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030116apr Agenda Package
030116apr 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 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 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 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 M i l l i o n s Existing 2016 -QSCB - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 M i l l i o n s 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 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 M i l l i o n s 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 i l l i o n s 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 i l l i o 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 i l l i o n 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 i l l i o n 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 i l l i o n 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. 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Version 1.13.14 CH | MB | TC March 1, 2016 65 Harnett County, NC 030116apr HC BOC Page 76 CO U N T Y O F HA R N E T T Bo a r d o f C o m m i s s i o n e r ’ s Bu dg e t R e t r e a t 1 030116apr HC BOC Page 77 GE N E R A L F U N D Re v e n u e 2 030116apr HC BOC Page 78 Di s t r i b u t i o n o f Re v e n u e s by S o u r c e f o r 2 0 1 5 3 Ad V a l o r e m 53 . 9 8 % Lo c a l O p t i o n Sa l e s T a x 15 . 1 7 % Other Taxes & Licenses 0.95% In t e r g o v e r n m e n t a l Re v e n u e s 17.39%Permits and Fees 2.28% Sa l e s & Se r v i c e s 6. 6 6 % In v e s t m e n t E a r n i n g s 0. 0 1 % Ot h e r 3. 5 6 % 030116apr HC BOC Page 79 Di s t r i b u t i o n o f Re v e n u e s by S o u r c e 4 Ad V a l o r e m : o Re a l a n d p e r s o n a l p r o p e r t y t a x e s o Mo t o r v e h i c l e t a x e s o Pe n a l t i e s a n d i n t e r e s t Loc a l O p t i o n S a l e s T a x : o All a r t i c l e s ( e x c e p t 4 6 ) s h a r e d w i t h S p e c i a l S c h o o l D i s t r i c t a n d a l l F i r e D i s t r i c t s o Ar t i c l e 3 9 – c o u n t y h a s t o h o l d M u n i c i p a l i t i e s a n d B o a r d o f E d u c a t i o n h a r m l e s s o Ar t i c l e 4 0 – p o r t i o n d e d i c a t e d t o B o a r d o f E d u c a t i o n o Ar t i c l e 4 2 – p o r t i o n d e d i c a t e d t o B o a r d o f E d u c a t i o n o Ar t i c l e 4 4 – m o s t l y g o n e d u e t o M e d i c a i d s w a p w i t h S t a t e o Ar t i c l e 4 6 – a l l d e d i c a t e d t o B o a r d o f E d u c a t i o n Ot he r T a x e s a n d L i c e n s e s : o Cab l e f r a n c h i s e t a x o Oc c u p a n c y t a x e s o Ex c i s e s t a m p – r e a l p r o p e r t y 030116apr HC BOC Page 80 Di s t r i b u t i o n o f Re v e n u e s by S o u r c e 5 In t e r g o v e r n m e n t a l R e v e n u e s : o AB C B o a r d s o Co n t r o l l e d s u b s t a n c e s o Ci v i l l i c e n s e r e v e n u e o Fe d e r a l a n d S t a t e g r a n t s o Co u r t f a c i l i t y f e e s Per m i t s a n d F e e s : o Fil i n g a n d r e g i s t r a t i o n f e e s o An i m a l c o n t r o l f e e s o Re g i s t e r o f D e e d s ’ f e e s o In s p e c t i o n f e e s o Pl a n n i n g f e e s 030116apr HC BOC Page 81 Di s t r i b u t i o n o f Re v e n u e s by S o u r c e 6 Sa l e s a n d S e r v i c e s : o Re n t s , c o n c e s s i o n s a n d f e e s o Co u r t c o s t s a n d f e e s o Ja i l f e e s o Am b u l a n c e f e e s o Li b r a r y f e e s o He a l t h f e e s Inv e s t m e n t E a r n i n g s : o Int e r e s t o n i n v e s t m e n t s Ot he r : o Sal e o f a s s e t s o Mi s c e l l a n e o u s r e v e n u e s o Do n a t i o n s 030116apr HC BOC Page 82 7 A d V a l o r e m $3 7 , 5 4 2 , 1 0 2 $59,642,848 $3 5 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 5 , 0 0 0 , 0 0 0 $5 0 , 0 0 0 , 0 0 0 $5 5 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $6 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 83 8 A d V a l o r e m 0. 0 % 2. 0 % 4. 0 % 6. 0 % 8. 0 % 10 . 0 % 12 . 0 % 14 . 0 % 16 . 0 % 18 . 0 % 20 . 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 Ad Valorem Low Average High 030116apr HC BOC Page 84 9 A d V a l o r e m $5 0 , 8 7 9 , 7 8 4 $5 9 , 6 4 2 , 8 4 8 $6 5 , 5 2 8 , 3 5 8 $ 5 0 , 0 0 0 , 0 0 0 $ 5 2 , 0 0 0 , 0 0 0 $ 5 4 , 0 0 0 , 0 0 0 $ 5 6 , 0 0 0 , 0 0 0 $ 5 8 , 0 0 0 , 0 0 0 $ 6 0 , 0 0 0 , 0 0 0 $ 6 2 , 0 0 0 , 0 0 0 $ 6 4 , 0 0 0 , 0 0 0 $ 6 6 , 0 0 0 , 0 0 0 $ 6 8 , 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 Ad Valorem Projected Ad Valorem 030116apr HC BOC Page 85 10 L o c a l O p t i o n S a l e s T a x $1 6 , 9 8 0 , 2 6 9 $1 9 , 4 2 0 , 8 9 8 $1 2 , 3 6 7 , 1 7 5 $1 2 , 2 8 8 , 7 7 2 $16,757,810 $1 2 , 0 0 0 , 0 0 0 $1 3 , 0 0 0 , 0 0 0 $1 4 , 0 0 0 , 0 0 0 $1 5 , 0 0 0 , 0 0 0 $1 6 , 0 0 0 , 0 0 0 $1 7 , 0 0 0 , 0 0 0 $1 8 , 0 0 0 , 0 0 0 $1 9 , 0 0 0 , 0 0 0 $2 0 , 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 86 11 L o c a l O p t i o n S a l e s T a x -2 5 . 0 % -2 0 . 0 % -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 Local Option Sales Tax Low Average High 030116apr HC BOC Page 87 12 L o c a l O p t i o n S a l e s T a x $1 2 , 2 8 8 , 7 7 2 $1 6 , 7 5 7 , 8 1 0 $1 8 , 4 1 1 , 4 5 7 $ 1 2 , 0 0 0 , 0 0 0 $ 1 3 , 0 0 0 , 0 0 0 $ 1 4 , 0 0 0 , 0 0 0 $ 1 5 , 0 0 0 , 0 0 0 $ 1 6 , 0 0 0 , 0 0 0 $ 1 7 , 0 0 0 , 0 0 0 $ 1 8 , 0 0 0 , 0 0 0 $ 1 9 , 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 Local Option Sales Tax Projected Local Option Sales Tax 030116apr HC BOC Page 88 13 O t h e r T a x e s & L i c e n s e s $9 2 7 , 6 6 6 $1 , 0 8 3 , 7 0 7 $9 5 4 , 2 9 3 $1,053,494 $9 0 0 , 0 0 0 $9 2 0 , 0 0 0 $9 4 0 , 0 0 0 $9 6 0 , 0 0 0 $9 8 0 , 0 0 0 $1 , 0 0 0 , 0 0 0 $1 , 0 2 0 , 0 0 0 $1 , 0 4 0 , 0 0 0 $1 , 0 6 0 , 0 0 0 $1 , 0 8 0 , 0 0 0 $1 , 1 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 89 14 O t h e r T a x e s & L i c e n s e s -1 5 . 0 % -1 0 . 0 % -5 . 0 % 0. 0 % 5. 0 % 10 . 0 % 15 . 0 % 20 . 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 Taxes & Licenses Low Average High 030116apr HC BOC Page 90 15 O t h e r T a x e s & L i c e n s e s $1 , 0 1 3 , 3 5 6 $1 , 0 5 3 , 4 9 4 $1,157,452 $ 1 , 0 0 0 , 0 0 0 $ 1 , 0 2 0 , 0 0 0 $ 1 , 0 4 0 , 0 0 0 $ 1 , 0 6 0 , 0 0 0 $ 1 , 0 8 0 , 0 0 0 $ 1 , 1 0 0 , 0 0 0 $ 1 , 1 2 0 , 0 0 0 $ 1 , 1 4 0 , 0 0 0 $ 1 , 1 6 0 , 0 0 0 $ 1 , 1 8 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 Taxes &Licenses Projected Other Taxes &Licenses 030116apr HC BOC Page 91 16 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 $1 9 , 1 6 9 , 0 7 8 $1 7 , 3 3 9 , 7 5 8 $2 1 , 4 2 7 , 2 0 8 $2 0 , 2 0 4 , 4 4 3 $19,209,731 $1 7 , 0 0 0 , 0 0 0 $1 7 , 5 0 0 , 0 0 0 $1 8 , 0 0 0 , 0 0 0 $1 8 , 5 0 0 , 0 0 0 $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 $2 2 , 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 92 17 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 -1 5 . 0 % -1 0 . 0 % -5 . 0 % 0. 0 % 5. 0 % 10 . 0 % 15 . 0 % 20 . 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 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 u t i o n o f E x p e n d i t u r e s by U s e 37 Pu b l i c S a f e t y o Sh e r i f f o Ca m p b e l l C a m p u s D e p u t i e s o Co m m u n i c a t i o n s o Ja i l o Ch i l d S u p p o r t E n f o r c e m e n t o Em e r g e n c y S e r v i c e s o Em e r g e n c y M e d i c a l S e r v i c e s o Em e r g e n c y M e d i c a l T r a n s p o r t o Em e r g e n c y T e l e p h o n e S y s t e m o Re s c u e D i s t r i c t o Me d i c a l E x a m i n e r o An i m a l C o n t r o l Tr a n s p o r t a t i o n : o Ha r n e t t R e g i o n a l J e t p o r t 030116apr HC BOC Page 113 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 38 En v i r o n m e n t a l P r o t e c t i o n : o So i l a n d W a t e r Eco n o m i c a n d P h y s i c a l D e v e l o p m e n t : o Dev e l o p m e n t S e r v i c e s o Ec o n o m i c D e v e l o p m e n t o Co o p e r a t i v e E x t e n s i o n o Fo r e s t r y Hum a n S e r v i c e s : o Hea l t h o So c i a l S e r v i c e s o Re s t i t u t i o n o Ve t e r a n s S e r v i c e s o De p a r t m e n t o n A g i n g o Nu t r i t i o n o Co m m u n i t y A l t e r n a t i v e s P r o g r a m 030116apr HC BOC Page 114 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 39 Cu l t u r a l a n d R e c r e a t i o n o Pa r k s a n d R e c r e a t i o n o Li b r a r i e s Ed u c a t i o n : o Ha r n e t t C o u n t y B o a r d o f E d u c a t i o n o Ce n t r a l C a r o l i n a C o m m u n i t y C o l l e g e De b t S e r v i c e s : o Pr i n c i p a l R e t i r e m e n t o In t e r e s t a n d f e e s 030116apr HC BOC Page 115 Di s t r i b u t i o n o f G e n e r a l Fund Ex p e n d i t u r e s b y F u n c t i on40 $0 $5 , 0 0 0 , 0 0 0 $1 0 , 0 0 0 , 0 0 0 $1 5 , 0 0 0 , 0 0 0 $2 0 , 0 0 0 , 0 0 0 $2 5 , 0 0 0 , 0 0 0 $3 0 , 0 0 0 , 0 0 0 $3 5 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 General Government Public Safety Transportation Environmental Protection Economic &Physical Development Human Services Cultural &Recreational Education *Debt Services 030116apr HC BOC Page 116 41 G e n e r a l G o v e r n m e n t $8 , 9 5 0 , 0 8 8 $1 0 , 8 2 4 , 9 1 8 $9 , 5 3 4 , 2 7 3 $11,693,037 $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 $1 1 , 0 0 0 , 0 0 0 $1 1 , 5 0 0 , 0 0 0 $1 2 , 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 117 42 G e n e r a l G o v e r n m e n t -1 0 . 0 % -5 . 0 % 0. 0 % 5. 0 % 10 . 0 % 15 . 0 % 20 . 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 General Government Low Average High 030116apr HC BOC Page 118 43 $9 , 9 7 9 , 0 1 2 $1 1 , 6 9 3 , 0 3 7 $13,011,631 $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 $1 1 , 0 0 0 , 0 0 0 $1 1 , 5 0 0 , 0 0 0 $1 2 , 0 0 0 , 0 0 0 $1 2 , 5 0 0 , 0 0 0 $1 3 , 0 0 0 , 0 0 0 $1 3 , 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 General Government Projected General Government G e n e r a l G o v e r n m e n t 030116apr HC BOC Page 119 44 P u b l i c S a f e t y $1 8 , 5 3 0 , 7 6 6 $1 7 , 0 1 0 , 8 6 8 $26,861,581 $1 5 , 0 0 0 , 0 0 0 $1 7 , 0 0 0 , 0 0 0 $1 9 , 0 0 0 , 0 0 0 $2 1 , 0 0 0 , 0 0 0 $2 3 , 0 0 0 , 0 0 0 $2 5 , 0 0 0 , 0 0 0 $2 7 , 0 0 0 , 0 0 0 $2 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 120 45 P u b l i c S a f e t y -1 0 . 0 % -5 . 0 % 0. 0 % 5. 0 % 10 . 0 % 15 . 0 % 20 . 0 % 25 . 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 Public Safety Low Average High 030116apr HC BOC Page 121 46 $2 2 , 4 6 8 , 8 3 3 $2 6 , 8 6 1 , 5 8 1 $29,890,694 $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 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 Public Safety Projected Public Safety P u b l i c S a f e t y 030116apr HC BOC Page 122 47 T r a n s p o r t a t i o n $9 2 , 2 0 7 $1 6 0 , 0 6 8 $418,731 $0 $5 0 , 0 0 0 $1 0 0 , 0 0 0 $1 5 0 , 0 0 0 $2 0 0 , 0 0 0 $2 5 0 , 0 0 0 $3 0 0 , 0 0 0 $3 5 0 , 0 0 0 $4 0 0 , 0 0 0 $4 5 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 123 48 T r a n s p o r t a t i o n -4 0 . 0 % -2 0 . 0 % 0. 0 % 20 . 0 % 40 . 0 % 60 . 0 % 80 . 0 % 10 0 . 0 % 12 0 . 0 % 14 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 Transportation Low Average High 030116apr HC BOC Page 124 49 T r a n s p o r t a t i o n $1 4 9 , 8 3 9 $4 1 8 , 7 3 1 $465,951 $0 $5 0 , 0 0 0 $1 0 0 , 0 0 0 $1 5 0 , 0 0 0 $2 0 0 , 0 0 0 $2 5 0 , 0 0 0 $3 0 0 , 0 0 0 $3 5 0 , 0 0 0 $4 0 0 , 0 0 0 $4 5 0 , 0 0 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 Transportation Projected Transportation 030116apr HC BOC Page 125 50 E n v i r o n m e n t a l P r o t e c t i o n $1 1 8 , 1 1 3 $1 9 4 , 1 1 0 $1 1 8 , 1 6 6 $165,801 $1 0 0 , 0 0 0 $1 1 0 , 0 0 0 $1 2 0 , 0 0 0 $1 3 0 , 0 0 0 $1 4 0 , 0 0 0 $1 5 0 , 0 0 0 $1 6 0 , 0 0 0 $1 7 0 , 0 0 0 $1 8 0 , 0 0 0 $1 9 0 , 0 0 0 $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 126 51 E n v i r o n m e n t a l P r o t e c t i o n -4 0 . 0 % -3 0 . 0 % -2 0 . 0 % -1 0 . 0 % 0. 0 % 10 . 0 % 20 . 0 % 30 . 0 % 40 . 0 % 50 . 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 Environmental Protection Low Average High 030116apr HC BOC Page 127 52 E n v i r o n m e n t a l P r o t e c t i o n $1 6 3 , 2 8 5 $1 6 5 , 8 0 1 $184,498 $1 0 0 , 0 0 0 $1 1 0 , 0 0 0 $1 2 0 , 0 0 0 $1 3 0 , 0 0 0 $1 4 0 , 0 0 0 $1 5 0 , 0 0 0 $1 6 0 , 0 0 0 $1 7 0 , 0 0 0 $1 8 0 , 0 0 0 $1 9 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 Environmental Protection Projected Environmental Protection 030116apr HC BOC Page 128 53 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 , 5 4 4 , 8 2 0 $6 , 3 4 0 , 0 5 4 $3 , 3 8 8 , 7 4 2 $3,858,593 $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 $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 l Go v e r n m e n t 17 % Ed u c a t i o n 83 % 2015 General Government23,199,788$ Education112,763,874$ Total Debt135,963,662$ 030116apr HC BOC Page 149 Di s t r i b u t i o n o f D e b t b y Y e a r 74 $0 $2 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $8 0 , 0 0 0 , 0 0 0 $1 0 0 , 0 0 0 , 0 0 0 $1 2 0 , 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 Ge n e r a l G o v e r n m e n t Pu b l i c U t i l i t i e s So l i d W a s t e Ed u c a t i o n 030116apr HC BOC Page 150 Di s t r i b u t i o n o f D e b t b y T y p e 75 $0 $2 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $8 0 , 0 0 0 , 0 0 0 $1 0 0 , 0 0 0 , 0 0 0 $1 2 0 , 0 0 0 , 0 0 0 Ge n e r a l G o v e r n m e n t Pu b l i c U t i l i t i e s So l i d W a s t e Education 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 2015 030116apr HC BOC Page 151 76 G e n e r a l G o v e r n m e n t -4 0 . 0 % -2 0 . 0 % 0. 0 % 20 . 0 % 40 . 0 % 60 . 0 % 80 . 0 % 10 0 . 0 % 12 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 General Government Low Average High 030116apr HC BOC Page 152 77 G e n e r a l G o v e r n m e n t $3 0 , 5 9 5 , 7 0 7 $2 3 , 1 9 9 , 7 8 8 $22,399,083 $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 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 General Government Projected General Government 030116apr HC BOC Page 153 78 P u b l i c U t i l i t i e s -4 0 . 0 % -3 0 . 0 % -2 0 . 0 % -1 0 . 0 % 0. 0 % 10 . 0 % 20 . 0 % 30 . 0 % 40 . 0 % 50 . 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 Public Utilities Low Average High 030116apr HC BOC Page 154 79 P u b l i c U t i l i t i e s $6 0 , 1 0 8 , 9 4 6 $6 5 , 3 8 1 , 1 1 9 $63,124,593 $5 0 , 0 0 0 , 0 0 0 $5 5 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $6 5 , 0 0 0 , 0 0 0 $7 0 , 0 0 0 , 0 0 0 $7 5 , 0 0 0 , 0 0 0 $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 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 Public Utilities Projected Public Utilities 030116apr HC BOC Page 155 80 S o l i d W a s t e -2 0 0 0 . 0 % 0. 0 % 20 0 0 . 0 % 40 0 0 . 0 % 60 0 0 . 0 % 80 0 0 . 0 % 10 0 0 0 . 0 % 12 0 0 0 . 0 % 14 0 0 0 . 0 % 16 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 Solid Waste Low Average High 030116apr HC BOC Page 156 81 S o l i d W a s t e $1 , 9 3 2 , 1 8 4 $3 , 3 1 9 , 2 5 8 $3,204,699 $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 Solid Waste Projected Solid Waste 030116apr HC BOC Page 157 82 E d u c a t i o n -1 0 . 0 % 0. 0 % 10 . 0 % 20 . 0 % 30 . 0 % 40 . 0 % 50 . 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 158 83 E d u c a t i o n $9 5 , 9 2 8 , 5 2 2 $1 1 2 , 7 6 3 , 8 7 4 $108,872,007 $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 $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 Education Projected Education 030116apr HC BOC Page 159 84 T o t a l D e b t -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 Total Debt Low Average High 030116apr HC BOC Page 160 85 T o t a l D e b t $1 8 8 , 5 6 5 , 3 5 9 $2 0 4 , 6 6 4 , 0 3 9 $197,600,382 $1 7 5 , 0 0 0 , 0 0 0 $1 8 5 , 0 0 0 , 0 0 0 $1 9 5 , 0 0 0 , 0 0 0 $2 0 5 , 0 0 0 , 0 0 0 $2 1 5 , 0 0 0 , 0 0 0 $2 2 5 , 0 0 0 , 0 0 0 $2 3 5 , 0 0 0 , 0 0 0 $2 4 5 , 0 0 0 , 0 0 0 $2 5 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 Debt Projected Total Debt 030116apr HC BOC Page 161 PR O P E R T Y T A X 86 030116apr HC BOC Page 162 87 R e a l & P e r s o n a l P r o p e r t y V a l u a t i o n $4 , 2 9 2 , 0 5 1 , 7 0 1 $6 , 1 7 0 , 0 1 3 , 1 1 $7,021,942,26 $4 , 0 0 0 , 0 0 0 , 0 0 0 $4 , 5 0 0 , 0 0 0 , 0 0 0 $5 , 0 0 0 , 0 0 0 , 0 0 0 $5 , 5 0 0 , 0 0 0 , 0 0 0 $6 , 0 0 0 , 0 0 0 , 0 0 0 $6 , 5 0 0 , 0 0 0 , 0 0 0 $7 , 0 0 0 , 0 0 0 , 0 0 0 $7 , 5 0 0 , 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 163 88 Re a l & P e r s o n a l P r o p e r t y V a l u a t i o n $5 , 0 1 1 , 2 2 4 , 3 5 4 $7 , 0 2 1 , 9 4 2 , 2 6 7 y = 3E+08x + 5E+09 R² = 0.9266 $4 , 5 0 0 , 0 0 0 , 0 0 0 $5 , 0 0 0 , 0 0 0 , 0 0 0 $5 , 5 0 0 , 0 0 0 , 0 0 0 $6 , 0 0 0 , 0 0 0 , 0 0 0 $6 , 5 0 0 , 0 0 0 , 0 0 0 $7 , 0 0 0 , 0 0 0 , 0 0 0 $7 , 5 0 0 , 0 0 0 , 0 0 0 $8 , 0 0 0 , 0 0 0 , 0 0 0 $8 , 5 0 0 , 0 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Real &Personal Property Valuation Linear (Real &Personal Property Valuation)030116apr HC BOC Page 164 89 Re a l & P e r s o n a l P r o p e r t y T a x R e v e n u e s C o l l e c t e d $3 1 , 0 7 1 , 9 1 4 $4 4 , 1 5 0 , 5 0 3 $52,341,987 $3 0 , 0 0 0 , 0 0 0 $3 5 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 5 , 0 0 0 , 0 0 0 $5 0 , 0 0 0 , 0 0 0 $5 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 165 90 Re a l & P e r s o n a l P r o p e r t y T a x R e v e n u e s C o l l e c t e d $3 6 , 3 3 2 , 3 6 2 $5 2 , 3 4 1 , 9 8 7 y = 3E+06x + 4E+07 R² = 0.9214 $0 $10 , 00 0 , 0 0 0 $2 0 , 0 0 0 , 0 0 0 $3 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $5 0 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $7 0 , 0 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Real & Personal Property Tax Revenues Collected Linear (Real &Personal Property Tax Revenues Collected)030116apr HC BOC Page 166 91 R e a l & P e r s o n a l C o l l e c t i o n % 98 . 5 0 0 % 98 . 5 6 0 % 99.390% 98 % 98 % 98 % 98 % 98 % 99 % 99 % 99 % 99 % 99 % 10 0 % 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 167 92 Re a l & P e r s o n a l C o l l e c t i o n P e r c e n t a g e 98 . 6 4 0 % 98 . 5 6 0 % 99 . 3 9 0 % y = 0.0011x + 0.984 R² = 0.6561 97 . 5 0 % 98 . 0 0 % 98 . 5 0 % 99 . 0 0 % 99 . 5 0 % 10 0 . 0 0 % 20 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 2 0 1 6 2 0 1 7 Real & Personal Collection Percentage Linear (Real &Personal Collection Percentage)030116apr HC BOC Page 168 93 Mo t o r V e h i c l e P r o p e r t y V a l u a t i o n $6 4 4 , 8 9 9 , 5 9 2 $6 6 2 , 2 1 5 , 4 4 8 $788,524,667 $6 0 0 , 0 0 0 , 0 0 0 $6 5 0 , 0 0 0 , 0 0 0 $7 0 0 , 0 0 0 , 0 0 0 $7 5 0 , 0 0 0 , 0 0 0 $8 0 0 , 0 0 0 , 0 0 0 $8 5 0 , 0 0 0 , 0 0 0 $9 0 0 , 0 0 0 , 0 0 0 $9 5 0 , 0 0 0 , 0 0 0 $1 , 0 0 0 , 0 0 0 , 0 0 0 $1 , 0 5 0 , 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 169 94 Mo t o r V e h i c l e P r o p e r t y V a l u a t i o n $7 0 1 , 7 3 5 , 2 3 8 $7 8 8 , 5 2 4 , 6 6 7 y = 3E+08x + 5E+09 R² = 0.9266 $5 0 0 , 0 0 0 , 0 0 0 $6 0 0 , 0 0 0 , 0 0 0 $7 0 0 , 0 0 0 , 0 0 0 $8 0 0 , 0 0 0 , 0 0 0 $9 0 0 , 0 0 0 , 0 0 0 $1 , 0 0 0 , 0 0 0 , 0 0 0 $1 , 1 0 0 , 0 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Motor Vehicle Property Valuation Linear (Motor Vehicle Property Valuation)030116apr HC BOC Page 170 95 Mo t o r V e h i c l e P r o p e r t y T a x R e v e n u e s C o l l e c t e d $4 , 0 3 4 , 2 7 4 $4,101,772$5,913,001 $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 $7 , 0 0 0 , 0 0 0 $7 , 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 171 96 Mo t o r V e h i c l e P r o p e r t y T a x R e v e n u e s C o l l e c t e d $4 , 4 5 1 , 8 9 3 $4 , 1 0 1 , 7 7 2 $5 , 9 1 3 , 0 0 1 y = 3E+06x + 4E+07 R² = 0.9214 $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 $7 , 0 0 0 , 0 0 0 $7 , 5 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Motor Vehicle Property Tax Revenues Collected Linear (Motor Vehicle Property Tax Revenues Collected)030116apr HC BOC Page 172 97 85 . 1 1 0 % 85.430%99.980% 75 % 80 % 85 % 90 % 95 % 10 0 % 10 5 % 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 M o t o r V e h i c l e C o l l e c t i o n % 030116apr HC BOC Page 173 98 Mo t o r V e h i c l e C o l l e c t i o n P e r c e n t a g e 86 . 3 1 0 % 85 . 4 3 0 % 99 . 9 8 0 % y = 0.0209x + 0.8128 R² = 0.5982 75 . 0 0 % 80 . 0 0 % 85 . 0 0 % 90 . 0 0 % 95 . 0 0 % 10 0 . 0 0 % 20 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 2 0 1 6 2 0 1 7 Motor Vehicle Collection Percentage Linear (Motor Vehicle Collection Percentage)030116apr HC BOC Page 174 99 C o m b i n e d P r o p e r t y V a l u a t i o n $4 , 9 3 6 , 9 5 1 , 2 9 3 $6 , 8 3 3 , 1 1 4 , 7 6 8 $7,810,466,933 $4 , 0 0 0 , 0 0 0 , 0 0 0 $4 , 5 0 0 , 0 0 0 , 0 0 0 $5 , 0 0 0 , 0 0 0 , 0 0 0 $5 , 5 0 0 , 0 0 0 , 0 0 0 $6 , 0 0 0 , 0 0 0 , 0 0 0 $6 , 5 0 0 , 0 0 0 , 0 0 0 $7 , 0 0 0 , 0 0 0 , 0 0 0 $7 , 5 0 0 , 0 0 0 , 0 0 0 $8 , 0 0 0 , 0 0 0 , 0 0 0 $8 , 5 0 0 , 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 175 100 Co m b i n e d P r o p e r t y V a l u a t i o n $5 , 7 1 2 , 9 5 9 , 5 9 2 $7 , 8 1 0 , 4 6 6 , 9 3 3 y = 3E+08x + 5E+09 R² = 0.9266 $5 0 0 , 0 0 0 , 0 0 0 $1, 5 00 , 0 0 0 , 0 0 0 $2 , 5 0 0 , 0 0 0 , 0 0 0 $3 , 5 0 0 , 0 0 0 , 0 0 0 $4 , 5 0 0 , 0 0 0 , 0 0 0 $5 , 5 0 0 , 0 0 0 , 0 0 0 $6 , 5 0 0 , 0 0 0 , 0 0 0 $7 , 5 0 0 , 0 0 0 , 0 0 0 $8 , 5 0 0 , 0 0 0 , 0 0 0 $9 , 5 0 0 , 0 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Combined Property Valuation Linear (Combined Property Valuation)030116apr HC BOC Page 176 101 Co m b i n e d P r o p e r t y T a x R e v e n u e s C o l l e c t e d $3 5 , 1 0 6 , 1 8 8 $4 8 , 3 2 5 , 3 1 4 $58,254,988 $3 0 , 0 0 0 , 0 0 0 $3 5 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 5 , 0 0 0 , 0 0 0 $5 0 , 0 0 0 , 0 0 0 $5 5 , 0 0 0 , 0 0 0 $6 0 , 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 177 102 Co m b i n e d P r o p e r t y T a x R e v e n u e s $4 0 , 7 8 4 , 2 5 5 $5 8 , 2 5 4 , 9 8 8 y = 3E+06x + 4E+07 R² = 0.9214 $0 $10 , 00 0 , 0 0 0 $2 0 , 0 0 0 , 0 0 0 $3 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $5 0 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $7 0 , 0 0 0 , 0 0 0 20 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 2 0 1 6 2 0 1 7 2 0 1 8 Combined Property Tax Revenues Collected Linear (Combined Property Tax Revenues Collected)030116apr HC BOC Page 178 103 C o m b i n e d C o l l e c t i o n % 91 . 8 0 5 % 92.110%99.685% 86 % 88 % 90 % 92 % 94 % 96 % 98 % 10 0 % 10 2 % 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 179 104 92 . 4 7 5 % 92 . 1 1 0 % 99 . 6 8 5 % y = 0.011x + 0.8984 R² = 0.6035 86 . 0 0 % 88 . 0 0 % 90 . 0 0 % 92 . 0 0 % 94 . 0 0 % 96 . 0 0 % 98 . 0 0 % 10 0 . 0 0 % 20 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 2 0 1 6 2 0 1 7 Combined Collection Percentage Linear (Combined Collection Percentage) Co m b i n e d C o l l e c t i o n P e r c e n t a g e 030116apr HC BOC Page 180 Pr o p e r t y T a x R a t e (p e r $ 1 0 0 v a l u a t i o n ) 105 $0 . 7 3 5 0 $0 . 7 2 5 0 $0.7500 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 181 Pe r c e n t a g e C h a n g e 106 -5 . 0 0 % 0. 0 0 % 5. 0 0 % 10 . 0 0 % 15 . 0 0 % 20 . 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 Pr o p e r t y V a l u a t i o n Ta x L e v y Ta x R e v e n u e s C o l l e c t e d 030116apr HC BOC Page 182 OP E B 107 030116apr HC BOC Page 183 108 Em p l o y e e P o s t - E m p l o y m e n t M e d i c a l I n s u r a n c e B e n e f i t At r e t i r e m e n t a l l e m p l o y e e s h a v e t h e o p t i o n t o p u r c h a s e b a s i c m e d i c a l i n s u r a n c e a t t h e C o u n t y ' s gr o u p r a t e . Th e C o u n t y a d m i n i s t e r s a s i n g l e - e m p l o y e r d e f i n e d b e n e f i t H e a l t h c a r e B e n e f i t s P l a n ( t h e " p l a n " ) . o Th i s p l a n p r o v i d e s p o s t - e m p l o y m e n t h e a l t h c a r e b e n e f i ts t o r e t i r e e s o f t h e c o u n t y , p r o v i d e d th e y p a r t i c i p a t e i n t h e N C L o c a l G o v e r n m e n t a l E m p l o y e e s R e t i r e m e n t S y s t e m , a n d h a v e a t l e a s t 15 y e a r s (2 0 y e a r s i f h i r e d a f t e r J u l y 1 , 2 0 1 5 ) o f s e r v i c e w i t h t h e C o u n t y an d a r e a c t i v e l y em p l o y e d w i t h t h e C o u n t y a t t h e t i m e o f r e t i r e m e n t . Th e e n t i r e c o s t f o r i n d i v i d u a l o n l y c o v e r a g e i s p a i d b y t h e C o u n t y f o r t h o s e e m p l o y e e s , u n t i l a g e 65 , w h o r e t i r e w i t h 3 0 y e a r s o f s e r v i c e . Th o s e e m p l o y e e s w h o r e t i r e w i t h l e s s t h a n 3 0 y e a r s o f s e r v i c e w i t h t h e C o u n t y r e c e i v e b e n e f i t s on a p r o r a t e d b a s i s . 030116apr HC BOC Page 184 109 Em p l o y e e P o s t - E m p l o y m e n t M e d i c a l I n s u r a n c e B e n e f i t FY E 2 0 1 5 F Y E 2 0 1 4 f y e 2 0 1 3 f y e 2 0 1 2 f y e 2 0 1 1 de c 2 0 1 4 d e c 2 0 1 2 d e c 2 0 1 2 d e c 2 0 1 0 d e c 2 0 1 0 Re t i r e e M e m b e r s 130 1 0 4 1 0 4 9 6 96 Ge n e r a l E m p l o y e e s 74 0 7 1 4 7 1 4 7 3 8 7 3 8 La w E n f o r c e m e n t M e m b e r s 12 1 1 2 0 1 2 0 1 1 2 1 1 2 99 1 9 3 8 9 3 8 9 4 6 9 4 6 A n n u a l O P E B C o s t 1, 8 9 2 , 4 8 3 $ 1, 8 3 5 , 4 5 2 $ 2, 0 0 1 , 6 5 3 $ 1, 9 4 1 , 1 5 5 $ 1,948,477$ Em p l o y e r c o n t r i b u t i o n s m a d e d u r i n g y e a r ( 5 1 5 , 2 3 8 ) $ (5 1 1 , 3 5 2 ) $ (5 2 9 , 7 2 5 ) $ (5 3 7 , 0 8 2 ) $ (499,567)$ In c r e a s e ( d e c r e a s e ) i n N E T O P E B 1, 3 7 7 , 2 4 5 $ 1, 3 2 4 , 1 0 0 $ 1, 4 7 1 , 9 2 8 $ 1, 4 0 4 , 0 7 3 $ 1,448,910$ Ne t o p e b b e g i n n i n g o f f i s c a l y e a r 8, 7 7 9 , 6 5 8 $ 7, 4 5 5 , 5 5 8 $ 5, 9 8 3 , 6 3 0 $ 4, 5 7 9 , 5 5 7 $ 3,130,647$ Ne t o p e b e n d o f f i s c a l y e a r 10 , 1 5 6 , 9 0 3 $ 8, 7 7 9 , 6 5 8 $ 7, 4 5 5 , 5 5 8 $ 5, 9 8 3 , 6 3 0 $ 4,579,557$ Th e i n f o r m a t i o n p r e s e n t e d b e l o w r e f l e c t s a n a c t u a r i a l e v a l u a t i o n s t u d y w h i c h i s c o n d u c t e d e v e r y tw o y e a r s . Th e a n n ua l r e q u i r e d c o n t r i b u t i o n ( A R C ) r e p r e s e n t s a l e v e l o f f u n d i n g t h a t , i f p a i d o n a n o n g o i n g ba s i s i s p r o j e c t e d t o c o v e r n o r m a l c o s t e a c h y e a r a n d a m o r t i z e a n y u n f u n d e d a c t u a r i a l l i a b i l i t i e s or f u n d i n g e x c e s s o v e r a p e r i o d n o t t o e x c e e d t h i r t y y e a r s . 030116apr HC BOC Page 185 OP E B v s . A n n u a l M e d i c a l C o s t 110 $3,156,548 $3,130,647 $4,579,557 $5,983,630 $7,455,558 $8,779,658 $10,156,903 $6 , 1 6 9 $6 , 8 8 1 $4 , 9 9 1 $6,996 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 2015Net OPEB Annual Medical Insurance Cost 030116apr HC BOC Page 186 OP E B v s . M e m b e r s h i p C o u n t 111 $3 , 1 5 6 , 5 4 8 $3 , 1 3 0 , 6 4 7 $4 , 5 7 9 , 5 5 7 $5 , 9 8 3 , 6 3 0 $7 , 4 5 5 , 5 5 8 $8 , 7 7 9 , 6 5 8 $1 0 , 1 5 6 , 9 0 3 41 96 13 0 62 9 73 8 740 15 6 10 6 121 - 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 2015Net OPEB Retiree Members General Employees Law Enforcement Members 030116apr HC BOC Page 187 112 An n u a l M e d i c a l I n s u r a n c e C o s t -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 Annual Medical Insurance Cost Low Average High 030116apr HC BOC Page 188 113 G e n e r a l E m p l o y e e s 73 8 74 0 831 7 0 0 72 0 7 4 0 7 6 0 7 8 0 8 0 0 8 2 0 8 4 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 2020GeneralEmployeesProjectedGeneralEmployees 030116apr HC BOC Page 189 114 L a w E n f o r c e m e n t M e m b e r s 11 2 12 1 138 1 0 0 1 0 5 1 1 0 1 1 5 1 2 0 1 2 5 1 3 0 1 3 5 1 4 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 2020LawEnforcementMembersProjected Law Enforcement Members 030116apr HC BOC Page 190 115 R e t i r e e M e m b e r s 96 13 0 453 7 5 1 2 5 1 7 5 2 2 5 2 7 5 3 2 5 3 7 5 4 2 5 4 7 5 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 2020RetireeMembersProjectedRetireeMembers 030116apr HC BOC Page 191 116 T o t a l M e m b e r s 94 6 99 1 1,218 8 5 0 90 0 9 5 0 1 , 0 0 0 1 , 0 5 0 1 , 1 0 0 1 , 1 5 0 1 , 2 0 0 1 , 2 5 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 2020Total Members Projected Total Members 030116apr HC BOC Page 192 SU M M A R Y 117 030116apr HC BOC Page 193 Ge n e r a l Fu n d Re v e n u e s v s . E x p e n d i t u r e s 118 $0 $2 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $6 0 , 0 0 0 , 0 0 0 $8 0 , 0 0 0 , 0 0 0 $1 0 0 , 0 0 0 , 0 0 0 $1 2 0 , 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 Total Revenues Total Expenditures 030116apr HC BOC Page 194 119 2 0 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 2015 $9,845,746 $13,269,357 $13,642,898 $9,327,602 $8,858,325 $11,279,350 $11,197,107 $15,559,942 $18,732,095 $19,417,388 Un a s s i g n e d F u n d B a l a n c e 030116apr HC BOC Page 195 Fu n d B a l a n c e P e r c e n t a g e 120 11.62%11.62%11.62%11.62% 14.17%14.17%14.17%14.17% 13.96%13.96%13.96%13.96% 9.15%9.15%9.15%9.15% 8.94%8.94%8.94%8.94% 11.31%11.31%11.31%11.31% 11.10%11.10%11.10%11.10% 14.96%14.96%14.96%14.96% 18.13%18.13%18.13%18.13% 17.89%17.89%17.89%17.89% 15 . 0 0 % 27 . 4 5 % 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 Fund Balance %County Policy State Pier Group 030116apr HC BOC Page 196 CA P I T A L IM P R O V E M E N T PL A N 121 030116apr HC BOC Page 197 122 CA P I T A L I M P R O V E M E N T P L A N A C a p i t a l I m p r o v e m e n t P l a n w i l l a ll o w t h e C o u n t y t o b e p r o a c t i v e , r a t h e r t h a n r e a c t i v e , in t h e p r o c u r e m e n t o f c a p i t a l th r o u g h a p l a n n e d a n d s y s t e m a t i c a p p r o a c h . T h i s p l a n w i l l in c l u d e t h e f o l l o w i n g : Su b m i s s i o n o f 5 - 1 0 - 2 0 y e a r p l a n s f r o m d e p a r t m e n t s . T h i s w i l l a l l o w ma n a g e m e n t t o c o o r d i n a t e a n d p l a n f o r c u r r e n t A N D f u t u r e n e e d s Es t a b l i s h a “ C a p i t a l R e s e r v e ” F u n d f u n d e d b y a n n u a l a p p r o p r i a t i o n s Pr e d e t e r m i n e d a m o u n t s t r a n s f e r r e d a n n u a l l y f o r t h e S h e r i f f , E M S a n d G e n e r a l Go v e r n m e n t “U n s p e n t ” f u n d s w o u l d r e m a i n f o r f u t u r e u s e ; b u i l d i n g f u n d e q u i t y Re v e n u e f r o m a s s e t s s o l d w o u l d b e d e p o s i t e d t o t h i s f u n d a s w e l l a s i n s u r a n c e pr o c e e d s f o r t o t a l e d v e h i c l e s Ut i l i z e C o u n t y p e r s o n n e l ( g a r a g e a n d d e p a r t m e n t ) t o e v a l u a t e r e q u e s t s Av o i d i s s u i n g d e b t f o r a s s e t s w i t h a u s e f u l l i f e o f l e s s t h a n 1 0 y e a r s Es t a b l i s h a “ r a n k i n g ” s y s t e m t o f a c i l i t a t e “ p l a n n i n g ” a n d a v o i d “ k n e e - j e r k ” de c i s i o n s 030116apr HC BOC Page 198 123 CA P I T A L I M P R O V E M E N T P L A N Ca p i t a l w o u l d b e “r a n k e d ” ut i l i z i n g tw o sp e c i f i c s e l e c t i o n c r i t e r i a : o Ra t i n g S c a l e C r i t e r i a o f 1 , 5 o r 9 t o a d d r e s s t h r e e c r i t e r i a : Pr o j e c t R e q u i r e m e n t s – i s i t r e q u i r e d t o m e e t l e g a l , c o m p l i a n c e , o r re g u l a t o r y m a n d a t e s St r a t e g i c A l i g n m e n t – t o w h a t e x t e n d i s t h e p r o j e c t a l i g n e d w i t h t h e go v e r n m e n t ’ s o v e r a l l s t r a t e g i e s Va l u e t o C i t i z e n s – h o w m u c h v a l u e w i l l t h e o u t c o m e o f t h i s p r o j e c t br i n g t o o u r c i t i z e n s ? 030116apr HC BOC Page 199 124 CA P I T A L I M P R O V E M E N T P L A N o Pr i o r i t y R a n k i n g C r i t e r i a wi t h we i g h t ed fa c t o r s to d e t e r m i n e “ s c o r e ” based up o n t h e f o l l o w i n g ( s a m p l e ) : Pu b l i c a n d E m p l o y e e h e a l t h a n d s a f e t y Fr e q u e n t p r o b l e m s a n d o n g o i n g o p e r a t i o n c o s t s Co s t o f p r o j e c t Ge n e r a t e s r e v e n u e a n d / o r c o s t s a v i n g s Ag e o r c o n d i t i o n o f e x i s t i n g Pu b l i c b e n e f i t Re g u l a t o r y m a n d a t e 030116apr HC BOC Page 200 125 Cap i t a l O u t l a y P u r c h a s e / L e a s e H i s t o r y - G e n e r a l F u n d Fu n c t i o n 20 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 Ge n e r a l G o v e r n m e n t Hu m a n R e s o u r c e s - $ - $ - $ - $ -$ Fi n a n c e - - - - - Ta x - - - - - Ge n e r a l S e r v i c e s - - 6 , 9 3 4 - 1 0 , 7 3 2 Pu b l i c B u i l d i n g s - 1 9 , 0 5 5 12 , 6 2 6 14 5 , 1 3 1 48,352 IT 15 , 0 0 0 - 9 4 , 8 4 4 - - 15 , 0 0 0 19 , 0 5 5 11 4 , 4 0 4 14 5 , 1 3 1 59,084 Pu b l i c S a f e t y Sh e r i f f 54 , 5 8 3 54 5 , 9 0 4 44 7 , 8 7 6 36 , 3 2 7 424,902 Co m m u n i c a t i o n s - - - - - Em e r g e n c y S e r v i c e s - - - - 3 2 , 7 2 1 Em e r g e n c y M e d i c a l 46 , 9 7 9 81 , 1 0 9 40 0 , 0 1 2 - 3 5 , 1 0 2 Em e r g e n c y M e d i c a l T r a n s p o r t - - - 1 2 , 1 5 0 46,632 Sh e r i f f ' s D e p t G r a n t 60 , 0 9 9 - - - - A n i m a l C o n t r o l - - - - 2 3 , 0 8 6 Em e r g e n c y T e l e p h o n e S y s t e m - 5 7 , 9 5 6 - 4 5 , 0 0 0 - 16 1 , 6 6 1 68 4 , 9 6 9 84 7 , 8 8 8 93 , 4 7 7 562,443 030116apr HC BOC Page 201 126 Cap i t a l O u t l a y P u r c h a s e / L e a s e H i s t o r y - G e n e r a l F u n d Fu n c t i o n 20 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 En v i r o n m e n t a l P r o t e c t i o n So i l & W a t e r - - - - - Tr a n s p o r t a t i o n Je t p o r t - - - - - Ec 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 De v e l o p m e n t S e r v i c e s - - - - 4 5 , 7 3 2 Hu m a n S e r v i c e s He a l t h 39 , 6 6 1 - - - - So c i a l S e r v i c e s 42 , 9 1 8 - 3 7 , 4 6 1 - 3 2 2 , 4 9 5 Ve t e r a n s - - - - - Re s t i t u t i o n - - 1 9 , 4 1 6 - - 82 , 5 7 9 - 5 6 , 8 7 7 - 3 2 2 , 4 9 5 Cu l t u r a l & R e c r e a t i o n a l Pa r k s & R e c r e a t i o n 8, 9 9 3 - 5 , 0 0 0 8, 6 0 0 - Ca p i t a l O u t l a y E x p e n d i t u r e s 52 7 , 4 7 3 1, 4 0 8 , 0 4 8 2, 0 4 3 , 3 3 8 48 5 , 8 1 6 1,933,776 030116apr HC BOC Page 202 127 Cap i t a l O u t l a y P u r c h a s e / L e a s e H i s t o r y - G e n e r a l F u n d Fu n c t i o n 20 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 Le a s e D e b t : ( e x c l u d e s v i p e r ) In t e r e s t p a y m e n t s 13 , 9 1 7 10 , 0 1 0 8, 5 3 0 12 , 5 3 3 11,968 Pr i n c i p a l p a y m e n t s 19 8 , 7 3 0 20 6 , 7 3 4 22 1 , 7 4 6 25 4 , 2 3 2 234,956 21 2 , 6 4 7 21 6 , 7 4 4 23 0 , 2 7 5 26 6 , 7 6 5 246,924 TO T A L C A P I T A L E X P E N D I T U R E S 9 5 2 , 7 6 6 $ 1, 8 4 1 , 5 3 6 $ 2, 5 0 3 , 8 8 9 $ 1, 0 1 9 , 3 4 5 $ 2,427,624$ Ca p i t a l L e a s e d e b t i s s u e d : Ta x - $ - $ - $ - $ -$ Sh e r i f f 24 5 , 9 8 0 34 2 , 4 7 6 68 1 , 6 8 5 - EM S 79 , 9 9 9 40 0 , 0 1 2 14 8 , 4 7 0 - Pa r k s & R e c r e a t i o n - - - - - - $ 3 2 5 , 9 7 9 $ 74 2 , 4 8 8 $ 83 0 , 1 5 5 $ -$ 030116apr HC BOC Page 203 128 Ha r n e t t C o u n t y 5 Y e a r C a p i t a l I m p r o v e m e n t P l a n 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 St u d i e s / P l a n s Fi r e & E M S S t u d y f o r a l l d e p t s 45, 0 0 0 $ 45 , 0 0 0 $ Up d a t e t h e C o m p r e h e n s i v e Pa r k s & R e c r e a t i o n M a s t e r P l a n 30 , 0 0 0 $ 30 , 0 0 0 $ Su b t o t a l S t u d i e s / 7 5 , 0 0 0 $ 7 5 , 0 0 0 $ - $ - $ - $ Eq u i p m e n t EM S - 1 5 Z o l l X m o n i t o r s ( d e b t ser v i c e ) 10 5 , 0 0 0 $ 10 5 , 0 0 0 $ 10 5 , 0 0 0 $ 10 5 , 0 0 0 $ 10 5 , 0 0 0 $ FM - T u r n - o u t g e a r / S C B A re p l a c e m e n t 20 , 0 0 0 $ He a l t h D e p t - C o u l t e r M a c h i n e 11 , 0 0 0 $ Ai r p o r t - I L S s y s t e m c o m p l e t i o n ? Ai r p o r t - M o v e A W O S eq u i p m e n t ? Ai r p o r t - I n c r e a s e a p r o n a r e a i n fro n t o f F u e l T a n k ; i n c l u d e s he l i p a d 16 8 , 4 0 0 $ $1.684M total with 10% county match; #1 STIP project funding request Se c u r i t y c a m e r a s f o r e x t e r i o r o f Co u r t h o u s e ( C l e r k o f C o u r t ) 76 , 0 0 0 $ Up f i t f o r C o u r t r o o m 7 o n 3 r d fl o o r ? 030116apr HC BOC Page 204 129 Ha r n e t t C o u n t y 5 Y e a r C a p i t a l I m p r o v e m e n t P l a n 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 Co u r t r o o m B e n c h e s f o r co u r t r o o m # 2 60 , 0 0 0 $ Ne w s o u n d s y s t e m s f o r a l l co u r t r o o m s ( 6 @ $ 8 0 , 0 0 0 e a c h ) 96 , 0 0 0 $ 96 , 0 0 0 $ 96 , 0 0 0 $ 96 , 0 0 0 $ 96 , 0 0 0 $ Wa l l s f o r o f f i c e s i n C l e r k o f Co u r t ' s s u i t e ? Al t e r n a t e h e a t f o r f r o n t h a l l i n Cou r t h o u s e ? Ad d i t i o n a l g e n e r a t o r f o r S h e r i f f ' s Off i c e a n d D e t e n t i o n C e n t e r ? Su b t o t a l E q u i p m e n t 3 8 0 , 4 0 0 $ 3 3 7 , 0 0 0 $ 20 1 , 0 0 0 $ 20 1 , 0 0 0 $ 22 1 , 0 0 0 $ F a c i l i t i e s M a i n t e n a n c e Ro o f P r o j e c t s : DSS / H e a l t h / C o m m o n s 60 0 , 0 0 0 $ IT R o o f o n b a c k b u i l d i n g 8, 5 0 0 $ An d e r s o n C r e e k G y m R o o f 10 0 , 0 0 0 $ Wi n d o w s : Sh a w t o w n w i n d o w r e p l a c e m e n t 60 , 0 0 0 $ HV A C / E l e c t r i c a l : Sh a w t o w n H V A C / e l e c t r i c a l 80 , 0 0 0 $ Sh a w t o w n G y m HV A C / e l e c t r i c a l ( P A L ) 40 , 0 0 0 $ 030116apr HC BOC Page 205 130 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 i t a l I m p r o v e m e n t P l a n EO C b l d g & r e l o c a t e g e n e r a t o r 12 0 , 0 0 0 $ Co u r t h o u s e H V A C 57 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ BO C M e e t i n g R o o m r e n o v a t i o n s 30 , 0 0 0 $ Ha n d i c a p d o o r s a t C o u r t h o u s e 80 , 0 0 0 $ Pa v i n g : Go v t C o m p l e x P a r k i n g l o t 60 0 , 0 0 0 $ Sh e r i f f ' s P a r k i n g l o t & a d d i t i o n 50 , 0 0 0 $ Li b r a r y P a r k i n g L o t 15 , 0 0 0 $ De m o l i t i o n : Bo o n e T r a i l D e m o l i t i o n 22 0 , 0 0 0 $ An d e r s o n C r e e k L i b r a r y De m o l i t i o n 15 0 , 0 0 0 $ Ol d J a i l D e m o l i t i o n 10 0 , 0 0 0 $ Su b t o t a l F a c i l i t i e s Ma i n t e n a n c e 53 5 , 5 0 0 $ 97 0 , 0 0 0 $ 7 5 , 0 0 0 $ 9 5 5 , 0 0 0 $ 75 , 0 0 0 $ F a c i l i t i e s - N e w N e w f a c i l i t i e s & f l e e t m a i n t fa ci l i t y w i t h n e w e q u i p m e n t - 4 dr i v e t h r u b a y / 8 s e r v i c e a r e a s ? An i m a l S e r v i c e s A d d i t i o n 284 , 0 0 0 $ An i m a l S e r v i c e s E x p a n s i o n f o r qu a r a n t i n e a n i m a l s ? 030116apr HC BOC Page 206 131 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 i t a l I m p r o v e m e n t P l a n HA R T S - I n s t i t u t e C a l l C e n t e r 18 0 , 0 0 0 $ office space & infra Ne w F u e l F a c i l i t y - A i r p o r t 12 0 , 0 0 0 $ $1.24M project with 10% local match (#12 on STIP) Bo a r d o f E l e c t i o n s s t o r a g e fa c i l i t y f o r v o t i n g e q u i p m e n t ? Pr o v i d e b r a n c h l i b r a r y i n sou t h w e s t e r n H a r n e t t ? Co n s o l i d a t i o n o f t o w n l i b r a r i e s int o H C L i b r a r y S y s t e m ? He a l t h / D S S e x p a n s i o n 20, 0 0 0 , 0 0 0 $ Mi n i m i z e l e a s i n g - j u v e n i l e & ad u l t p r o b a t i o n , c h i l d s u p p o r t Ve t e r a n s - N e w s t o r a g e f a c i l i t y a t pa r k ( 1 2 x 2 0 w / c o n c r e t e f l o o r ) Ve t e r a n s - S a t e l l i t e l o c a t i o n i n We s t e r n H a r n e t t a n d / o r D u n n ? possible Benhaven site Su b t o t a l F a c i t l i t i e s - N e w - $ 1 2 0 , 0 0 0 $ 20 , 2 8 4 , 0 0 0 $ 18 0 , 0 0 0 $ - $ Re c r e a t i o n Ne i l l s C r e e k P a r k u p d a t e s - co n c r e t e , s c h o o l c o n n e c t o r s , re n o v a t e r e s t r o o m s , co n c e s s i o n s , t e n n i s c o u r t s @ $1 3 5 , 0 0 0 13 5 , 0 0 0 $ 030116apr HC BOC Page 207 132 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 i t a l I m p r o v e m e n t P l a n Er w i n R i v e r P a r k - p i c n i c s h e l t e r & e x p a n d t r a i l s bl u e w a y s a n d g r e e n w a y s Fa i r g r o u n d s P a r k An d e r s o n C r e e k G y m u p d a t e s Pa r k s & R e c T r u s t F u n d M a t c h (i f a w a r d e d ) 12 5 , 0 0 0 $ 12 5 , 0 0 0 $ He a l t h - E s t a b l i s h a w a l k i n g t r a i l fo r e m p l o y e e s ? includes all departments Re c r e a t i o n F u n d 75 , 0 0 0 $ 7 5 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ Su b t o t a l R e c r e a t i o n 2 1 0 , 0 0 0 $ 20 0 , 0 0 0 $ 20 0 , 0 0 0 $ 75 , 0 0 0 $ 75 , 0 0 0 $ N e w f i n a n c i a l s o f t w a r e (so f t w a r e f u n d ) 25 0 , 0 0 0 $ 25 0 , 0 0 0 $ 25 0 , 0 0 0 $ Pu r c h a s e n e w p e r m i t t i n g a n d de v e l o p m e n t t r a c k i n g s o f t w a r e (s o l f t w a r e f u n d ) 50 , 0 0 0 $ 50 , 0 0 0 $ 50 , 0 0 0 $ Ex p a n d N o r t h W o o d s i n t o I M , Ch i l d S u p p o r t , W o r k F i r s t , D a y Ca r e a n d C l e r i c a l ( s o f t w a r e fu n d ) 15 0 , 0 0 0 $ 15 0 , 0 0 0 $ 15 0 , 0 0 0 $ 15 0 , 0 0 0 $ 15 0 , 0 0 0 $ total cost: $750,000 (reimb estimated at $257k and have already been taken out) FM - I n t e g r a t e d p l a n r e v i e w sy s t e m ( s o f t w a r e 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 i t a l I m p r o v e m e n t P l a n Up d a t e i n s p e c t i o n , f i r e r e p o r t i n g so f t w a r e ( s o f t w a r e f u n d ) 50,000 $ HA R T S - t e c h n o l o g y u p g r a d e s (s o f t w a r e f u n d ) 46 , 5 8 8 $ DriverMate software An i m a l S v c s - M o d e r n i z e t e c h eq u i p m e n t ? Up g r a d e V I P E R p o r t a b l e ra d i o s - p u b l i c s a f e t y 10 0 , 0 0 0 $ 10 0 , 0 0 0 $ 10 0 , 0 0 0 $ 10 0 , 0 0 0 $ 10 0 , 0 0 0 $ Co u n t y w e b s i t e r e d e s i g n 25 , 0 0 0 $ wa i t i n g r o o m s , l o b b i e s , e t c . ( I T fu n d ) ? ? ? ? ? computer supplies Su b t o t a l So f t w a r e / T e c h n o l o g y 5 5 0 , 0 0 0 $ 5 9 6 , 5 8 8 $ 5 7 5 , 0 0 0 $ 2 5 0 , 0 0 0 $ 25 0 , 0 0 0 $ Ve h i c l e s ES V e h i c l e s - a m b u l a n c e s , QR V s , w h e e l c h a i r v a n s , m o b i l e co m m a n d p o s t , o t h e r s 35 0 , 0 0 0 $ 35 0 , 0 0 0 $ 35 0 , 0 0 0 $ 35 0 , 0 0 0 $ 35 0 , 0 0 0 $ Captital Reserve Fund for Emergency Services An i m a l S e r v i c e s - q t y : 4 ; F 1 5 0 4x 4 (f l e e t f u n d ) Ga r a g e n o n - e m e r g e n c y v e h i c l e s (f l e e t f u n d ) Yo u t h S e r v i c e s - t y : 1 2 0 ' 8 - 1 0 pa s s e n g e r v a n (f l e e t f u n d ) 030116apr HC BOC Page 209 134 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 i t a l I m p r o v e m e n t P l a n Pa r k s & R e c r e p l a c e m e n t o f 20 0 4 F 2 5 0 t r u c k (f l e e t f u n d ) So i l & W a t e r a d d 2 n d v e h i c l e (f l e e t f u n d ) Ta x O f f i c e - r e p l a c e 1 - 2 ve h i c l e s (f l e e t f u n d ) Co o p E x t - w o u l d l i k e t o b e co n s i d e r e d f o r u s e d n e w e r o r la r g e r v e h i c l e s ( 1 5 p a s s e n g e r va n o r l a r g e r ) Fl e e t F u n d 25 0 , 0 0 0 $ 2 5 0 , 0 0 0 $ 25 0 , 0 0 0 $ 25 0 , 0 0 0 $ 25 0 , 0 0 0 $ Sh e r i f f C a p i t a l F u n d 40 0 , 0 0 0 $ 40 0 , 0 0 0 $ 40 0 , 0 0 0 $ 40 0 , 0 0 0 $ 40 0 , 0 0 0 $ Su b t o t a l V e h i c l e s 1 , 0 0 0 , 0 0 0 $ 1 , 0 0 0 , 0 0 0 $ 1 , 0 0 0 , 0 0 0 $ 1 , 0 0 0 , 0 0 0 $ 1 , 0 0 0 , 0 0 0 $ -$ TO T A L 2,7 5 0 , 9 0 0 $ 3, 2 9 8 , 5 8 8 $ 22 , 3 3 5 , 0 0 0 $ 2, 6 6 1 , 0 0 0 $ 1, 6 2 1 , 0 0 0 $ 1 5 0 , 0 0 0 $ 030116apr HC BOC Page 210 135 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 i t a l I m p r o v e m e n t P l a n Ot h e r I t e m s EO C F u r n i t u r e r e p l a c e m e n t 70,000 $ Em e r g e n c y S e r v i c e s S p e c i a l ne e d s s h e l t e r e q u i p m e n t 25,000 $ Em e r g e n c y S e r v i c e s - U p g r a d e to I D C r e d e n t i a l i n g s y s t e m 20,000 $ talk with IT for countywide system Em e r g e n c y S e r v i c e s - 2 ad d i t i o n a l s h e l t e r t r a i l e r eq u i p m e n t 20,000 $ Em e r g e n c y S e r v i c e s - wa r e h o u s e a n d m a t e r i a l h a n d l i n g eq u i p m e n t w i t h 2 f o r k l i f t s 400,000 $ Em e r g e n c y S e r v i c e s - Pe r m a n e n t D i s a s t e r F u n d s (A l l o c a t e d i n B u d g e t e a c h y e a r ) 50,000 $ already budgeted 58 5 , 0 0 0 $ 030116apr HC BOC Page 211 FU T U R E CO U N T Y DE B T 136 030116apr HC BOC Page 212 137 Ou t s t a n d i n g C o u n t y D e b t b y T y p e a t J u n e 3 0 , 2 0 2 4 Ge n e r a l Go v e r n m e n t 13 . 2 0 % Ed u c a t i o n 66 . 1 4 % Pu b l i c Ut i l i t i e s 19 . 6 6 % So l i d W a s t e 1.00 % 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 s t a n d i n g G e n e r a l F u n d D e b t b y T y p e a t J u n e 3 0 , 2 0 2 4 Ge n e r a l Go v e r n m e n t 16 . 6 4 % Ed u c a t i o n 83 . 3 6 % 2024 Ge n e r a l G o v e r n m e n t 41,224,316$ Edu c a t i o n 206,499,131$ Tot a l D e b t 247,723,447$ 030116apr HC BOC Page 214 139 T o t a l F u t u r e D e b t - C a s e # 1 Ca s e 1 : o Re f i n a n c i n g o f 2 0 0 9 C O P s ( F Y 2 0 1 6 ) o Is s u e $ 2 . 2 M i l l i o n o f Q S C B s ( F Y 2 0 1 6 ) 030116apr HC BOC Page 215 140 T o t a l F u t u r e D e b t - C a s e # 1 $2 0 4 , 6 6 4 , 0 3 9 $2 0 5 , 4 3 1 , 3 9 0 $194,205,171 $1 7 5 , 0 0 0 , 0 0 0 $1 8 5 , 0 0 0 , 0 0 0 $1 9 5 , 0 0 0 , 0 0 0 $2 0 5 , 0 0 0 , 0 0 0 $2 1 5 , 0 0 0 , 0 0 0 $2 2 5 , 0 0 0 , 0 0 0 $2 3 5 , 0 0 0 , 0 0 0 $2 4 5 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Total Future Debt - Case # 1 Projected Total Future Debt - Case # 1 030116apr HC BOC Page 216 141 T o t a l F u t u r e D e b t - C a s e # 2 Ca s e 2: o Re f i n a n c i n g o f 2 0 0 9 C O P s ( F Y 2 0 1 6 ) o Is s u e $ 2 . 2 M i l l i o n o f Q S C B s ( F Y 2 0 1 6 ) o Is s u e $ 2 3 M i l l i o n o f G O s f o r B e n h a v e n E l e m e n t a r y ( F Y 2 0 1 7 ) 030116apr HC BOC Page 217 142 T o t a l F u t u r e D e b t - C a s e # 2 $2 0 4 , 6 6 4 , 0 3 9 $2 2 6 , 9 9 3 , 3 7 0 $216,101,563 $1 8 5 , 0 0 0 , 0 0 0 $1 9 0 , 0 0 0 , 0 0 0 $1 9 5 , 0 0 0 , 0 0 0 $2 0 0 , 0 0 0 , 0 0 0 $2 0 5 , 0 0 0 , 0 0 0 $2 1 0 , 0 0 0 , 0 0 0 $2 1 5 , 0 0 0 , 0 0 0 $2 2 0 , 0 0 0 , 0 0 0 $2 2 5 , 0 0 0 , 0 0 0 $2 3 0 , 0 0 0 , 0 0 0 $2 3 5 , 0 0 0 , 0 0 0 $2 4 0 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Total Future Debt - Case # 2 Projected Future Debt -Case # 2 030116apr HC BOC Page 218 143 T o t a l F u t u r e D e b t - C a s e # 3 Ca s e 3: o Re f i n a n c i n g o f 2 0 0 9 C O P s ( F Y 2 0 1 6 ) o Is s u e $ 2 . 2 M i l l i o n o f Q S C B s ( F Y 2 0 1 6 ) o Is s u e $ 2 3 M i l l i o n o f G O s f o r B e n h a v e n E l e m e n t a r y ( F Y 2 0 1 7 ) o Is s u e $ 2 0 M i l l i o n o f I n s t a l l m e n t F i n a n c i n g / L O B s f o r G o v e r n m e n t C e n t e r ( F Y 2 0 2 0 ) 030116apr HC BOC Page 219 144 T o t a l F u t u r e D e b t - C a s e # 3 $2 0 4 , 6 6 4 , 0 3 9 $2 0 5 , 4 3 1 , 3 9 0 $2 2 6 , 9 9 3 , 3 7 0 $2 4 2 , 2 5 9 , 7 9 9 $235,547,416 $1 8 0 , 0 0 0 , 0 0 0 $1 9 0 , 0 0 0 , 0 0 0 $2 0 0 , 0 0 0 , 0 0 0 $2 1 0 , 0 0 0 , 0 0 0 $2 2 0 , 0 0 0 , 0 0 0 $2 3 0 , 0 0 0 , 0 0 0 $2 4 0 , 0 0 0 , 0 0 0 $2 5 0 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Total Future Debt - Case # 3 Projected Future Debt -Case # 3 030116apr HC BOC Page 220 145 T o t a l F u t u r e D e b t - C a s e # 4 Ca s e 4: o Re f i n a n c i n g o f 2 0 0 9 C O P s ( F Y 2 0 1 6 ) o Is s u e $ 2 . 2 M i l l i o n o f Q S C B s ( F Y 2 0 1 6 ) o Is s u e $ 2 3 M i l l i o n o f G O s f o r B e n h a v e n E l e m e n t a r y ( F Y 20 1 7 ) o Is s u e $ 2 0 M i l l i o n o f I n s t a l l m e n t F i n a n c i n g / L O B s f o r G o v e r n m e n t C e n t e r ( F Y 2 0 2 0 ) o Is s u e $ 6 5 M i l l i o n o f G O s f o r F u t u r e H i g h S c h o o l ( F Y 2 0 20 ) o Is s u e $ 1 2 M i l l i o n o f G O s f o r F u t u r e S c h o o l E x p a n s i o n (F Y 2 0 2 2 ) 030116apr HC BOC Page 221 146 T o t a l F u t u r e D e b t - C a s e # 4 $2 0 4 , 6 6 4 , 0 3 9 $2 0 5 , 4 3 1 , 3 9 0 $2 2 6 , 9 9 3 , 3 7 0 $3 0 7 , 2 5 9 , 7 9 9 $310,579,025 $1 2 5 , 0 0 0 , 0 0 0 $1 4 5 , 0 0 0 , 0 0 0 $1 6 5 , 0 0 0 , 0 0 0 $1 8 5 , 0 0 0 , 0 0 0 $2 0 5 , 0 0 0 , 0 0 0 $2 2 5 , 0 0 0 , 0 0 0 $2 4 5 , 0 0 0 , 0 0 0 $2 6 5 , 0 0 0 , 0 0 0 $2 8 5 , 0 0 0 , 0 0 0 $3 0 5 , 0 0 0 , 0 0 0 $3 2 5 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Total Future Debt - Case # 4 Projected Future Debt -Case # 4 030116apr HC BOC Page 222 147 T o t a l F u t u r e D e b t - C a s e # 5 Ca s e 5: o Re f i n a n c i n g o f 2 0 0 9 C O P s ( F Y 2 0 1 6 ) o Is s u e $ 2 . 2 M i l l i o n o f Q S C B s ( F Y 2 0 1 6 ) o Is s u e $ 2 3 M i l l i o n o f G O s f o r B e n h a v e n E l e m e n t a r y ( F Y 2 0 1 7 ) o Is s u e $ 2 0 M i l l i o n o f I n s t a l l m e n t F i n a n c i n g / L O B s f o r G o v e r n m e n t C e n t e r ( F Y 2 0 2 0 ) o Is s u e $ 1 2 M i l l i o n o f G O s f o r F u t u r e S c h o o l E x p a n s i o n ( F Y 2 0 2 0 ) o Is s u e $ 6 5 M i l l i o n o f G O s f o r F u t u r e H i g h S c h o o l ( F Y 2 0 2 4 ) 030116apr HC BOC Page 223 148 T o t a l F u t u r e D e b t - C a s e # 5 $2 0 4 , 6 6 4 , 0 3 9 $2 0 5 , 4 3 1 , 3 9 0 $2 2 6 , 9 9 3 , 3 7 0 $2 5 4 , 2 5 9 , 7 9 9 $312,214,928 $1 5 0 , 0 0 0 , 0 0 0 $1 7 0 , 0 0 0 , 0 0 0 $1 9 0 , 0 0 0 , 0 0 0 $2 1 0 , 0 0 0 , 0 0 0 $2 3 0 , 0 0 0 , 0 0 0 $2 5 0 , 0 0 0 , 0 0 0 $2 7 0 , 0 0 0 , 0 0 0 $2 9 0 , 0 0 0 , 0 0 0 $3 1 0 , 0 0 0 , 0 0 0 $3 3 0 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 Total Future Debt - Case # 5 Projected Future Debt -Case # 5 030116apr HC BOC Page 224 149 T o t a l F u t u r e D e b t - G e n e r a l F u n d $ - $ 5 0 , 0 0 0 , 0 0 0 $ 1 0 0 , 0 0 0 , 0 0 0 $ 1 5 0 , 0 0 0 , 0 0 0 $ 2 0 0 , 0 0 0 , 0 0 0 $ 2 5 0 , 0 0 0 , 0 0 0 20 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 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 $2 3 , 1 9 9 , 7 8 8 $4 2 , 3 9 9 , 0 8 3 $41,224,316 $1 1 2 , 7 6 3 , 8 7 4 $1 3 6 , 3 7 5 , 3 0 5 $1 4 5 , 5 3 1 , 4 2 4 $206,499,131 Ge n e r a l G o v e r n m e n t Ed u c a t i o n 030116apr HC BOC Page 225 BO A R D O F ED U C A T I O N 150 030116apr HC BOC Page 226 151 T h e f u n d i n g o f p u b l i c s c h o o l s i s t h e r e s p o n s i b i l i t y of b o t h s t a t e a n d c o u n t y g o v e r n m e n t s . “I n 1 8 3 9 , t h e f i r s t y e a r t h a t N o r t h C a r o l i n a ’ s p u b l i c s c h o o l s b e g a n t o f u n c t i o n as a st a t e w i d e s y s t e m , t h e G e n e r a l A s s e m b l y m a d e $ 4 0 a v a i l a b l e t o e a c h s c h o o l d i s t r i c t t h a t ra i s e d $ 2 0 l o c a l l y . T h a t w a s t h e l e g i s l a t u r e ’ s f i r s t s t a b a t d i v i d i n g t h e f i s c a l b u r d e n o f pu b l i c e d u c a t i o n b e t w e e n t h e s t a t e a n d l o c a l g o v e r n m e n t s . T h e s t r u g g l e to find a proper di v i s i o n w h i l e e n s u r i n g f a i r n e s s i n t h e f i n a n c i a l b u r d e n , e q u i t y i n e d u c a t i o n a l op p o r t u n i t i e s , a n d q u a l i t y i n e d u c a t i o n h a s c o n t i n u e d f o r t h e e n s u i n g 1 7 5 y e a r s . ” Co u n t y a n d M u n i c i p a l G o v e r n m e n t , P a r t 9 . E d u c a t i o n 030116apr HC BOC Page 227 152 T h e S t a t e i s p r i m a r i l y r e s p o n s i b l e f o r : Op e r a t i o n a l f u n d i n g a l l o c a t e d o n a n a v e r a g e d a i l y m e m be r s h i p ( A D M ) f o r • Po s i t i o n A l l o t m e n t s – t e a c h e r s a l a r i e s • Do l l a r A l l o t m e n t s – t e x t b o o k s , s u p p l i e s , m a t e r i a l s a n d s o m e p e r s o n n e l s u c h as te a c h e r a s s i s t a n t s a n d c e n t r a l o f f i c e a d m i n i s t r a t i o n p o s i t i o n s . • Ca t e g o r i c a l A l l o t m e n t s – ta r g e t e d s t a t e a p p r o p r i a t i o n s t o a i d s m a l l e r a n d l o w e r we a l t h c o u n t i e s . N o t s u b j e c t t o s t r a i g h t A D M a l l o c a t i o n b u t d i s b u r sed according to d e t a i l e d f o r m u l a s s e t f o r t h i n t h e s t a t e ’ s a n n u a l b u d g e t . C o m m o n a r e al l o t m e n t s f o r c h i l d r e n w i t h d i s a b i l i t i e s , a c a d e m i c a l l y g i f t e d c h i l d r e n , l o w - we a l t h c o u n t i e s , s m a l l s c h o o l s y s t e m s a n d d i s a d v a n t a g e d s t u d e n t s . Some of th e s e a l l o c a t i o n f o r m u l a s f a c t o r i n a c o u n t y ’ s a p p r o p r i a t i o n to t h e s c h o o l u n i t . Fo r e x a m p l e , t h e l o w - we a l t h f o r m u l a i s b a s e d i n p a r t o n t h e c o u n t y ’ s w e a l t h an d w h e t h e r a c o u n t y ’ s a p p r o p r i a t i o n t o t h e s c h o o l u n i t m e e t s a c e r t a i n mi n i m u m - e f f o r t t h r e s h o l d . Fu n d i n g s o u r c e : s t a t e i n c o m e t a x 030116apr HC BOC Page 228 153 T h e C o u n t y i s p r i m a r i l y r e s p o n s i b l e f o r : Fi n a n c i n g s c h o o l c o n s t r u c t i o n Ma i n t e n a n c e o f s c h o o l f a c i l i t i e s Ma y s u p p l e m e n t s t a t e f u n d i n g f o r c u r r e n t e x p e n d i t u r e s 030116apr HC BOC Page 229 154 T h e C o u n t y i s p r i m a r i l y r e s p o n s i b l e f o r : Fu n d i n g s o u r c e : • Lo c a l s a l e s a n d u s e t a x a u t h o r i t y e a r m a r k e d f o r s c h o o l c a p i t a l a n d d e b t : 30 % o f A r t i c l e 4 0 ( ½ c e n t ) a n d 6 0 % o f A r t i c l e 4 2 ( ½ c e n t ) • St a t e S c h o o l C o n s t r u c t i o n F u n d s f u n d e d b y s t a t e ’ s c o r p o r a t e i n c o m e t a x pr o c e e d s Cr i t i c a l S c h o o l F a c i l i t y N e e d s ( C S F N F ) , a b o l i s h e d i n 1 9 9 4 Pu b l i c S c h o o l B u i l d i n g C a p i t a l F u n d ( P S B C F ) , r e q u i r e d $ 1 C o u n t y m a t c h fo r e v e r y $ 3 i n S t a t e f u n d i n g . I n 2 0 0 5 S t a t e a l l o c a t e d 4 0 % o f l o t t e r y pr o c e e d s t o t h i s f u n d w h i c h d i d n o t r e q u i r e a l o c a l m a t c h . I n 2 0 1 3 t h e Ge n e r a l A s s e m b l y r e p e a l e d t h e s t a t u t o r y d i s t r i b u t i o n o f b o t h c o r p o r a t e in c o m e t a x p r o c e e d s a n d l o t t e r y p r o c e e d s t o t h e P S B C F . A l t h o u g h i t h a s no t b e e n a b o l i s h e d , i t i s s u b j e c t t o y e a r l y s t a t e b u d g e t a p p r o p r i a t i o n s . Wh e r e d o w e g o f r o m h e r e ? 030116apr HC BOC Page 230 155 So u r c e s o f F u n d i n g f o r E d u c a t i o n a l P u r p o s e s 20 1 1 20 1 2 20 1 3 20 1 4 2015 Sa l e s T a x A r t i c l e 4 0 1, 2 5 0 , 1 1 3 $ 1, 3 4 1 , 7 2 9 $ 1, 3 9 2 , 4 3 7 $ 1, 4 8 0 , 7 5 5 $ 1,617,397$ A r t i c l e 4 2 2, 5 0 0 , 2 2 7 2, 6 8 3 , 4 5 8 2, 7 8 4 , 8 7 4 2, 9 1 4 , 8 3 6 3,234,794 A r t i c l e 4 6 - - - 4 2 4 , 6 8 1 1,747,520 Pu b l i c S c h o o l C a p i t a l F u n d A D M - - - - - Lo t t e r y 1, 5 7 5 , 5 2 2 1, 2 3 4 , 4 4 4 1, 3 3 3 , 0 1 7 1, 4 2 8 , 8 3 0 1,462,005 To t a l F u n d i n g 5, 3 2 5 , 8 6 2 5, 2 5 9 , 6 3 1 5, 5 1 0 , 3 2 8 6, 2 4 9 , 1 0 2 8,061,716 030116apr HC BOC Page 231 156 20 1 1 20 1 2 20 1 3 20 1 4 2015 A r t i c l e 4 6 - - - - ( 1 , 5 4 0 , 0 0 0 ) A D M - - - - - 5, 3 2 7 , 8 7 3 5, 2 6 1 , 6 4 3 5, 5 1 2 , 3 4 1 6, 2 5 1 , 1 1 6 6,523,731 An n u a l D e b t S e r v i c e 8, 8 8 3 , 2 3 0 10 , 0 3 0 , 8 6 5 9, 2 0 3 , 3 6 5 11 , 5 2 0 , 0 4 3 12,032,313 (3 , 5 5 5 , 3 5 7 ) $ (4 , 7 6 9 , 2 2 2 ) $ (3 , 6 9 1 , 0 2 4 ) $ (5 , 2 6 8 , 9 2 7 ) $ (5,508,582)$ Cu r r e n t E x p e n s e 20 , 2 8 8 , 0 0 4 $ 20 , 2 8 8 , 0 0 4 $ 20 , 2 8 8 , 0 0 4 $ 20 , 5 2 3 , 7 0 0 $ 21,523,700$ Fu n d i n g o v e r / ( u n d e r ) ob l i g a t i o n s Le s s , f u n d s u s e d f o r c a p i t a l an d / o r m a i n t e n a n c e Fu n d s a v a i l a b l e f o r C o u n t y us e So u r c e s o f F u n d i n g f o r E d u c a t i o n a l P u r p o s e s 030116apr HC BOC Page 232 Di s t r i b u t i o n o f E d u c a t i o n Ex p e n s e b y T y p e 157 $0 $5 , 0 0 0 , 0 0 0 $1 0 , 0 0 0 , 0 0 0 $1 5 , 0 0 0 , 0 0 0 $2 0 , 0 0 0 , 0 0 0 $2 5 , 0 0 0 , 0 0 0 Cu r r e n t E x p e n s e Ca p i t a l O u t l a y Debt 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 233 158 T o t a l B o a r d o f 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 Total Board of Education Low Average High 030116apr HC BOC Page 234 159 Lo c a l S c h o o l F i n a n c e Ra n k i n g s - A t - A - G l a n c e Pr o p e r t y A c t u a l A c t u a l A b i l i t y R e l a t i v e Va l u e E f f o r t E f f o r t I I T o P a y E f f o r t Sc h o o l S y s t e m R a n k i n g R a n k i n g R a n k i n g R a n k i n g R a n k i n g Ha r n e t t 9 4 7 6 6 5 9 3 1 3 Ch a t h a m 1 9 4 8 1 0 5 9 Jo h n s t o n 9 2 3 5 4 1 8 1 3 Le e 62 2 7 4 0 5 8 1 4 Sa m p s o n 9 6 8 1 6 3 9 1 2 2 So u r c e : 2 0 1 4 L o c a l S c h o o l F i n a n c e S t u d y b y t h e P u b l i c S c h o o l F o r u m o f N o r t h C a r o l i n a 030116apr HC BOC Page 235 160 Lo c a l S c h o o l F i n a n c e Ra n k i n g s - A t - A - G l a n c e Pr o p e r t y V a l u e R a n k : T h e f i r s t c o l u m n s h o w s c o u n t y r a n k i n g s b a s e d o n t h e r e a l e s t a t e wea l t h a v a i l a b l e i n e a c h c o u n t y . M o s t l o c a l f u n d i n g f o r s c h o o l s c o m e s f r o m p r o p e r t y t a x e s . Co u n t i e s r a n k e d h i g h e r o n t h i s m e a s u r e h a v e m o r e p r o p e r t y a v a i l a b l e f o r p o t e n t i a l t a x a t i o n to s u p p o r t e d u c a t i o n . Ac t u a l E f f o r t R a n k : R a n k i n g s i n t h e s e c o n d c o l u m n r e f l e c t t h e a c t u a l d o l l a r e f f o r t o f cou n t i e s t o f u n d s c h o o l s , w i t h o u t t a k i n g i n t o a c c o u n t p r o p e r t y w e a l t h . C o u n t i e s t h a t s p e n d th e m o s t p e r s t u d e n t r a n k h i g h e s t o n t h i s m e a s u r e . Ac t u a l E f f o r t R a n k I I : T h e r a n k i n g s i n t h e t h i r d c o l u m n s e r v e t h e s a m e p u r p o s e a s t h e sec o n d c o l u m n b u t t a k e i n t o a c c o u n t s u p p l e m e n t a l s t a t e f u n d i n g p r o v i d e d f o r l o w - we a l t h a n d sm a l l c o u n t i e s . T h i s c o l u m n c a n b e a n a l y z e d a l o n g s i d e t h e s e co n d c o l u m n t o s h o w t h e i m p a c t of s u p p l e m e n t a l f u n d i n g o n c o u n t i e s ’ r e l a t i v e r a n k i n g s . Ab i l i t y t o P a y R a n k : T h e f o u r t h c o l u m n ’ s r a n k i n g s r e f l e c t a n a n a l y s i s o f e a c h c o u n t ’ s f i s c a l cap a c i t y t o s u p p o r t p u b l i c s c h o o l s , t a k i n g i n t o a c c o u n t p r o p e r t y v a l u e s a n d n o n - p r o p e r t y t a x re v e n u e s . L a r g e , u r b a n c o u n t i e s t h a t c o m b i n e h i g h a d j u s t e d p r o p e r t y v a l u a t i o n s w i t h b r o a d - ba s e d e c o n o m i c a c t i v i t y a n d h i g h p e r 030116apr HC BOC Page 236 161 Lo c a l S c h o o l F i n a n c e Ra n k i n g s - A t - A - G l a n c e So u r c e : D e p a r t m e n t o f P u b l i c I n s t r u c t i o n , F i n a n c i a l I nfo r m a t i o n , S c h o o l Y e a r 2 0 1 4 - 1 5 , R a n k i n g P e r L E A F i n a l R a n k T o t a l P e r P u p i l R a n k P e r P u p i l P e r P u p i l C a p R a n k C a p Sc h o o l S y s t e m A D M A D M E x p e n d i t u r e s E x p e n d i t u r e s O u t l a y 5 Y r A v g O u t l a y 5 Y r A v g Ha r n e t t 2 0 , 0 9 9 1 8 7 , 9 4 5 112 25 4 . 7 5 78 Ch a t h a m 8 , 3 3 0 4 5 9 , 6 5 0 44 73 7 . 0 9 12 Jo h n s t o n 3 4 , 1 3 7 7 8 , 1 1 9 10 9 25 9 . 6 1 76 Le e 9 , 9 3 6 3 6 8 , 2 7 6 10 3 31 8 . 3 0 62 Sa m p s o n 8 , 4 6 5 4 3 8 , 8 6 4 73 32 7 . 9 1 59 St a t e T o t a l s 1 , 4 3 3 , 5 9 2 0 8 , 7 8 4 0 45 1 . 2 1 0 030116apr HC BOC Page 237 Av e r a g e D a i l y M e m b e r s h i p (A D M M o n t h 1 ) 162 18 , 7 2 6 19 , 7 8 0 20 , 8 1 3 20,408 9,540 34,856 10,178 11,668 5 , 0 0 0 7 , 5 0 0 1 0 , 0 0 0 1 2 , 5 0 0 1 5 , 0 0 0 1 7 , 5 0 0 2 0 , 0 0 0 2 2 , 5 0 0 2 5 , 0 0 0 2 7 , 5 0 0 3 0 , 0 0 0 3 2 , 5 0 0 3 5 , 0 0 0 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 2015 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 238 As s e s s e d V a l u a t i o n 163 $ - $ 2 , 0 0 0 , 0 0 0 , 0 0 0 $ 4 , 0 0 0 , 0 0 0 , 0 0 0 $ 6 , 0 0 0 , 0 0 0 , 0 0 0 $ 8 , 0 0 0 , 0 0 0 , 0 0 0 $ 1 0 , 0 0 0 , 0 0 0 , 0 0 0 $ 1 2 , 0 0 0 , 0 0 0 , 0 0 0 $ 1 4 , 0 0 0 , 0 0 0 , 0 0 0 $ 1 6 , 0 0 0 , 0 0 0 , 0 0 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 239 As s e s s e d V a l u a t i o n / A D M 164 $ - $ 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 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 240 Cu r r e n t E x p e n s e 165 $ - $ 1 0 , 0 0 0 , 0 0 0 $ 2 0 , 0 0 0 , 0 0 0 $ 3 0 , 0 0 0 , 0 0 0 $ 4 0 , 0 0 0 , 0 0 0 $ 5 0 , 0 0 0 , 0 0 0 $ 6 0 , 0 0 0 , 0 0 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 241 Cu r r e n t E x p e n s e / A D M 166 $ - $ 5 0 0 $ 1 , 0 0 0 $ 1 , 5 0 0 $ 2 , 0 0 0 $ 2 , 5 0 0 $ 3 , 0 0 0 $ 3 , 5 0 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 242 Ca p i t a l E x p e n s e 167 $ - $ 5 0 0 , 0 0 0 $ 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 20 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 Ha r n e t t Jo h n s t o n Le e Ch a t h a m Sampson 030116apr HC BOC Page 243 Ca p i t a l E x p e n s e / A D M 168 $ - $ 5 0 $ 1 0 0 $ 1 5 0 $ 2 0 0 $ 2 5 0 $ 3 0 0 $ 3 5 0 $ 4 0 0 $ 4 5 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 244 De b t S e r v i c e (S c h o o l O N L Y ) 169 $ - $ 5 , 0 0 0 , 0 0 0 $ 1 0 , 0 0 0 , 0 0 0 $ 1 5 , 0 0 0 , 0 0 0 $ 2 0 , 0 0 0 , 0 0 0 $ 2 5 , 0 0 0 , 0 0 0 $ 3 0 , 0 0 0 , 0 0 0 $ 3 5 , 0 0 0 , 0 0 0 $ 4 0 , 0 0 0 , 0 0 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 245 De b t S e r v i c e (S c h o o l O N L Y ) / A D M 170 $ - $ 2 0 0 $ 4 0 0 $ 6 0 0 $ 8 0 0 $ 1 , 0 0 0 $ 1 , 2 0 0 20 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 Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 246 Cu r r e n t E x p e n s e / A s s e s s e d V a l u a t i o n 171 0. 0 0 % 0. 0 5 % 0. 1 0 % 0. 1 5 % 0. 2 0 % 0. 2 5 % 0. 3 0 % 0. 3 5 % 0. 4 0 % 0. 4 5 % 0. 5 0 % 20 0 9 20 10 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 0.28%0.12% 0. 3 6 % 0.34%0.26% Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 247 Ca p i t a l E x p e n s e / A s s e s s e d V a l u a t i o n 172 0. 0 0 % 0. 0 1 % 0. 0 1 % 0. 0 2 % 0. 0 2 % 0. 0 3 % 0. 0 3 % 0. 0 4 % 0. 0 4 % 0. 0 5 % 0. 0 5 % 20 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 0.02%0.01%0.01%0.02%0.02% Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 248 De b t S e r v i c e (S c h o o l O N L Y ) / A s s e s s e d V a l u a t i o n 173 0. 0 0 % 0. 0 5 % 0. 1 0 % 0. 1 5 % 0. 2 0 % 0. 2 5 % 0. 3 0 % 20 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 0.16%0.02% 0. 2 5 % 0.16%0.17% Ha r n e t t Ch a t h a m Jo h n s t o n Le e Sampson 030116apr HC BOC Page 249 174 T o t a l L o t t e r y P r o c e e d s $1 , 7 1 3 , 1 5 9 . 7 2 $3 , 1 3 2 , 0 1 3 . 7 1 $1,470,295.83 $ 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 20 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 250 175 T o t a l L o t t e r y P r o c e e d s $1 , 5 9 6 , 4 0 5 . 0 8 $1 , 2 5 2 , 2 5 5 . 1 1 $1 , 4 7 0 , 2 9 5 . 8 3 $836,309 $ 7 5 0 , 0 0 0 . 0 0 $ 8 5 0 , 0 0 0 . 0 0 $ 9 5 0 , 0 0 0 . 0 0 $ 1 , 0 5 0 , 0 0 0 . 0 0 $ 1 , 1 5 0 , 0 0 0 . 0 0 $ 1 , 2 5 0 , 0 0 0 . 0 0 $ 1 , 3 5 0 , 0 0 0 . 0 0 $ 1 , 4 5 0 , 0 0 0 . 0 0 $ 1 , 5 5 0 , 0 0 0 . 0 0 $ 1 , 6 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 030116apr HC BOC Page 251 176 A r t i c l e 4 0 S a l e s T a x $1 , 4 5 6 , 9 8 6 . 1 6 $1,617,396.88 $ 1 , 0 0 0 , 0 0 0 $ 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 $ 1 , 8 0 0 , 0 0 0 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 252 177 A r t i c l e 4 0 S a l e s T a x $1 , 2 5 0 , 1 1 3 . 2 9 $1 , 6 1 7 , 3 9 6 . 8 8 $2,072,130 $ 1 , 0 0 0 , 0 0 0 $1 , 2 00 , 0 0 0 $ 1 , 4 0 0 , 0 0 0 $ 1 , 6 0 0 , 0 0 0 $ 1 , 8 0 0 , 0 0 0 $ 2 , 0 0 0 , 0 0 0 $ 2 , 2 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 030116apr HC BOC Page 253 178 A r t i c l e 4 2 S a l e s T a x $2 , 9 0 2 , 5 1 9 . 0 7 $3,234,793.75 $ 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 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20142015 030116apr HC BOC Page 254 179 A r t i c l e 4 2 S a l e s T a x $2 , 5 0 0 , 2 2 6 . 6 6 $3 , 2 3 4 , 7 9 3 . 7 5 $4,160,058 $ 2 , 0 0 0 , 0 0 0 $2 , 5 00 , 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 030116apr HC BOC Page 255 180 A r t i c l e 4 6 S a l e s T a x 42 4 , 6 8 2 1,747,520 $ - $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 $ 1 , 4 0 0 , 0 0 0 $ 1 , 6 0 0 , 0 0 0 $ 1 , 8 0 0 , 0 0 0 $ 2 , 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 256 181 A r t i c l e 4 6 S a l e s T a x 42 4 , 6 8 2 1, 7 4 7 , 5 2 0 $2,238,838 $ - $ 5 0 0 , 0 0 0 $ 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 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 030116apr HC BOC Page 257 182 T o t a l S a l e s T a x $3 , 7 5 0 , 3 3 9 . 9 5 $6 , 5 9 9 , 7 7 5 . 6 3 $8,471,091 $ 2 , 5 0 0 , 0 0 0 $ 3 , 5 0 0 , 0 0 0 $ 4 , 5 0 0 , 0 0 0 $ 5 , 5 0 0 , 0 0 0 $ 6 , 5 0 0 , 0 0 0 $ 7 , 5 0 0 , 0 0 0 $ 8 , 5 0 0 , 0 0 0 $ 9 , 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 030116apr HC BOC Page 258 TH E EN D 183 030116apr HC BOC Page 259 030116apr HC BOC Page 260 030116apr HC BOC Page 261