPublic Finance GroupMoody's Investors Service
Contacts
Journalists: (212) 553-0376 Research Clients: (212) 553-1653
Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA
© 2016 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors andaffiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES(“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCHPUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’SCURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS,OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITYMAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANYESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANYOTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICEVOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARENOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDEQUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS ORCOMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’SPUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDITRATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TOPURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’SPUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULARINVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITHTHE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITSOWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FORPURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOTINTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FORRETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKINGAN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHERPROFESSIONAL ADVISER.
030116apr HC BOC Page 67
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO,COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISEREPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, INWHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSONWITHOUT MOODY’S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable.Because of the possibility of human or mechanical error as well as other factors, however, all information containedherein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that theinformation it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to bereliable including, when appropriate, independent third- party sources. However, MOODY’S is not an auditor andcannot in every instance independently verify or validate information received in the rating process or in preparingthe Moody’s Publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensorsand suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses ordamages whatsoever arising from or in connection with the information contained herein or the use of or inability touse any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives,licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limitedto: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financialinstrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensorsand suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity,including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liabilitythat, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond thecontrol of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers,arising from or in connection with the information contained herein or the use of or inability to use any suchinformation.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHEROPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNERWHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”),hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notesand commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment ofany rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it feesranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to addressthe independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may existbetween directors of MCO and rated entities, and between entities who hold ratings from MIS and have alsopublicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually atwww.moodys.com under the heading “Investor Relations — Corporate Governance — Director and ShareholderAffiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the AustralianFinancial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable).This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of theCorporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’Sthat you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor theentity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within themeaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to thecreditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of securitythat is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’Scredit ratings or publications when making an investment decision. If in doubt you should contact your financial orother professional adviser.
030116apr HC BOC Page 68
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary ofMoody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-ownedsubsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK.MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assignedby MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not aNRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws.MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and theirregistration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate andmunicipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (asapplicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisaland rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK andMSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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Richmond Office
One James Center
901 East Cary Street
11th Floor
Richmond, VA 23219
Charlotte Office
Independence Center
101 N. Tryon Street
Suite 1220
Charlotte, NC 28246
Raleigh Office
Glenwood Plaza
3605 Glenwood Ave.
Suite 390
Raleigh, NC 27612
Ted Cole
Senior Vice President
804-697-2907
tcole@investdavenport.com
Mitch Brigulio
First Vice President
704-644-5414
mbrigulio@investdavenport.com
March 1, 2016 64 Harnett County, NC
030116apr HC BOC Page 75
Municipal Advisor Disclosure
The enclosed information relates to an existing or potential municipal advisor engagement.
The U.S. Securities and Exchange Commission (the “SEC”) has clarified that a broker, dealer or municipal securities dealer engaging in municipal advisory activities outside the scope of underwriting a particular issuance of
municipal securities should be subject to municipal advisor registration. Davenport & Company LLC (“Davenport”) has registered as a municipal advisor with the SEC. As a registered municipal advisor Davenport may
provide advice to a municipal entity or obligated person. An obligated person is an entity other than a municipal entity, such as a not for profit corporation, that has commenced an application or negotiation with an entity to
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Version 1.13.14 CH | MB | TC
March 1, 2016 65 Harnett County, NC
030116apr HC BOC Page 76
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030116apr HC BOC Page 83
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9
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10
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030116apr HC BOC Page 86
11
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Local Option Sales Tax Low Average High 030116apr HC BOC Page 87
12
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Local Option Sales Tax Projected Local Option Sales Tax 030116apr HC BOC Page 88
13
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030116apr HC BOC Page 89
14
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15
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1
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1
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1
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2
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1
9
2
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Other Taxes &Licenses Projected Other Taxes &Licenses 030116apr HC BOC Page 91
16
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2
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1
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1
5
030116apr HC BOC Page 92
17
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2
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1
5
Intergovernm ental Revenues Low Average High 030116apr HC BOC Page 93
18
I
n
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
R
e
v
e
n
u
e
s
$2
1
,
1
0
6
,
5
3
7
$1
9
,
2
0
9
,
7
3
1
$2
1
,
1
0
5
,
3
3
3
$
1
9
,
0
0
0
,
0
0
0
$
1
9
,
5
0
0
,
0
0
0
$
2
0
,
0
0
0
,
0
0
0
$
2
0
,
5
0
0
,
0
0
0
$
2
1
,
0
0
0
,
0
0
0
$
2
1
,
5
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Intergovernmen tal Revenues Projected Intergovernmen tal Revenues 030116apr HC BOC Page 94
19
P
e
r
m
i
t
s
a
n
d
F
e
e
s
$2
,
1
5
2
,
7
7
0
$3
,
0
8
2
,
6
4
1
$2
,
2
7
9
,
6
3
5
$2,516,068
$2
,
0
0
0
,
0
0
0
$2
,
2
0
0
,
0
0
0
$2
,
4
0
0
,
0
0
0
$2
,
6
0
0
,
0
0
0
$2
,
8
0
0
,
0
0
0
$3
,
0
0
0
,
0
0
0
$3
,
2
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 95
20
P
e
r
m
i
t
s
a
n
d
F
e
e
s
-3
0
.
0
%
-2
0
.
0
%
-1
0
.
0
%
0.
0
%
10
.
0
%
20
.
0
%
30
.
0
%
40
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Permits and Fees Low Average High 030116apr HC BOC Page 96
21
P
e
r
m
i
t
s
a
n
d
F
e
e
s
$2
,
4
3
1
,
6
3
7
$3
,
0
9
1
,
2
5
0
$2
,
5
1
6
,
0
6
8
$2
,
7
6
4
,
3
5
1
$
2
,
2
5
0
,
0
0
0
$
2
,
3
5
0
,
0
0
0
$
2
,
4
5
0
,
0
0
0
$
2
,
5
5
0
,
0
0
0
$
2
,
6
5
0
,
0
0
0
$
2
,
7
5
0
,
0
0
0
$
2
,
8
5
0
,
0
0
0
$
2
,
9
5
0
,
0
0
0
$
3
,
0
5
0
,
0
0
0
$
3
,
1
5
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Permits and Fees Projected Permits and Fees 030116apr HC BOC Page 97
22
S
a
l
e
s
&
S
e
r
v
i
c
e
s
$8
,
6
1
7
,
6
4
5
$9
,
1
5
3
,
3
0
9
$7
,
5
9
5
,
9
6
7
$9
,
9
3
4
,
0
0
3
$7,360,368
$7
,
0
0
0
,
0
0
0
$7
,
5
0
0
,
0
0
0
$8
,
0
0
0
,
0
0
0
$8
,
5
0
0
,
0
0
0
$9
,
0
0
0
,
0
0
0
$9
,
5
0
0
,
0
0
0
$1
0
,
0
0
0
,
0
0
0
$1
0
,
5
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 98
23
S
a
l
e
s
&
S
e
r
v
i
c
e
s
-3
0
.
0
%
-2
0
.
0
%
-1
0
.
0
%
0.
0
%
10
.
0
%
20
.
0
%
30
.
0
%
40
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Sales &Services Low Average High 030116apr HC BOC Page 99
24
S
a
l
e
s
&
S
e
r
v
i
c
e
s
$9
,
9
3
4
,
0
0
3
$7
,
3
6
0
,
3
6
8
$8
,
0
8
6
,
6
8
4
$
7
,
0
0
0
,
0
0
0
$
7
,
5
0
0
,
0
0
0
$
8
,
0
0
0
,
0
0
0
$
8
,
5
0
0
,
0
0
0
$
9
,
0
0
0
,
0
0
0
$
9
,
5
0
0
,
0
0
0
$
1
0
,
0
0
0
,
0
0
0
$
1
0
,
5
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Sales &Services Projected Sales & Services 030116apr HC BOC Page 100
25
I
n
v
e
s
t
m
e
n
t
E
a
r
n
i
n
g
s
$7
0
3
,
0
9
5
$9
8
1
,
3
0
3
$3
0
,
4
2
1
$9,027
$0
$2
0
0
,
0
0
0
$4
0
0
,
0
0
0
$6
0
0
,
0
0
0
$8
0
0
,
0
0
0
$1
,
0
0
0
,
0
0
0
$1
,
2
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 101
26
I
n
v
e
s
t
m
e
n
t
E
a
r
n
i
n
g
s
-1
5
0
.
0
%
-1
0
0
.
0
%
-5
0
.
0
%
0.
0
%
50
.
0
%
10
0
.
0
%
15
0
.
0
%
20
0
.
0
%
25
0
.
0
%
30
0
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Investment Earnings Low Average High 030116apr HC BOC Page 102
27
I
n
v
e
s
t
m
e
n
t
E
a
r
n
i
n
g
s
$2
0
,
8
6
6
$2
,
6
0
2
$9
,
0
2
7
$9
,
9
1
8
$
-
$
5
,
0
0
0
$
1
0
,
0
0
0
$
1
5
,
0
0
0
$
2
0
,
0
0
0
$
2
5
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Investment Earnings Projected Investment Earnings 030116apr HC BOC Page 103
28
O
t
h
e
r
$1
,
9
4
1
,
3
6
7
$1
,
4
3
0
,
6
0
6
$2
,
1
1
1
,
3
7
8
$3,938,417
$1
,
0
0
0
,
0
0
0
$1
,
5
0
0
,
0
0
0
$2
,
0
0
0
,
0
0
0
$2
,
5
0
0
,
0
0
0
$3
,
0
0
0
,
0
0
0
$3
,
5
0
0
,
0
0
0
$4
,
0
0
0
,
0
0
0
$4
,
5
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 104
29
O
t
h
e
r
-4
0
.
0
%
-3
0
.
0
%
-2
0
.
0
%
-1
0
.
0
%
0.
0
%
10
.
0
%
20
.
0
%
30
.
0
%
40
.
0
%
50
.
0
%
60
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Other Low Average High 030116apr HC BOC Page 105
30
O
t
h
e
r
$1
,
8
9
1
,
1
5
4
$3
,
9
3
8
,
4
1
7
$4
,
3
2
7
,
0
5
7
$
1
,
5
0
0
,
0
0
0
$
2
,
0
0
0
,
0
0
0
$
2
,
5
0
0
,
0
0
0
$
3
,
0
0
0
,
0
0
0
$
3
,
5
0
0
,
0
0
0
$
4
,
0
0
0
,
0
0
0
$
4
,
5
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Other Projected Other 030116apr HC BOC Page 106
31
T
o
t
a
l
R
e
v
e
n
u
e
s
$8
8
,
0
3
3
,
9
9
2
$9
5
,
5
5
1
,
4
5
9
$9
3
,
3
7
9
,
1
5
4
$110,487,763
$8
5
,
0
0
0
,
0
0
0
$9
0
,
0
0
0
,
0
0
0
$9
5
,
0
0
0
,
0
0
0
$1
0
0
,
0
0
0
,
0
0
0
$1
0
5
,
0
0
0
,
0
0
0
$1
1
0
,
0
0
0
,
0
0
0
$1
1
5
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 107
32
T
o
t
a
l
R
e
v
e
n
u
e
s
-4
.
0
%
-2
.
0
%
0.
0
%
2.
0
%
4.
0
%
6.
0
%
8.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Total Revenues Low Average High 030116apr HC BOC Page 108
33
T
o
t
a
l
R
e
v
e
n
u
e
s
$9
9
,
5
6
6
,
1
0
9
$1
1
0
,
4
8
7
,
7
6
3
$1
2
1
,
3
9
0
,
6
1
0
$
9
5
,
0
0
0
,
0
0
0
$
1
0
0
,
0
0
0
,
0
0
0
$
1
0
5
,
0
0
0
,
0
0
0
$
1
1
0
,
0
0
0
,
0
0
0
$
1
1
5
,
0
0
0
,
0
0
0
$
1
2
0
,
0
0
0
,
0
0
0
$
1
2
5
,
0
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Total Revenues Projected Total Revenues 030116apr HC BOC Page 109
GE
N
E
R
A
L
F
U
N
D
Ex
p
e
n
d
i
t
u
r
e
s
34 030116apr HC BOC Page 110
Di
s
t
r
i
b
u
t
i
o
n
o
f
E
x
p
e
n
d
i
t
u
r
e
s
by
U
s
e
f
o
r
2
0
1
5
35
Ge
n
e
r
a
l
Go
v
e
r
n
m
e
n
t
10
.
6
3
%
Pu
b
l
i
c
S
a
f
e
t
y
24
.
4
1
%
Tr
a
n
s
p
o
r
t
a
t
i
o
n
0.
3
8
%
En
v
i
r
o
n
m
e
n
t
a
l
Pr
o
t
e
c
t
i
o
n
0.
1
5
%
Ec
o
n
o
m
i
c
&
P
h
y
s
i
c
a
l
De
v
e
l
o
p
m
e
n
t
3.
5
1
%
Hu
m
a
n
S
e
r
v
i
c
e
s
23
.
8
5
%
Cu
l
t
u
r
a
l
&
R
e
c
r
e
a
t
i
o
n
a
l
1.36%
Ed
u
c
a
t
i
o
n
*
32
.
7
6
%
De
b
t
S
e
r
v
i
c
e
s
2.
9
6
%
030116apr HC BOC Page 111
Di
s
t
r
i
b
u
t
i
o
n
o
f
E
x
p
e
n
d
i
t
u
r
e
s
by
U
s
e
36
Ge
n
e
r
a
l
G
o
v
e
r
n
m
e
n
t
:
o
Go
v
e
r
n
i
n
g
B
o
d
y
o
Ad
m
i
n
i
s
t
r
a
t
i
o
n
o
Le
g
a
l
S
e
r
v
i
c
e
s
o
Hu
m
a
n
R
e
s
o
u
r
c
e
s
o
Bo
a
r
d
o
f
E
l
e
c
t
i
o
n
s
o
Fi
n
a
n
c
e
o
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
o
Ta
x
o
Re
g
i
s
t
e
r
o
f
D
e
e
d
s
o
Pu
b
l
i
c
B
u
i
l
d
i
n
g
s
o
Ge
n
e
r
a
l
S
e
r
v
i
c
e
s
o
Tr
a
n
s
p
o
r
t
a
t
i
o
n
o
GI
S
030116apr HC BOC Page 112
Di
s
t
r
i
b
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42
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44
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45
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46
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47
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030116apr HC BOC Page 123
48
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Transportation Low Average High 030116apr HC BOC Page 124
49
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50
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030116apr HC BOC Page 126
51
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Environmental Protection Low Average High 030116apr HC BOC Page 127
52
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Environmental Protection Projected Environmental Protection 030116apr HC BOC Page 128
53
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,
0
0
0
$6
,
5
0
0
,
0
0
0
$7
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 129
54
E
c
o
n
o
m
i
c
&
P
h
y
s
i
c
a
l
D
e
v
e
l
o
p
m
e
n
t
-4
0
.
0
%
-3
0
.
0
%
-2
0
.
0
%
-1
0
.
0
%
0.
0
%
10
.
0
%
20
.
0
%
30
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Economic &Physical Development Low Average 030116apr HC BOC Page 130
55
E
c
o
n
o
m
i
c
&
P
h
y
s
i
c
a
l
D
e
v
e
l
o
p
m
e
n
t
$5
,
7
9
4
,
2
6
6
$3
,
8
5
8
,
5
9
3
$4,293,717
$2
,
5
0
0
,
0
0
0
$3
,
0
0
0
,
0
0
0
$3
,
5
0
0
,
0
0
0
$4
,
0
0
0
,
0
0
0
$4
,
5
0
0
,
0
0
0
$5
,
0
0
0
,
0
0
0
$5
,
5
0
0
,
0
0
0
$6
,
0
0
0
,
0
0
0
$6
,
5
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Economic &Physical Development Projected Economic &Physical Development 030116apr HC BOC Page 131
56
H
u
m
a
n
S
e
r
v
i
c
e
s
$2
6
,
5
3
3
,
6
2
6
$2
9
,
8
5
6
,
7
2
3
$2
4
,
6
0
1
,
2
2
4
$26,243,188
$2
4
,
0
0
0
,
0
0
0
$2
5
,
0
0
0
,
0
0
0
$2
6
,
0
0
0
,
0
0
0
$2
7
,
0
0
0
,
0
0
0
$2
8
,
0
0
0
,
0
0
0
$2
9
,
0
0
0
,
0
0
0
$3
0
,
0
0
0
,
0
0
0
$3
1
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 132
57
H
u
m
a
n
S
e
r
v
i
c
e
s
-1
0
.
0
%
-8
.
0
%
-6
.
0
%
-4
.
0
%
-2
.
0
%
0.
0
%
2.
0
%
4.
0
%
6.
0
%
8.
0
%
10
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Human Services Low Average High 030116apr HC BOC Page 133
58
H
u
m
a
n
S
e
r
v
i
c
e
s
$2
4
,
9
3
5
,
4
0
5
$2
6
,
2
4
3
,
1
8
8
$29,202,566
$2
3
,
0
0
0
,
0
0
0
$2
4
,
0
0
0
,
0
0
0
$2
5
,
0
0
0
,
0
0
0
$2
6
,
0
0
0
,
0
0
0
$2
7
,
0
0
0
,
0
0
0
$2
8
,
0
0
0
,
0
0
0
$2
9
,
0
0
0
,
0
0
0
$3
0
,
0
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Human Services Projected Human Services 030116apr HC BOC Page 134
59
C
u
l
t
u
r
a
l
&
R
e
c
r
e
a
t
i
o
n
a
l
$1
,
2
2
7
,
7
0
3
$1
,
5
8
9
,
4
8
5
$1
,
3
5
4
,
8
8
4
$1,495,843
$1
,
1
0
0
,
0
0
0
$1
,
2
0
0
,
0
0
0
$1
,
3
0
0
,
0
0
0
$1
,
4
0
0
,
0
0
0
$1
,
5
0
0
,
0
0
0
$1
,
6
0
0
,
0
0
0
$1
,
7
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 135
60
C
u
l
t
u
r
a
l
&
R
e
c
r
e
a
t
i
o
n
a
l
-1
5
.
0
%
-1
0
.
0
%
-5
.
0
%
0.
0
%
5.
0
%
10
.
0
%
15
.
0
%
20
.
0
%
25
.
0
%
30
.
0
%
35
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Cultural &Recreational Low Average High 030116apr HC BOC Page 136
61
C
u
l
t
u
r
a
l
&
R
e
c
r
e
a
t
i
o
n
a
l
$1
,
5
4
6
,
3
5
9
$1
,
4
9
5
,
8
4
3
$1,664,525
$1
,
2
5
0
,
0
0
0
$1
,
3
0
0
,
0
0
0
$1
,
3
5
0
,
0
0
0
$1
,
4
0
0
,
0
0
0
$1
,
4
5
0
,
0
0
0
$1
,
5
0
0
,
0
0
0
$1
,
5
5
0
,
0
0
0
$1
,
6
0
0
,
0
0
0
$1
,
6
5
0
,
0
0
0
$1
,
7
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Cultural &Recreational Projected Cultural & Recreational 030116apr HC BOC Page 137
62
E
d
u
c
a
t
i
o
n
*
$2
2
,
4
8
9
,
8
1
3
$3
3
,
8
3
1
,
8
8
6
$36,049,480
$2
0
,
0
0
0
,
0
0
0
$2
2
,
0
0
0
,
0
0
0
$2
4
,
0
0
0
,
0
0
0
$2
6
,
0
0
0
,
0
0
0
$2
8
,
0
0
0
,
0
0
0
$3
0
,
0
0
0
,
0
0
0
$3
2
,
0
0
0
,
0
0
0
$3
4
,
0
0
0
,
0
0
0
$3
6
,
0
0
0
,
0
0
0
$3
8
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 138
63
E
d
u
c
a
t
i
o
n
*
-1
5
.
0
%
-1
0
.
0
%
-5
.
0
%
0.
0
%
5.
0
%
10
.
0
%
15
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Education *Low Average High 030116apr HC BOC Page 139
64
E
d
u
c
a
t
i
o
n
*
$3
0
,
8
6
2
,
1
4
1
$3
6
,
0
4
9
,
4
8
0
$40,114,689
$2
7
,
5
0
0
,
0
0
0
$2
9
,
5
0
0
,
0
0
0
$3
1
,
5
0
0
,
0
0
0
$3
3
,
5
0
0
,
0
0
0
$3
5
,
5
0
0
,
0
0
0
$3
7
,
5
0
0
,
0
0
0
$3
9
,
5
0
0
,
0
0
0
$4
1
,
5
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Education *Projected Education *030116apr HC BOC Page 140
65
D
e
b
t
S
e
r
v
i
c
e
s
$2
,
2
2
4
,
7
9
2
$8
,
4
8
4
,
9
2
2
$3,262,461
$0
$1
,
0
0
0
,
0
0
0
$2
,
0
0
0
,
0
0
0
$3
,
0
0
0
,
0
0
0
$4
,
0
0
0
,
0
0
0
$5
,
0
0
0
,
0
0
0
$6
,
0
0
0
,
0
0
0
$7
,
0
0
0
,
0
0
0
$8
,
0
0
0
,
0
0
0
$9
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 141
66
D
e
b
t
S
e
r
v
i
c
e
s
-1
0
0
.
0
%
-5
0
.
0
%
0.
0
%
50
.
0
%
10
0
.
0
%
15
0
.
0
%
20
0
.
0
%
25
0
.
0
%
30
0
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Debt Services Low Average High 030116apr HC BOC Page 142
67
D
e
b
t
S
e
r
v
i
c
e
s
$3
,
8
1
5
,
6
6
0
$3
,
2
6
2
,
4
6
1
$3,630,360
$2
,
0
0
0
,
0
0
0
$2
,
2
0
0
,
0
0
0
$2
,
4
0
0
,
0
0
0
$2
,
6
0
0
,
0
0
0
$2
,
8
0
0
,
0
0
0
$3
,
0
0
0
,
0
0
0
$3
,
2
0
0
,
0
0
0
$3
,
4
0
0
,
0
0
0
$3
,
6
0
0
,
0
0
0
$3
,
8
0
0
,
0
0
0
$4
,
0
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Debt Services Projected Debt Services 030116apr HC BOC Page 143
68
T
o
t
a
l
E
x
p
e
n
d
i
t
u
r
e
s
$8
4
,
7
1
1
,
9
2
8
$1
0
2
,
3
3
0
,
3
2
4
$110,048,715
$8
0
,
0
0
0
,
0
0
0
$8
5
,
0
0
0
,
0
0
0
$9
0
,
0
0
0
,
0
0
0
$9
5
,
0
0
0
,
0
0
0
$1
0
0
,
0
0
0
,
0
0
0
$1
0
5
,
0
0
0
,
0
0
0
$1
1
0
,
0
0
0
,
0
0
0
$1
1
5
,
0
0
0
,
0
0
0
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
030116apr HC BOC Page 144
69
T
o
t
a
l
E
x
p
e
n
d
i
t
u
r
e
s
-4
.
0
%
-2
.
0
%
0.
0
%
2.
0
%
4.
0
%
6.
0
%
8.
0
%
10
.
0
%
12
.
0
%
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Total Expenditures Low Average High 030116apr HC BOC Page 145
70
T
o
t
a
l
E
x
p
e
n
d
i
t
u
r
e
s
$9
9
,
7
1
4
,
8
0
0
$1
1
0
,
0
4
8
,
7
1
5
$122,458,631
$9
5
,
0
0
0
,
0
0
0
$1
0
0
,
0
0
0
,
0
0
0
$1
0
5
,
0
0
0
,
0
0
0
$1
1
0
,
0
0
0
,
0
0
0
$1
1
5
,
0
0
0
,
0
0
0
$1
2
0
,
0
0
0
,
0
0
0
$1
2
5
,
0
0
0
,
0
0
0
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Total Expenditures Projected Total Expenditures 030116apr HC BOC Page 146
CU
R
R
E
N
T
CO
U
N
T
Y
DE
B
T
71 030116apr HC BOC Page 147
Ou
t
s
t
a
n
d
i
n
g
C
o
u
n
t
y
De
b
t
by
T
y
p
e
72
Ge
n
e
r
a
l
Go
v
e
r
n
m
e
n
t
11
.
3
4
%
Pu
b
l
i
c
U
t
i
l
i
t
i
e
s
31
.
9
5
%
So
l
i
d
W
a
s
t
e
1.
6
2
%
Ed
u
c
a
t
i
o
n
55
.
1
0
%
2015 General Government23,199,788$ Public Utilities65,381,119$ Solid Waste3,319,258$ Education112,763,874$ Total Debt204,664,039$ 030116apr HC BOC Page 148
Ou
t
s
t
a
n
d
i
n
g
G
e
n
e
r
a
l
F
u
n
d
Debt
by
T
y
p
e
73
Ge
n
e
r
a
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20
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9
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1
1
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76
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General Government Low Average High 030116apr HC BOC Page 152
77
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General Government Projected General Government 030116apr HC BOC Page 153
78
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Public Utilities Low Average High 030116apr HC BOC Page 154
79
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1
7
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Public Utilities Projected Public Utilities 030116apr HC BOC Page 155
80
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2
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Solid Waste Low Average High 030116apr HC BOC Page 156
81
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Solid Waste Projected Solid Waste 030116apr HC BOC Page 157
82
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Education Low Average High 030116apr HC BOC Page 158
83
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Education Projected Education 030116apr HC BOC Page 159
84
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Total Debt Low Average High 030116apr HC BOC Page 160
85
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Total Debt Projected Total Debt 030116apr HC BOC Page 161
PR
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87
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030116apr HC BOC Page 163
88
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Real &Personal Property Valuation Linear (Real &Personal Property Valuation)030116apr HC BOC Page 164
89
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030116apr HC BOC Page 165
90
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Real & Personal Property Tax Revenues Collected Linear (Real &Personal Property Tax Revenues Collected)030116apr HC BOC Page 166
91
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20142015 030116apr HC BOC Page 167
92
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94
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95
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96
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97
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100
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102
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103
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104
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030116apr HC BOC Page 204
129
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030116apr HC BOC Page 205
130
Ca
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030116apr HC BOC Page 206
131
Ca
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g
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FY
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030116apr HC BOC Page 207
132
Ca
t
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1
6
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7
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1
7
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Y
1
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x
c
l
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Notes
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t
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n
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75
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0
0
0
$
7
5
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0
0
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$
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0
0
0
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e
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f
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n
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n
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50
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0
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0
$
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0
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$
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Ex
p
a
n
d
N
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r
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h
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,
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p
p
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r
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r
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a
n
d
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r
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0
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$
15
0
,
0
0
0
$
15
0
,
0
0
0
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total cost: $750,000 (reimb estimated at $257k and have already been taken out)
FM
-
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r
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d
p
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t
e
m
(
s
o
f
t
w
a
r
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f
u
n
d
)
100,000
$
So
f
t
w
a
r
e
/
T
e
c
h
n
o
l
o
g
y
030116apr HC BOC Page 208
133
Ca
t
e
g
o
r
y
FY
1
6
-
1
7
F
Y
1
7
-
1
8
F
Y
1
8
-
1
9
F
Y
1
9
-
2
0
F
Y
2
0
-
2
1
E
x
c
l
u
d
e
d
Notes
Ha
r
n
e
t
t
C
o
u
n
t
y
5
Y
e
a
r
C
a
p
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l
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m
p
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m
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t
P
l
a
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Up
d
a
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e
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n
s
p
e
c
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,
f
i
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g
so
f
t
w
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r
e
(
s
o
f
t
w
a
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f
u
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d
)
50,000
$
HA
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135
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FU
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137
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2024 General Government41,224,316$ Education206,499,131$ Public Utilities61,375,576$ Solid Waste3,115,905$ Total Debt312,214,928$ 030116apr HC BOC Page 213
138
Out
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139
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140
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Total Future Debt - Case # 1 Projected Total Future Debt - Case # 1 030116apr HC BOC Page 216
141
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142
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143
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030116apr HC BOC Page 219
144
T
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