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Discussion Materials
Harnett County, North Carolina
February 27, 2018
Contents / Agenda
3 Credit Rating Overview and Peer Comparatives
9 General Fund Operations and Fund Balance
13 Existing Tax Supported Debt Profile
19 Capital Funding Analysis
A Appendix A: Existing Tax Supported Debt
B Appendix B: Department of Public Utilities Debt Profile
C Appendix C: Solid Waste Debt Profile
D Appendix D: Financial Policies
E Appendix E: Rating Reports
February 27, 2018 1Harnett County, NC
Credit Rating Overview and Peer Comparatives Introduction.
General Fund Operations and Fund Balance
Existing Tax Supported Debt Profile.
–Key Financial Ratios and Financial Policies.
–Peer Comparatives.
–Debt Affordability.
Capital Funding Analysis.
–Key Financial Ratios and Financial Policies.
–Peer Comparatives.
–Debt Affordability.
Topics for Discussion
February 27, 2018 2Harnett County, NC
Credit Rating Overview and Peer
Comparatives
February 27, 2018 Harnett County, NC 3
Peer Comparative Introduction
The County is currently rated Aa2 by Moody’s Investors Service
(March 2017) and AA-by Standard and Poor’s (March 2017).
The following pages contain peer comparatives based on the below
Moody’s rating categories.
–Regional Peers
–Chatham County (Aa1)
–Johnston County (Aa1)
–Lee County (Aa2)
–Sampson County (Aa3)
–North Carolina County Medians
–Aaa 9 Credits
–Buncombe, Durham, Forsyth, Guilford, Mecklenburg, New
Hanover, Orange, Union, Wake
–Aa 49 Credits
–Alamance, Beaufort, Bertie, Bladen, Brunswick, Burke,
Cabarrus, Caldwell, Carteret, Catawba, 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, Sampson, Stanly, Surry, Transylvania, Vance,
Warren, Watauga, Wayne, Wilkes, Wilson
–A 9 Credits
–Caswell, Clay, Duplin, Edgecombe, Hertford, Martin, Robeson,
Scotland, Swain
Peer Comparatives
February 27, 2018 4Harnett 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 December 27, 2017 (FY 2017 figures in most cases).
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
Credit Strengths
–Sizable tax base with favorable location poised for further growth
–Healthy reserves and cash levels
–Low pension cost
Credit Challenges
–Below average wealth levels
–Elevated debt compared to national trends
Factors that Could Lead to an Upgrade
–Decreased debt burden
–Increase in reserve and liquidity levels
–Significant economic expansion and diversification
Factors that Could Lead to a Downgrade
–Multi-year trend of structural budget imbalance
–Reduction of General Fund balance and other available reserves
–Deterioration of the county's tax base
February 27, 2018 Harnett County, NC 5
Rating Agency Commentary –Moody’s (3/23/2017)
The 'AA-' rating reflects S&P’s opinion of the County’s:
–Weak economy, with market value per capita of $63,487 and
projected per capita effective buying income at 72.8% of the national
level;
–Strong management, with "good" financial policies and practices
under our Financial Management Assessment methodology;
–Strong budgetary performance, with operating surpluses in the
general fund and at the total governmental fund level in fiscal 2016;
–Very strong budgetary flexibility, with an available fund balance in
fiscal 2016 of 23% of operating expenditures;
–Very strong liquidity, with total government available cash at 66.8% of
total governmental fund expenditures and 4.9x governmental debt
service, and access to external liquidity we consider strong;
–Strong debt and contingent liability profile, with debt service carrying
charges at 13.6% of expenditures and net direct debt that is 134.2%
of total governmental fund revenue, as well as low overall net debt at
less than 3% of market value and rapid amortization, with 68.4% of
debt scheduled to be retired in 10 years; and
–Very strong institutional framework score.
Outlook
–The stable outlook reflects our opinion that Harnett will continue to
maintain strong financial performance and very strong reserves.
Rating stability is also provided by the county's good financial policies
and practices. Therefore, we do not expect to change the rating
within the two-year outlook period
February 27, 2018 Harnett County, NC 6
Rating Agency Commentary –S&P (3/24/2017)
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.
February 27, 2018 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
February 27, 2018
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
0.69% since Dec 2008.
Historical Credit Spreads
8Harnett County, NC
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 2018
Rating Min Max Average
AA 0.09 0.53 0.23
A 0.46 1.11 0.69
BBB 0.69 2.58 1.29
Note: credit spreads compared to the 'AAA' equivalent
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
Percent (%)30-Year MMD
AAA AA A BBB
General Fund Operations and Fund
Balance
February 27, 2018 Harnett County, NC 9
February 27, 2018 Harnett County, NC 10
General Fund Operations
Source: County CAFRs
2013 Audited 2014 Audited 2015 Audited 2016 Audited 2017 Audited
1 Revenues
2 Ad valorem taxes 54,273,480 58,191,905 59,642,848 61,273,129 62,973,475
3 Other taxes and licenses 15,248,742 15,922,217 17,811,304 20,500,307 21,778,254
4 Unrestricted intergovernmental 45,956 38,861 67,514 41,665 120,415
5 Restricted Intergovernmental 20,307,112 19,454,443 19,142,217 21,310,568 21,695,126
6 Permits and fees 3,091,250 2,818,638 2,516,068 2,255,896 2,338,308
7 Sales and services 9,188,221 7,303,303 7,360,368 8,788,752 7,525,480
8 Investment earnings 10,752 2,602 9,027 97,737 248,007
9 Other general revenues 3,158,796 3,637,804 3,938,417 3,463,903 3,639,506
10 Total revenues 105,324,309 107,369,773 110,487,763 117,731,957 120,318,571
11
12 Expenditures
13 General Government 11,107,798 10,902,022 11,693,037 11,980,641 12,827,389
14 Public Safety 25,652,884 25,654,860 26,861,581 27,337,721 29,886,464
15 Transportation 368,313 369,745 418,731 392,951 436,495
16 Environmental protection 123,598 128,133 165,801 182,736 181,452
17 Economic and physical development 5,313,064 3,388,742 3,858,593 2,971,303 3,763,405
18 Human services 25,481,920 25,287,199 26,243,188 28,000,704 29,235,907
19 Cultural and recreation 1,367,760 1,391,118 1,495,843 1,498,127 2,131,641
20 Education 20,950,818 21,476,411 22,477,167 22,612,667 23,716,169
21 Debt Service
22 Principal 6,424,014 8,240,495 9,719,273 12,282,700 13,660,527
23 Interest 5,062,698 6,491,804 5,575,501 5,013,153 3,849,231
24 Total expenditures 101,852,867 103,330,529 108,508,715 112,272,703 119,688,680
25
26 Revenues over (under) expenditures 3,471,442 4,039,244 1,979,048 5,459,254 629,891
27
28 Other Sources (Uses)
29 Long-term debt issued - - 29,094,839 37,018,000 -
30 Transfer to other funds (528,881) (1,903,876) (64,701) (283,334) (161,234)
31 Transfer from other funds 1,577,116 488,337 336,513 7,500 1,682,565
32 Long-term debt refunded - - - - -
33 Payment to escrow agents - - (28,970,662) (36,177,890) -
34 Capital lease issued - 830,155 - - -
35 Total other sources (uses)1,048,235 (585,384) 395,989 564,276 1,521,331
36
37 Change in Fund Balance 4,519,677 3,453,860 2,375,037 6,023,530 2,151,222
38
39 Fund Balance Beginning 23,324,502 27,844,179 31,298,039 33,673,076 39,696,606
40 Fund Balance Ending 27,844,179 31,298,039 33,673,076 39,696,606 41,847,828
General Fund Balance
General Fund Balance
February 27, 2018 Harnett County, NC 11
Source: County CAFRs
The County has adopted the following Fund Balance Policy:
–The County will maintain a minimum Unassigned Fund Balance,
as defined by the Governmental Accounting Standards Board, at
the close of each fiscal year equal to 15% of General Fund
Expenditures with a targeted Unassigned Fund Balance equal to
20% of General Fund Expenditures.
–In the event that funds are available over and beyond the 20%
targeted amount, those funds may be transferred to a capital
reserve fund, a capital projects fund, to pay-down debt or to
fund other one-time uses.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2013 2014 2015 2016 2017
General Fund Balance as a % of Revenues
Unassigned Rating Agency Available Total
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2013 2014 2015 2016 2017
General Fund Balance as a % of Expenditures
Unassigned Rating Agency Available
Total Policy Floor (Unassigned)
Policy Target (Unassigned)
2013 2014 2015 2016 2017
1 General Fund Budget
2 Revenues 105,324,309 107,369,773 110,487,763 117,731,957 120,318,571
3 Expenditures 101,852,867 103,330,529 108,508,715 112,272,703 119,688,680
4
5 General Fund Balance
6 Nonspendable 451,088 111,181 159,625 1,418,606 232,245
7 Restricted - Other - - - - -
8 Restricted - Stabilization by State Statute 9,433,149 9,260,952 11,496,063 11,966,027 9,068,575
9 Committed - - - - -
10 Assigned - 3,193,811 2,600,000 - -
11 Unassigned 17,959,942 18,732,095 19,417,388 26,311,973 32,547,008
12 Total 27,844,179 31,298,039 33,673,076 39,696,606 41,847,828
13
14 Rating Agency Available1 27,393,091 31,186,858 33,513,451 38,278,000 41,615,583
15
16 General Fund Balance Ratios
17 Unassigned as a % of Revenues 17.1%17.4%17.6%22.3%27.1%
18 Unassigned as a % of Expenditures 17.6%18.1%17.9%23.4%27.2%
19 Rating Agency Available as a % of Revenues 26.0%29.0%30.3%32.5%34.6%
20 Rating Agency Available as a % of Expenditures 26.9%30.2%30.9%34.1%34.8%
21 Total General Fund Balance as a % of Revenues 26.4%29.1%30.5%33.7%34.8%
22 Total General Fund Balance as a % of Expenditures 27.3%30.3%31.0%35.4%35.0%
1 Includes Stabilization by State Statue, Committed, Assigned, and Unassigned Fund Balances.
0 10 20 30 40 50
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Dollars ($)
Millions
Total Unassigned General Fund Balance
0 10 20 30 40 50
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Dollars ($)
Millions
Total Rating Agency Available General Fund Balance
0 10 20 30 40 50
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Dollars ($)
Millions
Total General Fund Balance
33.8%
$66.2 Million
February 27, 2018 Harnett County, NC 12
General Fund Balance –Peer Comparatives
Source: County CAFRs and Moody’s MFRA
1
1
1 includes Stabilization by State Statute, Committed, Assigned, and Unassigned Fund Balances.
$146.1 Million $142.1Million $60.4 Million
$66.2 Million
37.9%
0.0 10.0 20.0 30.0 40.0 50.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Percent
Total General Fund Balance as a % of Revenues
0.0 10.0 20.0 30.0 40.0 50.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Percent
Rating Agency Available Fund Balance as a % of Revenues
0.0 10.0 20.0 30.0 40.0 50.0
NC 'A'
NC 'Aa'
NC 'Aaa'
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2017)
Percent
Unassigned Fund Balance as a % of Revenues
Existing Tax Supported Debt Profile
February 27, 2018 13Harnett County, NC
February 27, 2018
Tax Supported Debt Service
Par Outstanding –Estimated as of 6/30/2017
Existing Tax Supported Debt
Type Par Amount % of Total
School Debt $119,613,450 72.42%
County Debt $26,469,374 16.03%
Community
College Lease $19,072,599 11.55%
Total $165,155,423 100.00%
Source: LGC Bond Ledger, County Staff, and 2017 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.
-Includes 2017 Software Lease.
14Harnett County, NC
FY Principal Interest Total 10-yr Payout
Total 165,155,423 48,891,457 214,046,880
2018 14,396,069 4,601,186 18,997,255 70.4%
2019 14,325,215 4,406,979 18,732,194 73.4%
2020 12,946,361 4,103,896 17,050,257 75.1%
2021 11,837,457 3,814,443 15,651,901 76.0%
2022 11,730,249 3,527,795 15,258,044 77.4%
2023 11,563,316 3,244,112 14,807,428 79.1%
2024 11,427,414 2,963,964 14,391,378 81.3%
2025 9,842,644 2,710,282 12,552,926 84.2%
2026 9,260,725 2,482,529 11,743,254 88.3%
2027 8,921,292 2,268,732 11,190,023 93.5%
2028 8,792,706 2,057,751 10,850,456 97.7%
2029 6,082,680 1,895,807 7,978,488 100.0%
2030 4,404,858 1,785,421 6,190,279 100.0%
2031 4,388,840 1,735,610 6,124,450 100.0%
2032 4,374,562 1,683,819 6,058,381 100.0%
2033 4,358,547 1,631,890 5,990,437 100.0%
2034 4,339,378 1,581,663 5,921,041 100.0%
2035 4,329,876 1,531,293 5,861,169 100.0%
2036 4,099,029 796,335 4,895,365 100.0%
2037 2,591,433 61,228 2,652,661 100.0%
2038 1,142,771 6,723 1,149,494 100.0%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
201820192020202120222023202420252026202720282029203020312032203320342035203620372038MillionsSchool Debt County Debt Community College Lease
10 -Year Payout Ratio 10 -year Payout Ratio Peer Comparative
Key Debt Ratio: Tax Supported Payout Ratio
Existing 10-year Payout Ratio
–FY 2018:70.4%
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%.
February 27, 2018
Source: LGC Bond Ledger, County Staff, 2017 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: Lee County 10-Year Payouts calculated by Davenport.
15Harnett County, NC
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%20182019202020212022202320242025202620272028202920302031203220332034203520362037203810-yr Payout Policy
0 20 40 60 80 100
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2018)
Percent
Debt to Assessed Value Debt to Assessed Value Peer Comparative
Key Debt Ratio: Debt to Assessed Value
Existing Debt to Assessed Value
–FY 2017:2.02%
Assumed Future Growth Rates
–2017 Assessed Value:$8,148,043,819
–2018 Budgeted Assessed Value:$8,172,170,841
–2019 & Beyond:0.00%
The County has a policy establishing a maximum Debt to Assessed
Value ratio of 2.50%.
February 27, 2018
Source: LGC Bond Ledger, County Staff, 2017 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%.
16Harnett County, NC
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%201820192020202120222023202420252026202720282029203020312032203320342035203620372038Existing Policy 0.0 0.5 1.0 1.5 2.0 2.5 3.0
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2018)
Percent
Debt Service vs. Governmental Expenditures Debt Service vs. Expenditures Peer Comparative
Key Debt Ratio: Debt Service vs. Expenditures
Existing Debt Service vs. Expenditures
–FY 2018:14.30%
Assumed Future Growth Rates
–2017 Adjusted Expenditures:$113,853,814
–2018 & Beyond 0.00%
The County has a policy establishing a maximum Debt Service to
Expenditures Value ratio of 15.00%.
February 27, 2018
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, 2017 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%
17Harnett County, NC
0%
2%
4%
6%
8%
10%
12%
14%
16%201820192020202120222023202420252026202720282029203020312032203320342035203620372038Existing Policy 0 5 10 15 20
NC 'A' Median
NC 'Aa' Median
NC 'Aaa' Median
Sampson County (Aa3)
Lee County (Aa2)
Johnston County (Aa1)
Chatham County (Aa1)
Harnett County (2018)
Percent
February 27, 2018
Debt Affordability Analysis
Existing Debt
FY 2018 Value of a Penny7:$811,333
Assumed Growth Rate:0.00%
7 Source: FY 2018 Budget
Note: Additional future changes in operating impacts have not been
included.
18Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) - (1,752,398) - - 1,031,491
2020 3,444,485 12,764,596 841,177 - - - 17,050,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (13,502) - (13,502) - - 1,017,989
2021 2,477,062 12,318,941 855,897 - - - 15,651,901 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 1,442,383 - - 1,442,383 - 2,460,372
2022 2,398,894 11,988,274 870,875 - - - 15,258,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 1,894,343 - - 1,894,343 - 4,354,714
2023 2,319,235 11,602,077 886,116 - - - 14,807,428 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 2,403,643 - - 2,403,643 - 6,758,358
2024 2,240,269 11,249,486 901,623 - - - 14,391,378 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 2,878,965 - - 2,878,965 - 9,637,323
2025 2,154,014 9,481,510 917,401 - - - 12,552,926 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 4,777,281 - - 4,777,281 - 14,414,604
2026 1,599,463 9,210,336 933,456 - - - 11,743,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 5,647,415 - - 5,647,415 - 20,062,019
2027 1,525,295 8,714,937 949,791 - - - 11,190,023 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 6,261,714 - - 6,261,714 - 26,323,733
2028 1,450,454 8,433,590 966,412 - - - 10,850,456 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 6,662,959 - - 6,662,959 - 32,986,693
2029 - 6,995,163 983,325 - - - 7,978,488 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 9,597,223 - - 9,597,223 - 42,583,915
2030 - 5,189,746 1,000,533 - - - 6,190,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 11,448,349 - - 11,448,349 - 54,032,264
2031 - 5,106,408 1,018,042 - - - 6,124,450 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 11,577,725 - - 11,577,725 - 65,609,990
2032 - 5,022,523 1,035,858 - - - 6,058,381 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 11,707,977 - - 11,707,977 - 77,317,967
2033 - 4,936,451 1,053,985 - - - 5,990,437 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 11,840,745 - - 11,840,745 - 89,158,712
2034 - 4,848,611 1,072,430 - - - 5,921,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 11,975,614 - - 11,975,614 - 101,134,325
2035 - 4,769,972 1,091,198 - - - 5,861,169 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 12,101,613 - - 12,101,613 - 113,235,938
2036 - 3,785,071 1,110,294 - - - 4,895,365 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 12,552,744 - - 12,552,744 - 125,788,682
2037 - 1,522,938 1,129,724 - - - 2,652,661 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 14,281,442 - - 14,281,442 - 140,070,124
2038 - - 1,149,494 - - - 1,149,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 15,852,740 - - 15,852,740 - 155,922,864
2039 - - - - - - - 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 17,071,047 - - 17,071,047 - 172,993,911
2040 - - - - - - - 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 17,140,547 - - 17,140,547 - 190,134,458
2041 - - - - - - - 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 17,210,742 - - 17,210,742 - 207,345,200
2042 - - - - - - - 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 17,281,640 - - 17,281,640 - 224,626,840
2043 - - - - - - - 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 17,353,246 - - 17,353,246 - 241,980,086
2044 - - - - - - - 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 17,425,569 - - 17,425,569 - 259,405,655
2045 - - - - - - - 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 17,498,614 - - 17,498,614 - 276,904,269
Total Tax Effect 0.00¢
Total 29,335,128 164,304,922 20,406,830 - - - 214,046,880 Total (3,842,244)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
Capital Funding Analysis
February 27, 2018 19Harnett County, NC
Potential Projects (Tier I)Financing Assumptions
Potential Capital Funding Needs and Financing Assumptions
Replacement for Erwin Elementary School:
–Amount:$22,400,000
–Timing:Fall 2018 (FY 2019)
–Financing Assumption:GO Bonds1
Renovations for Early College at Benhaven:
–Amount:$8,600,000
–Timing:Fall 2018 (FY 2019)
–Financing Assumption:GO Bonds1
Government Building:
–Amount:$20,000,000
–Timing:Spring 2019 (FY 2019)
–Financing Assumption:Installment / LOBs
Northwest Harnett Elementary School2:
–Amount:$21,900,000
–Timing:Fall 2020 (FY 2021)
–Financing Assumption:GO Bonds1
New South Harnett Middle School:
–Amount:$32,000,000
–Timing:Fall 2022 (FY 2023)
–Financing Assumption:GO Bonds1 / Installment /
LOBs
New South Harnett High School:
–Amount:$63,000,000
–Timing:Fall 2024 (FY 2025)
–Financing Assumption:Installment / LOBs
Total Schools:$147,900,000
Total County:$20,000,000
Grant Total:$167,900,000
GO Bonds1:
–Amortization:Level Principal
–Term:20 Years
–Interest Rate:5.00%
Installment / LOBs:
–Amortization:Level Principal
–Term:20 Years
–Interest Rate:5.00%
Debt service payments are assumed to begin as shown below:
–First Interest:FY Following Issuance
–First Principal:FY Following Issuance
The following two funding cases have been analyzed:
–Case 1:FY 2019 Projects Only
–Case 2:Fund All Potential Projects
February 27, 2018 Harnett County, NC 20
1 $100 Million of GO Bonds were authorized by the County in November 2014. $29.5
million have been issued since. 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 The County / Schools are considering either a new Northwest Harnett Elementary
School ($21.9 million) or an addition to Lafayette Elementary School ($16.4 million).
February 27, 2018 Harnett County, NC 21
Case Summary
A B C D
Case Case 1 Case 2
1 Debt Issued
2 Erwin Elementary School (FY 2019)$22,400,000 $22,400,000
3 Early College at Benhaven (FY 2019)$8,600,000 $8,600,000
4 Government Building (FY 2019)$20,000,000 $20,000,000
5 NW Harnett Elementary School (FY 2021)$0 $21,900,000
6 New South Harnett Middle School (FY 2023)$0 $32,000,000
7 New South Harnett High School (FY 2025)$0 $63,000,000
8 Total Debt Issued $51,000,000 $167,900,000
9
10 Total Debt Service $77,775,000 $256,047,500
11
12 Debt Ratios (Worst Shown)Policy
13 10-Year Payout 50.00%66.22%64.07%
14 Years Out of Compliance 0 0
15 Debt to Assessed Value 2.50%2.47%2.78%
16 Years Out of Compliance 0 2
17 Debt Service to Expenditures 15.00%16.29%19.39%
18 Years Out of Compliance 3 11
19
20 Tax Equivalent Impact Natural Tax Impact 5 ¢ in FY 2019
21 2019 --5.00¢
22 2020 5.03¢5.03¢-
23 2021 ---
24 2022 -0.62¢-
25 2023 ---
26 2024 -2.79¢-
27 2025 --0.77¢
28 2026 -1.39¢6.55¢
29 2027 -1.22¢-
30 Total 5.03¢11.05¢12.32¢
31
32 FY 2019 Upfront Tax Equivalent 3.26¢6.92¢
33
34 Additional Revenues / Reserves $14,587,677 $68,007,675 $39,611,015
Note: The estimated impacts are associated with the capital funding only. No operating impacts have been considered.
Case 1
Fund FY 2019 Projects Only
February 27, 2018 22Harnett County, NC
February 27, 2018
Proposed Debt Service
Proposed Principal
Financing Summary
Case 1: Proposed Debt Service
Financing Assumptions:
–Amortization:Level Principal
–Term:20 Years
–Interest Rate:5.00%
Debt Issued:
–Erwin Elementary School (FY 2019):$22,400,000
–Early College at Benhaven (FY 2019): $8,600,000
–Government Building (FY 2019):$20,000,000
–NW Harnett Elementary School (FY 2021): $0
–New South Harnett Middle School (FY 2023): $0
–New South Harnett High School (FY 2025):$0
–Total $51,000,000
Debt Service:
–Erwin Elementary School (FY 2019):$34,160,000
–Early College at Benhaven (FY 2019): $13,115,000
–Government Building (FY 2019):$30,500,000
–NW Harnett Elementary School (FY 2021): $0
–New South Harnett Middle School (FY 2023): $0
–New South Harnett High School (FY 2025):$0
–Total $77,775,000
Level Principal Amortization
23Harnett County, NC
-
5.0
10.0
15.0
20.0
25.0
2018201920202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsExisting 2019
-
5.0
10.0
15.0
20.0
25.0
2018201920202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsExisting 2019
February 27, 2018 Harnett County, NC 24
10 -Year Payout
Debt Service to Expenditures
Debt to Assessed Value
Case 1: Key Debt Ratios
Growth Assumptions:
–Assessed Value:0.00%
–Expenditures:0.00%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%2018201920202021202220232024202520262027202820292030203120322033203420352036203720382039Existing Proposed Debt Policy
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%201820192020202120222023202420252026202720282029203020312032203320342035203620372038203910-yr Payout Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%2018201920202021202220232024202520262027202820292030203120322033203420352036203720382039Existing Proposed Debt Policy
February 27, 2018
Case 1: Debt Affordability Analysis
Existing & Proposed Debt –Natural Tax Impact
FY 2018 Value of a Penny7:$811,333
Assumed Growth Rate:0.00%
7 Source: FY 2018 Budget
Notes:
–The County could utilize $14,587,677 of revenues or other
reserves to offset the need for a future tax adjustment.
–Additional future changes in operating impacts have not been
included.
25Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) - (1,752,398) - - 1,031,491
2020 3,444,485 12,764,596 841,177 3,100,000 2,000,000 - 22,150,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (5,113,502) - (1,031,491) (4,082,011)5.03¢ -
2021 2,477,062 12,318,941 855,897 3,022,500 1,950,000 - 20,624,401 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 (3,530,117) 4,082,011 - 551,894 - 551,894
2022 2,398,894 11,988,274 870,875 2,945,000 1,900,000 - 20,103,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 (2,950,657) 4,082,011 - 1,131,354 - 1,683,247
2023 2,319,235 11,602,077 886,116 2,867,500 1,850,000 - 19,524,928 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 (2,313,857) 4,082,011 - 1,768,154 - 3,451,402
2024 2,240,269 11,249,486 901,623 2,790,000 1,800,000 - 18,981,378 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 (1,711,035) 4,082,011 - 2,370,976 - 5,822,377
2025 2,154,014 9,481,510 917,401 2,712,500 1,750,000 - 17,015,426 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 314,781 4,082,011 - 4,396,792 - 10,219,170
2026 1,599,463 9,210,336 933,456 2,635,000 1,700,000 - 16,078,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 1,312,415 4,082,011 - 5,394,426 - 15,613,596
2027 1,525,295 8,714,937 949,791 2,557,500 1,650,000 - 15,397,523 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 2,054,214 4,082,011 - 6,136,225 - 21,749,821
2028 1,450,454 8,433,590 966,412 2,480,000 1,600,000 - 14,930,456 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 2,582,959 4,082,011 - 6,664,970 - 28,414,791
2029 - 6,995,163 983,325 2,402,500 1,550,000 - 11,930,988 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 5,644,723 4,082,011 - 9,726,734 - 38,141,525
2030 - 5,189,746 1,000,533 2,325,000 1,500,000 - 10,015,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 7,623,349 4,082,011 - 11,705,360 - 49,846,885
2031 - 5,106,408 1,018,042 2,247,500 1,450,000 - 9,821,950 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 7,880,225 4,082,011 - 11,962,236 - 61,809,121
2032 - 5,022,523 1,035,858 2,170,000 1,400,000 - 9,628,381 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 8,137,977 4,082,011 - 12,219,988 - 74,029,109
2033 - 4,936,451 1,053,985 2,092,500 1,350,000 - 9,432,937 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 8,398,245 4,082,011 - 12,480,256 - 86,509,365
2034 - 4,848,611 1,072,430 2,015,000 1,300,000 - 9,236,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 8,660,614 4,082,011 - 12,742,625 - 99,251,990
2035 - 4,769,972 1,091,198 1,937,500 1,250,000 - 9,048,669 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 8,914,113 4,082,011 - 12,996,124 - 112,248,114
2036 - 3,785,071 1,110,294 1,860,000 1,200,000 - 7,955,365 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 9,492,744 4,082,011 - 13,574,755 - 125,822,869
2037 - 1,522,938 1,129,724 1,782,500 1,150,000 - 5,585,161 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 11,348,942 4,082,011 - 15,430,953 - 141,253,822
2038 - - 1,149,494 1,705,000 1,100,000 - 3,954,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 13,047,740 4,082,011 - 17,129,751 - 158,383,573
2039 - - - 1,627,500 1,050,000 - 2,677,500 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 14,393,547 4,082,011 - 18,475,557 - 176,859,130
2040 - - - - - - - 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 17,140,547 4,082,011 - 21,222,558 - 198,081,688
2041 - - - - - - - 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 17,210,742 4,082,011 - 21,292,753 - 219,374,442
2042 - - - - - - - 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 17,281,640 4,082,011 - 21,363,651 - 240,738,092
2043 - - - - - - - 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 17,353,246 4,082,011 - 21,435,257 - 262,173,350
2044 - - - - - - - 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 17,425,569 4,082,011 - 21,507,580 - 283,680,929
2045 - - - - - - - 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 17,498,614 4,082,011 - 21,580,625 - 305,261,555
Total Tax Effect 5.03¢
Total 29,335,128 164,304,922 20,406,830 47,275,000 30,500,000 - 291,821,880 Total (4,860,233)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
February 27, 2018
Case 1: Debt Affordability Analysis
Existing & Proposed Debt –FY 2019 Upfront Tax Impact
FY 2018 Value of a Penny7:$811,333
Assumed Growth Rate:0.00%
7 Source: FY 2018 Budget
Notes:
–The County could utilize $14,587,677 of revenues or other
reserves to offset the need for a future tax adjustment.
–Additional future changes in operating impacts have not been
included.
26Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) 2,640,889 - 888,491 3.26¢ 3,672,381
2020 3,444,485 12,764,596 841,177 3,100,000 2,000,000 - 22,150,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (5,113,502) 2,640,889 (2,472,613) - - 1,199,768
2021 2,477,062 12,318,941 855,897 3,022,500 1,950,000 - 20,624,401 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 (3,530,117) 2,640,889 (889,228) - - 310,539
2022 2,398,894 11,988,274 870,875 2,945,000 1,900,000 - 20,103,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 (2,950,657) 2,640,889 (309,768) - - 772
2023 2,319,235 11,602,077 886,116 2,867,500 1,850,000 - 19,524,928 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 (2,313,857) 2,640,889 - 327,033 - 327,804
2024 2,240,269 11,249,486 901,623 2,790,000 1,800,000 - 18,981,378 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 (1,711,035) 2,640,889 - 929,854 - 1,257,658
2025 2,154,014 9,481,510 917,401 2,712,500 1,750,000 - 17,015,426 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 314,781 2,640,889 - 2,955,671 - 4,213,329
2026 1,599,463 9,210,336 933,456 2,635,000 1,700,000 - 16,078,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 1,312,415 2,640,889 - 3,953,305 - 8,166,634
2027 1,525,295 8,714,937 949,791 2,557,500 1,650,000 - 15,397,523 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 2,054,214 2,640,889 - 4,695,103 - 12,861,737
2028 1,450,454 8,433,590 966,412 2,480,000 1,600,000 - 14,930,456 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 2,582,959 2,640,889 - 5,223,848 - 18,085,586
2029 - 6,995,163 983,325 2,402,500 1,550,000 - 11,930,988 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 5,644,723 2,640,889 - 8,285,612 - 26,371,197
2030 - 5,189,746 1,000,533 2,325,000 1,500,000 - 10,015,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 7,623,349 2,640,889 - 10,264,239 - 36,635,436
2031 - 5,106,408 1,018,042 2,247,500 1,450,000 - 9,821,950 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 7,880,225 2,640,889 - 10,521,115 - 47,156,551
2032 - 5,022,523 1,035,858 2,170,000 1,400,000 - 9,628,381 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 8,137,977 2,640,889 - 10,778,866 - 57,935,417
2033 - 4,936,451 1,053,985 2,092,500 1,350,000 - 9,432,937 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 8,398,245 2,640,889 - 11,039,134 - 68,974,551
2034 - 4,848,611 1,072,430 2,015,000 1,300,000 - 9,236,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 8,660,614 2,640,889 - 11,301,503 - 80,276,054
2035 - 4,769,972 1,091,198 1,937,500 1,250,000 - 9,048,669 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 8,914,113 2,640,889 - 11,555,002 - 91,831,056
2036 - 3,785,071 1,110,294 1,860,000 1,200,000 - 7,955,365 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 9,492,744 2,640,889 - 12,133,633 - 103,964,690
2037 - 1,522,938 1,129,724 1,782,500 1,150,000 - 5,585,161 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 11,348,942 2,640,889 - 13,989,831 - 117,954,521
2038 - - 1,149,494 1,705,000 1,100,000 - 3,954,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 13,047,740 2,640,889 - 15,688,630 - 133,643,150
2039 - - - 1,627,500 1,050,000 - 2,677,500 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 14,393,547 2,640,889 - 17,034,436 - 150,677,586
2040 - - - - - - - 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 17,140,547 2,640,889 - 19,781,436 - 170,459,022
2041 - - - - - - - 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 17,210,742 2,640,889 - 19,851,632 - 190,310,654
2042 - - - - - - - 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 17,281,640 2,640,889 - 19,922,529 - 210,233,183
2043 - - - - - - - 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 17,353,246 2,640,889 - 19,994,136 - 230,227,319
2044 - - - - - - - 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 17,425,569 2,640,889 - 20,066,458 - 250,293,777
2045 - - - - - - - 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 17,498,614 2,640,889 - 20,139,504 - 270,433,281
Total Tax Effect 3.26¢
Total 29,335,128 164,304,922 20,406,830 47,275,000 30,500,000 - 291,821,880 Total (5,747,953)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
Case 2
Fund All Potential Projects
February 27, 2018 27Harnett County, NC
February 27, 2018
Proposed Debt Service
Proposed Principal
Financing Summary
Case 2: Proposed Debt Service
Financing Assumptions:
–Amortization:Level Principal
–Term:20 Years
–Interest Rate:5.00%
Debt Issued:
–Erwin Elementary School (FY 2019):$22,400,000
–Early College at Benhaven (FY 2019): $8,600,000
–Government Building (FY 2019):$20,000,000
–NW Harnett Elementary School (FY 2021): $21,900,000
–New South Harnett Middle School (FY 2023): $32,000,000
–New South Harnett High School (FY 2025):$63,000,000
–Total $167,900,000
Debt Service:
–Erwin Elementary School (FY 2019):$34,160,000
–Early College at Benhaven (FY 2019): $13,115,000
–Government Building (FY 2019):$30,500,000
–NW Harnett Elementary School (FY 2021): $33,397,500
–New South Harnett Middle School (FY 2023): $48,800,000
–New South Harnett High School (FY 2025):$96,075,000
–Total $256,047,500
Level Principal Amortization
28Harnett County, NC
-
5.0
10.0
15.0
20.0
25.0
30.0
MillionsExisting 2019 2021 2023 2025
-
5.0
10.0
15.0
20.0
25.0
30.0
MillionsExisting 2019 2021 2023 2025
February 27, 2018 Harnett County, NC 29
10 -Year Payout
Debt Service to Expenditures
Debt to Assessed Value
Case 2: Key Debt Ratios
Growth Assumptions:
–Assessed Value:0.00%
–Expenditures:0.00%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10-yr Payout Policy
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
Existing Proposed Debt Policy
0%
5%
10%
15%
20%
25%
Existing Proposed Debt Policy
February 27, 2018
Case 2: Debt Affordability Analysis
Existing & Proposed Debt –Natural Tax Impact
FY 2018 Value of a Penny7:$811,333
Assumed Growth Rate:0.00%
7 Source: FY 2018 Budget
Notes:
–The County could utilize $68,007,675 of revenues or other
reserves to offset the need for a future tax adjustment.
–Additional future changes in operating impacts have not been
included.
30Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) - (1,752,398) - - 1,031,491
2020 3,444,485 12,764,596 841,177 3,100,000 2,000,000 - 22,150,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (5,113,502) - (1,031,491) (4,082,011)5.03¢ -
2021 2,477,062 12,318,941 855,897 3,022,500 1,950,000 - 20,624,401 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 (3,530,117) 4,082,011 - 551,894 - 551,894
2022 2,398,894 11,988,274 870,875 5,135,000 1,900,000 - 22,293,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 (5,140,657) 4,082,011 (551,894) (506,753)0.62¢ -
2023 2,319,235 11,602,077 886,116 5,002,750 1,850,000 - 21,660,178 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 (4,449,107) 4,588,764 - 139,657 - 139,657
2024 2,240,269 11,249,486 901,623 8,070,500 1,800,000 - 24,261,878 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 (6,991,535) 4,588,764 (139,657) (2,263,115)2.79¢ -
2025 2,154,014 9,481,510 917,401 7,858,250 1,750,000 - 22,161,176 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 (4,830,969) 6,851,878 - 2,020,910 - 2,020,910
2026 1,599,463 9,210,336 933,456 13,946,000 1,700,000 - 27,389,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 (9,998,585) 6,851,878 (2,020,910) (1,125,797)1.39¢ -
2027 1,525,295 8,714,937 949,791 13,576,250 1,650,000 - 26,416,273 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 (8,964,536) 7,977,675 - (986,861)1.22¢ -
2028 1,450,454 8,433,590 966,412 13,206,500 1,600,000 - 25,656,956 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 (8,143,541) 8,964,536 - 820,995 - 820,995
2029 - 6,995,163 983,325 12,836,750 1,550,000 - 22,365,238 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 (4,789,527) 8,964,536 - 4,175,008 - 4,996,003
2030 - 5,189,746 1,000,533 12,467,000 1,500,000 - 20,157,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 (2,518,651) 8,964,536 - 6,445,885 - 11,441,888
2031 - 5,106,408 1,018,042 12,097,250 1,450,000 - 19,671,700 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 (1,969,525) 8,964,536 - 6,995,011 - 18,436,900
2032 - 5,022,523 1,035,858 11,727,500 1,400,000 - 19,185,881 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 (1,419,523) 8,964,536 - 7,545,013 - 25,981,912
2033 - 4,936,451 1,053,985 11,357,750 1,350,000 - 18,698,187 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 (867,005) 8,964,536 - 8,097,531 - 34,079,443
2034 - 4,848,611 1,072,430 10,988,000 1,300,000 - 18,209,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 (312,386) 8,964,536 - 8,652,149 - 42,731,593
2035 - 4,769,972 1,091,198 10,618,250 1,250,000 - 17,729,419 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 233,363 8,964,536 - 9,197,899 - 51,929,491
2036 - 3,785,071 1,110,294 10,248,500 1,200,000 - 16,343,865 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 1,104,244 8,964,536 - 10,068,780 - 61,998,271
2037 - 1,522,938 1,129,724 9,878,750 1,150,000 - 13,681,411 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 3,252,692 8,964,536 - 12,217,228 - 74,215,499
2038 - - 1,149,494 9,509,000 1,100,000 - 11,758,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 5,243,740 8,964,536 - 14,208,276 - 88,423,775
2039 - - - 9,139,250 1,050,000 - 10,189,250 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 6,881,797 8,964,536 - 15,846,332 - 104,270,107
2040 - - - 7,219,500 - - 7,219,500 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 9,921,047 8,964,536 - 18,885,583 - 123,155,690
2041 - - - 6,927,250 - - 6,927,250 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 10,283,492 8,964,536 - 19,248,028 - 142,403,718
2042 - - - 5,540,000 - - 5,540,000 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 11,741,640 8,964,536 - 20,706,176 - 163,109,894
2043 - - - 5,302,500 - - 5,302,500 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 12,050,746 8,964,536 - 21,015,282 - 184,125,176
2044 - - - 3,465,000 - - 3,465,000 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 13,960,569 8,964,536 - 22,925,105 - 207,050,281
2045 - - - 3,307,500 - - 3,307,500 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 14,191,114 8,964,536 - 23,155,650 - 230,205,931
Total Tax Effect 11.05¢
Total 29,335,128 164,304,922 20,406,830 225,547,500 30,500,000 - 470,094,380 Total (7,572,693)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
February 27, 2018
Case 2: Debt Affordability Analysis
Existing & Proposed Debt –FY 2019 Upfront Tax Impact
FY 2018 Value of a Penny6:$811,333
Assumed Growth Rate:0.00%
6 Source: FY 2018 Budget
Notes:
–The County could utilize $68,007,675 of revenues or other
reserves to offset the need for a future tax adjustment.
–Additional future changes in operating impacts have not been
included.
31Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) 5,614,425 - 3,862,027 6.92¢ 6,645,917
2020 3,444,485 12,764,596 841,177 3,100,000 2,000,000 - 22,150,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (5,113,502) 5,614,425 - 500,923 - 7,146,839
2021 2,477,062 12,318,941 855,897 3,022,500 1,950,000 - 20,624,401 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 (3,530,117) 5,614,425 - 2,084,308 - 9,231,147
2022 2,398,894 11,988,274 870,875 5,135,000 1,900,000 - 22,293,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 (5,140,657) 5,614,425 - 473,768 - 9,704,915
2023 2,319,235 11,602,077 886,116 5,002,750 1,850,000 - 21,660,178 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 (4,449,107) 5,614,425 - 1,165,319 - 10,870,234
2024 2,240,269 11,249,486 901,623 8,070,500 1,800,000 - 24,261,878 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 (6,991,535) 5,614,425 (1,377,110) - - 9,493,124
2025 2,154,014 9,481,510 917,401 7,858,250 1,750,000 - 22,161,176 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 (4,830,969) 5,614,425 - 783,456 - 10,276,580
2026 1,599,463 9,210,336 933,456 13,946,000 1,700,000 - 27,389,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 (9,998,585) 5,614,425 (4,384,159) - - 5,892,421
2027 1,525,295 8,714,937 949,791 13,576,250 1,650,000 - 26,416,273 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 (8,964,536) 5,614,425 (3,350,111) - - 2,542,310
2028 1,450,454 8,433,590 966,412 13,206,500 1,600,000 - 25,656,956 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 (8,143,541) 5,614,425 (2,529,116) - - 13,194
2029 - 6,995,163 983,325 12,836,750 1,550,000 - 22,365,238 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 (4,789,527) 5,614,425 - 824,898 - 838,092
2030 - 5,189,746 1,000,533 12,467,000 1,500,000 - 20,157,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 (2,518,651) 5,614,425 - 3,095,774 - 3,933,867
2031 - 5,106,408 1,018,042 12,097,250 1,450,000 - 19,671,700 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 (1,969,525) 5,614,425 - 3,644,900 - 7,578,767
2032 - 5,022,523 1,035,858 11,727,500 1,400,000 - 19,185,881 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 (1,419,523) 5,614,425 - 4,194,902 - 11,773,669
2033 - 4,936,451 1,053,985 11,357,750 1,350,000 - 18,698,187 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 (867,005) 5,614,425 - 4,747,420 - 16,521,090
2034 - 4,848,611 1,072,430 10,988,000 1,300,000 - 18,209,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 (312,386) 5,614,425 - 5,302,039 - 21,823,128
2035 - 4,769,972 1,091,198 10,618,250 1,250,000 - 17,729,419 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 233,363 5,614,425 - 5,847,788 - 27,670,916
2036 - 3,785,071 1,110,294 10,248,500 1,200,000 - 16,343,865 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 1,104,244 5,614,425 - 6,718,669 - 34,389,586
2037 - 1,522,938 1,129,724 9,878,750 1,150,000 - 13,681,411 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 3,252,692 5,614,425 - 8,867,117 - 43,256,703
2038 - - 1,149,494 9,509,000 1,100,000 - 11,758,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 5,243,740 5,614,425 - 10,858,165 - 54,114,868
2039 - - - 9,139,250 1,050,000 - 10,189,250 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 6,881,797 5,614,425 - 12,496,222 - 66,611,090
2040 - - - 7,219,500 - - 7,219,500 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 9,921,047 5,614,425 - 15,535,472 - 82,146,562
2041 - - - 6,927,250 - - 6,927,250 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 10,283,492 5,614,425 - 15,897,918 - 98,044,480
2042 - - - 5,540,000 - - 5,540,000 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 11,741,640 5,614,425 - 17,356,065 - 115,400,545
2043 - - - 5,302,500 - - 5,302,500 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 12,050,746 5,614,425 - 17,665,171 - 133,065,716
2044 - - - 3,465,000 - - 3,465,000 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 13,960,569 5,614,425 - 19,574,994 - 152,640,710
2045 - - - 3,307,500 - - 3,307,500 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 14,191,114 5,614,425 - 19,805,540 - 172,446,250
Total Tax Effect 6.92¢
Total 29,335,128 164,304,922 20,406,830 225,547,500 30,500,000 - 470,094,380 Total (13,716,840)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
February 27, 2018
Case 2: Debt Affordability Analysis
Existing & Proposed Debt –5¢ FY 2019 Upfront Tax Impact
FY 2018 Value of a Penny6:$811,333
Assumed Growth Rate:0.00%
6 Source: FY 2018 Budget
Notes:
–The County could utilize $39,611,015 of revenues or other
reserves to offset the need for a future tax adjustment.
–Additional future changes in operating impacts have not been
included.
32Harnett 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
Existing Red
Rock Debt
Service
Proposed
School DS
Proposed
County DS1
Potential
Operating
Impact Total
2018 Budget
Appropriation Lottery / ADM2
Restricted Art.
40 & 42 Sales
Tax3
1/4 ¢ Sales
Tax4 QSCB Subsidy5
Total Revenues
Available
Surplus/
(Deficit)
Revenue From
Prior Tax Impact
Capital Reserve
Utilized
Adjusted Surplus/
(Deficit)
Estimated
Incremental Tax
Equivalent
Capital Reserve
Fund Balance6
4,860,233
2018 4,902,181 13,282,584 812,491 - - - 18,997,255 7,175,000 1,000,000 5,639,477 1,946,000 1,160,434 16,920,911 (2,076,344) - (2,076,344) - - 2,783,889
2019 4,823,775 13,081,710 826,709 - - - 18,732,194 7,175,000 1,000,000 5,695,872 1,946,000 1,162,924 16,979,796 (1,752,398) 4,056,666 - 2,304,268 5.00¢ 5,088,157
2020 3,444,485 12,764,596 841,177 3,100,000 2,000,000 - 22,150,257 7,175,000 1,000,000 5,752,831 1,946,000 1,162,924 17,036,755 (5,113,502) 4,056,666 (1,056,837) - - 4,031,320
2021 2,477,062 12,318,941 855,897 3,022,500 1,950,000 - 20,624,401 7,175,000 1,000,000 5,810,359 1,946,000 1,162,924 17,094,283 (3,530,117) 4,056,666 - 526,548 - 4,557,868
2022 2,398,894 11,988,274 870,875 5,135,000 1,900,000 - 22,293,044 7,175,000 1,000,000 5,868,463 1,946,000 1,162,924 17,152,387 (5,140,657) 4,056,666 (1,083,991) - - 3,473,877
2023 2,319,235 11,602,077 886,116 5,002,750 1,850,000 - 21,660,178 7,175,000 1,000,000 5,927,147 1,946,000 1,162,924 17,211,071 (4,449,107) 4,056,666 (392,441) - - 3,081,436
2024 2,240,269 11,249,486 901,623 8,070,500 1,800,000 - 24,261,878 7,175,000 1,000,000 5,986,419 1,946,000 1,162,924 17,270,343 (6,991,535) 4,056,666 (2,934,870) - - 146,566
2025 2,154,014 9,481,510 917,401 7,858,250 1,750,000 - 22,161,176 7,175,000 1,000,000 6,046,283 1,946,000 1,162,924 17,330,207 (4,830,969) 4,056,666 (146,566) (627,737)0.77¢ -
2026 1,599,463 9,210,336 933,456 13,946,000 1,700,000 - 27,389,254 7,175,000 1,000,000 6,106,746 1,946,000 1,162,924 17,390,670 (9,998,585) 4,684,403 - (5,314,182)6.55¢ -
2027 1,525,295 8,714,937 949,791 13,576,250 1,650,000 - 26,416,273 7,175,000 1,000,000 6,167,813 1,946,000 1,162,924 17,451,737 (8,964,536) 9,998,585 - 1,034,049 - 1,034,049
2028 1,450,454 8,433,590 966,412 13,206,500 1,600,000 - 25,656,956 7,175,000 1,000,000 6,229,492 1,946,000 1,162,924 17,513,415 (8,143,541) 9,998,585 - 1,855,044 - 2,889,093
2029 - 6,995,163 983,325 12,836,750 1,550,000 - 22,365,238 7,175,000 1,000,000 6,291,786 1,946,000 1,162,924 17,575,710 (4,789,527) 9,998,585 - 5,209,057 - 8,098,150
2030 - 5,189,746 1,000,533 12,467,000 1,500,000 - 20,157,279 7,175,000 1,000,000 6,354,704 1,946,000 1,162,924 17,638,628 (2,518,651) 9,998,585 - 7,479,934 - 15,578,084
2031 - 5,106,408 1,018,042 12,097,250 1,450,000 - 19,671,700 7,175,000 1,000,000 6,418,251 1,946,000 1,162,924 17,702,175 (1,969,525) 9,998,585 - 8,029,060 - 23,607,144
2032 - 5,022,523 1,035,858 11,727,500 1,400,000 - 19,185,881 7,175,000 1,000,000 6,482,434 1,946,000 1,162,924 17,766,358 (1,419,523) 9,998,585 - 8,579,062 - 32,186,205
2033 - 4,936,451 1,053,985 11,357,750 1,350,000 - 18,698,187 7,175,000 1,000,000 6,547,258 1,946,000 1,162,924 17,831,182 (867,005) 9,998,585 - 9,131,580 - 41,317,785
2034 - 4,848,611 1,072,430 10,988,000 1,300,000 - 18,209,041 7,175,000 1,000,000 6,612,731 1,946,000 1,162,924 17,896,655 (312,386) 9,998,585 - 9,686,198 - 51,003,984
2035 - 4,769,972 1,091,198 10,618,250 1,250,000 - 17,729,419 7,175,000 1,000,000 6,678,858 1,946,000 1,162,924 17,962,782 233,363 9,998,585 - 10,231,947 - 61,235,931
2036 - 3,785,071 1,110,294 10,248,500 1,200,000 - 16,343,865 7,175,000 1,000,000 6,745,647 1,946,000 581,462 17,448,109 1,104,244 9,998,585 - 11,102,829 - 72,338,760
2037 - 1,522,938 1,129,724 9,878,750 1,150,000 - 13,681,411 7,175,000 1,000,000 6,813,103 1,946,000 - 16,934,103 3,252,692 9,998,585 - 13,251,277 - 85,590,036
2038 - - 1,149,494 9,509,000 1,100,000 - 11,758,494 7,175,000 1,000,000 6,881,234 1,946,000 - 17,002,234 5,243,740 9,998,585 - 15,242,325 - 100,832,361
2039 - - - 9,139,250 1,050,000 - 10,189,250 7,175,000 1,000,000 6,950,047 1,946,000 - 17,071,047 6,881,797 9,998,585 - 16,880,381 - 117,712,742
2040 - - - 7,219,500 - - 7,219,500 7,175,000 1,000,000 7,019,547 1,946,000 - 17,140,547 9,921,047 9,998,585 - 19,919,632 - 137,632,374
2041 - - - 6,927,250 - - 6,927,250 7,175,000 1,000,000 7,089,742 1,946,000 - 17,210,742 10,283,492 9,998,585 - 20,282,077 - 157,914,451
2042 - - - 5,540,000 - - 5,540,000 7,175,000 1,000,000 7,160,640 1,946,000 - 17,281,640 11,741,640 9,998,585 - 21,740,225 - 179,654,676
2043 - - - 5,302,500 - - 5,302,500 7,175,000 1,000,000 7,232,246 1,946,000 - 17,353,246 12,050,746 9,998,585 - 22,049,331 - 201,704,007
2044 - - - 3,465,000 - - 3,465,000 7,175,000 1,000,000 7,304,569 1,946,000 - 17,425,569 13,960,569 9,998,585 - 23,959,153 - 225,663,160
2045 - - - 3,307,500 - - 3,307,500 7,175,000 1,000,000 7,377,614 1,946,000 - 17,498,614 14,191,114 9,998,585 - 24,189,699 - 249,852,859
Total Tax Effect 12.32¢
Total 29,335,128 164,304,922 20,406,830 225,547,500 30,500,000 - 470,094,380 Total (7,691,049)
1 Lease payments on the County's existing DSS Facility will go away when the new County Facility is occupied.
2 Assumes 0% growth.
3 Restricted Article 40 & 42 Board of Education Sales Tax grown at 1.00% off of FY 2017 collections of $5,583,641.
4 The 1/4 ¢ Sales Tax is dedicated solely to pay for New Schools debt service and capital. Assumes no future growth.
5 2018 QSCB subsidy is shown as budgeted. Future QSCB Subsidies are reduced by 6.6% as a result of sequestration.
6 The beginning Capital Reserve Fund Balance represents the County's FY 2017 Ending Article 46 Sales Tax Fund Balance.
Appendix A
Existing Tax Supported Debt
February 27, 2018 33Harnett County, NC
February 27, 2018 Harnett County, NC 34
Existing Tax Supported Debt Summary
Total Tax Supported Debt Service
FY Principal Interest Total
Total 165,155,423 48,891,457 214,046,880
2018 14,396,069 4,601,186 18,997,255
2019 14,325,215 4,406,979 18,732,194
2020 12,946,361 4,103,896 17,050,257
2021 11,837,457 3,814,443 15,651,901
2022 11,730,249 3,527,795 15,258,044
2023 11,563,316 3,244,112 14,807,428
2024 11,427,414 2,963,964 14,391,378
2025 9,842,644 2,710,282 12,552,926
2026 9,260,725 2,482,529 11,743,254
2027 8,921,292 2,268,732 11,190,023
2028 8,792,706 2,057,751 10,850,456
2029 6,082,680 1,895,807 7,978,488
2030 4,404,858 1,785,421 6,190,279
2031 4,388,840 1,735,610 6,124,450
2032 4,374,562 1,683,819 6,058,381
2033 4,358,547 1,631,890 5,990,437
2034 4,339,378 1,581,663 5,921,041
2035 4,329,876 1,531,293 5,861,169
2036 4,099,029 796,335 4,895,365
2037 2,591,433 61,228 2,652,661
2038 1,142,771 6,723 1,149,494
School Debt
FY Principal Interest Total
Total 119,613,450 44,691,472 164,304,922
2018 9,357,690 3,924,894 13,282,584
2019 9,278,922 3,802,788 13,081,710
2020 9,181,398 3,583,198 12,764,596
2021 8,953,098 3,365,843 12,318,941
2022 8,851,790 3,136,485 11,988,274
2023 8,692,536 2,909,541 11,602,077
2024 8,563,931 2,685,555 11,249,486
2025 6,994,151 2,487,359 9,481,510
2026 6,896,058 2,314,277 9,210,336
2027 6,571,891 2,143,046 8,714,937
2028 6,459,777 1,973,813 8,433,590
2029 5,159,947 1,835,216 6,995,163
2030 3,459,488 1,730,258 5,189,746
2031 3,420,400 1,686,008 5,106,408
2032 3,382,609 1,639,914 5,022,523
2033 3,342,631 1,593,820 4,936,451
2034 3,299,041 1,549,570 4,848,611
2035 3,264,651 1,505,320 4,769,972
2036 3,008,442 776,629 3,785,071
2037 1,475,000 47,938 1,522,938
2038 - - -
February 27, 2018 Harnett County, NC 35
Existing Tax Supported Debt Summary
County Debt
FY Principal Interest Total
Total 26,469,374 2,865,754 29,335,128
2018 4,338,089 564,091 4,902,181
2019 4,327,665 496,109 4,823,775
2020 3,027,641 416,844 3,444,485
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 - - -
2037 - - -
2038 - - -
Community College Lease
FY Principal Interest Total
Total 19,072,599 1,334,231 20,406,830
2018 700,290 112,201 812,491
2019 718,628 108,081 826,709
2020 737,323 103,853 841,177
2021 756,381 99,516 855,897
2022 775,809 95,066 870,875
2023 795,613 90,502 886,116
2024 815,801 85,822 901,623
2025 836,378 81,023 917,401
2026 857,353 76,102 933,456
2027 878,732 71,059 949,791
2028 900,523 65,889 966,412
2029 922,733 60,592 983,325
2030 945,369 55,163 1,000,533
2031 968,440 49,602 1,018,042
2032 991,953 43,905 1,035,858
2033 1,015,916 38,069 1,053,985
2034 1,040,337 32,093 1,072,430
2035 1,065,225 25,973 1,091,198
2036 1,090,587 19,706 1,110,294
2037 1,116,433 13,290 1,129,724
2038 1,142,771 6,723 1,149,494
School Debt
February 27, 2018 36Harnett 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 Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 593,370 - 593,370 Total 202,695 - 202,695 Total 1,158,636 23,309 1,181,946
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 - - -
2037 - 2037 - 2037 - - -
2038 - 2038 - 2038 - - -
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.
School Debt
February 27, 2018 37Harnett County, NC
$14,004,000 $23,967,000 $29,435,000
Series 2010 IPC (2008 IPC Refunding) - Bank of America 2011 IPC (SunTrust Leasing) - School Portion Limited Obligation Bonds, Series 2012B (QSCB)
Refinancing 2008 IPC, Angier Elementary Refunding of 2002 COPs, Elementary, Overhills High Highland Middle
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 8,518,000 1,216,464 9,734,464 Total 13,788,550 1,192,259 14,980,809 Total 22,820,273 25,256,113 48,076,386
2018 2.400%793,000 204,432 997,432 2018 2.535%2,100,050 322,922 2,422,972 2018 588,223 1,365,195 1,953,418
2019 2.400%789,000 185,400 974,400 2019 2.535%2,058,340 270,214 2,328,554 2019 587,427 1,365,195 1,952,622
2020 2.400%786,000 166,464 952,464 2020 2.535%2,012,750 218,613 2,231,363 2020 586,847 1,365,195 1,952,042
2021 2.400%782,000 147,600 929,600 2021 2.535%1,971,040 168,118 2,139,158 2021 667,932 1,365,195 2,033,127
2022 2.400%779,000 128,832 907,832 2022 2.535%1,927,390 118,706 2,046,096 2022 665,049 1,365,195 2,030,244
2023 2.400%775,000 110,136 885,136 2023 2.535%1,882,770 70,412 1,953,182 2023 669,413 1,365,195 2,034,608
2024 2.400%771,000 91,536 862,536 2024 2.535%1,836,210 23,274 1,859,484 2024 667,826 1,365,195 2,033,021
2025 2.400%767,000 73,032 840,032 2025 - - - 2025 1,012,025 1,365,195 2,377,220
2026 2.400%763,000 54,624 817,624 2026 - - - 2026 994,226 1,365,195 2,359,421
2027 2.400%759,000 36,312 795,312 2027 - - - 2027 975,670 1,365,195 2,340,865
2028 2.400%754,000 18,096 772,096 2028 - - - 2028 957,428 1,365,195 2,322,624
2029 - - - 2029 - - - 2029 1,595,947 1,365,195 2,961,143
2030 - - - 2030 - - - 2030 1,984,488 1,365,195 3,349,684
2031 - - - 2031 - - - 2031 1,945,400 1,365,195 3,310,595
2032 - - - 2032 - - - 2032 1,907,609 1,365,195 3,272,804
2033 - - - 2033 - - - 2033 1,867,631 1,365,195 3,232,826
2034 - 2034 - - - 2034 1,824,041 1,365,195 3,189,236
2035 - 2035 - - - 2035 1,789,651 1,365,195 3,154,847
2036 - 2036 - - - 2036 4.638%1,533,442 682,598 2,216,040
2037 - 2037 - - - 2037 - -
2038 - 2038 - 2038 -
Dated Date:11/1/2010 Next Call:Current1 Dated Date:##########Next Call:12/1/2020 1 Dated Date:11/15/2012 Next Call:Current1
Purpose:Refinancing / School Insurance:n/a Purpose:Refinancing / Schools Insurance:n/a Purpose:Schools Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1 Coupon Dates:May 1 / Nov 1 Maturity Date:Nov 1
1 Prepayment Note: Interest is Subsidized by the Federal Government at a sequester reduced rate of 3.97%.
Principal Deposits shown are net of the Sinking Fund Earnings at 3.48% through 10/16/34.
1 Make-whole call.
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
prepaid
School Debt
February 27, 2018 38Harnett County, NC
$30,497,000 $31,080,000
2015 Refunding COPs (Regions) - School Portion 2016 Installment Financing Contract, Series 2016 (Regions)
Boone Trail
Refinancing 2007 COPs, Overhills Elementary, Coats Elementary
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 12,534,926 1,821,920 14,356,846 Total 28,517,000 3,928,540 32,445,540
2018 2.520%175,452 313,669 489,121 2018 2.200%2,609,000 627,374 3,236,374
2019 2.520%1,330,826 294,690 1,625,516 2019 2.200%2,580,000 569,976 3,149,976
2020 2.520%1,311,472 261,397 1,572,869 2020 2.200%2,551,000 513,216 3,064,216
2021 2.520%1,297,587 228,523 1,526,110 2021 2.200%2,499,000 457,094 2,956,094
2022 2.520%1,277,812 196,073 1,473,885 2022 2.200%2,467,000 402,116 2,869,116
2023 2.520%1,256,354 164,143 1,420,496 2023 2.200%2,414,000 347,842 2,761,842
2024 2.520%1,234,896 132,753 1,367,649 2024 2.200%2,359,000 294,734 2,653,734
2025 2.520%1,207,126 101,984 1,309,110 2025 2.200%2,313,000 242,836 2,555,836
2026 2.520%1,176,832 71,946 1,248,778 2026 2.200%2,267,000 191,950 2,458,950
2027 2.520%1,148,221 42,650 1,190,871 2027 2.200%2,214,000 142,076 2,356,076
2028 2.520%1,118,348 14,091 1,132,440 2028 2.200%2,155,000 93,368 2,248,368
2029 - - - 2029 2.200%2,089,000 45,958 2,134,958
2030 - - - 2030 - - -
2031 - - - 2031 - - -
2032 - - - 2032 - - -
2033 - - - 2033 - - -
2034 - 2034 - - -
2035 - 2035 - - -
2036 - 2036 - - -
2037 - 2037 - - -
2038 - 2038 -
Dated Date:4/15/2015 Next Call:Current1 Dated Date:4/21/2016 Next Call:Current at 101%
Purpose:Refinancing / Schools Insurance:n/a Purpose:Refunding of 2009 COPs Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1
Note: School portion interpolated based on Bond Ledger percentages.
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%
School Debt
February 27, 2018 39Harnett County, NC
$2,200,000 $29,500,000
Installment Financing Contract, Series 2016 (BB&T)General Obligation School Bonds, Series 2017
Various Schools1 Benhaven Elementary School
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 1,980,000 - 1,980,000 Total 29,500,000 11,252,867 40,752,867
2018 0.000%220,000 220,000 2018 3.000%1,475,000 1,067,992 2,542,992
2019 0.000%220,000 220,000 2019 4.000%1,475,000 1,117,313 2,592,313
2020 0.000%220,000 220,000 2020 4.000%1,475,000 1,058,313 2,533,313
2021 0.000%220,000 220,000 2021 5.000%1,475,000 999,313 2,474,313
2022 0.000%220,000 220,000 2022 5.000%1,475,000 925,563 2,400,563
2023 0.000%220,000 220,000 2023 5.000%1,475,000 851,813 2,326,813
2024 0.000%220,000 220,000 2024 5.000%1,475,000 778,063 2,253,063
2025 0.000%220,000 220,000 2025 5.000%1,475,000 704,313 2,179,313
2026 0.000%220,000 - 220,000 2026 5.000%1,475,000 630,563 2,105,563
2027 - - - 2027 5.000%1,475,000 556,813 2,031,813
2028 - - - 2028 4.000%1,475,000 483,063 1,958,063
2029 - - - 2029 4.000%1,475,000 424,063 1,899,063
2030 - - - 2030 3.000%1,475,000 365,063 1,840,063
2031 - - - 2031 3.125%1,475,000 320,813 1,795,813
2032 - - - 2032 3.125%1,475,000 274,719 1,749,719
2033 - - - 2033 3.000%1,475,000 228,625 1,703,625
2034 - - - 2034 3.000%1,475,000 184,375 1,659,375
2035 - - - 2035 3.125%1,475,000 140,125 1,615,125
2036 - - - 2036 3.125%1,475,000 94,031 1,569,031
2037 - - - 2037 3.250%1,475,000 47,938 1,522,938
2038 - 2038 -
Dated Date:5/20/2016 Next Call:n/a Dated Date:5/31/2017 Next Call:5/1/2027
Purpose:Various Schools1 Insurance:n/a Purpose:Schools Insurance:n/a
Coupon Dates:May 1 Maturity Date:May 1 Coupon Dates:May 1 / Nov 1 Maturity Date:May 1
1 Coats ES, Coats-Erwin MS, Harnett Central HS, Harnett Central MS,
Lafayette ES, Lillington-Shawtown ES, Overhill HS, Triton HS, Western
Harnett HS, Western Harnett MS.
County Debt
February 27, 2018 40Harnett 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 Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 1,484,007 29,855 1,513,863 Total 2,288,209 27,646 2,315,855 Total 261,189 6,679 267,868
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%129,494 4,440 133,934
2019 - 2019 0.982%1,149,924 8,003 1,157,927 2019 1.700%131,695 2,239 133,934
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 -
2037 - 2037 - - - 2037 -
2038 - 2038 - 2038 -
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.Interpolatd from 2016 CAFR. Need more information to refine
County Debt
February 27, 2018 41Harnett County, NC
$30,497,000 $1,274,000
2015 Refunding COPs (Regions) - County Portion 2015 IPC (First Bank)
Refinancing 2007 COPs, Law Enforcement Center Refunding of 2005 IPC, Ag Center
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 16,055,015 2,333,556 18,388,571 Total 748,000 19,512 767,512
2018 2.520%224,723 401,755 626,478 2018 1.490%254,000 10,244 264,244
2019 2.520%1,704,552 377,446 2,081,998 2019 1.490%249,000 6,482 255,482
2020 2.520%1,679,762 334,804 2,014,566 2020 1.490%245,000 2,786 247,786
2021 2.520%1,661,979 292,698 1,954,676 2021 - - -
2022 2.520%1,636,650 251,135 1,887,785 2022 - - -
2023 2.520%1,609,166 210,238 1,819,404 2023 - - -
2024 2.520%1,581,682 170,033 1,751,715 2024 - - -
2025 2.520%1,546,114 130,623 1,676,737 2025 - - -
2026 2.520%1,507,313 92,150 1,599,463 2026 - - -
2027 2.520%1,470,668 54,627 1,525,295 2027 - - -
2028 2.520%1,432,406 18,048 1,450,454 2028 - - -
2029 - - - 2029 - - -
2030 - - - 2030 - - -
2031 - - - 2031 - - -
2032 - - - 2032 - - -
2033 - - - 2033 - - -
2034 - 2034 - - -
2035 - 2035 - - -
2036 - 2036 - - -
2037 - 2037 - - -
2038 - 2038 - - -
Dated Date:4/15/2015 Next Call:Current1 Dated Date:8/27/2015 Next Call:Current1
Purpose:Refinancing / Law Insurance:n/a Purpose:Refinancing / Ag Center Insurance:n/a
Enforcement Center
Coupon Dates:Jun 1 / Dec 1 Maturity Date: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 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%
County Debt
February 27, 2018 42Harnett County, NC
$4,664,000 $1,902,953
2015 IPC (First Bank) - Taxable 2017 Lease (PNC)
Harnett Forward Together Committee Land Purchase Software Replacement
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 3,730,000 406,052 4,136,052 Total 1,902,953 42,455 1,945,408
2018 2.420%467,000 90,266 557,266 2018 1.820%640,581 7,889 648,469
2019 2.420%467,000 78,965 545,965 2019 1.820%625,494 22,975 648,469
2020 2.420%466,000 67,663 533,663 2020 1.820%636,878 11,591 648,469
2021 2.420%466,000 56,386 522,386 2021 -
2022 2.420%466,000 45,109 511,109 2022 -
2023 2.420%466,000 33,832 499,832 2023 -
2024 2.420%466,000 22,554 488,554 2024 -
2025 2.420%466,000 11,277 477,277 2025 -
2026 - - - 2026 - - -
2027 - - - 2027 - - -
2028 - - - 2028 - - -
2029 - - - 2029 - - -
2030 - - - 2030 - - -
2031 - - - 2031 - - -
2032 - - - 2032 - - -
2033 - - - 2033 - - -
2034 - - - 2034 - - -
2035 - - - 2035 - - -
2036 - - - 2036 - - -
2037 - - - 2037 - - -
2038 - - - 2038 -
Dated Date:8/27/2015 Next Call:Current1 Dated Date:8/25/2017 Next Call:Noncallable
Purpose:HFTC Insurance:n/a Purpose:Software Replacement Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 / Dec 1 Coupon Dates:Nov 15 Maturity Date:Nov 15
1 In whole or in part at any time at par
February 27, 2018 Harnett County, NC 43
Community College Lease
$21,910,705
Red Rock Science Center Lease
FY Coupon Principal Interest Total
Total 19,072,599 1,334,231 20,406,830
2018 6.840%700,290 112,201 812,491
2019 6.840%718,628 108,081 826,709
2020 6.840%737,323 103,853 841,177
2021 6.840%756,381 99,516 855,897
2022 6.840%775,809 95,066 870,875
2023 6.840%795,613 90,502 886,116
2024 6.840%815,801 85,822 901,623
2025 6.840%836,378 81,023 917,401
2026 6.840%857,353 76,102 933,456
2027 6.840%878,732 71,059 949,791
2028 6.840%900,523 65,889 966,412
2029 6.840%922,733 60,592 983,325
2030 6.840%945,369 55,163 1,000,533
2031 6.840%968,440 49,602 1,018,042
2032 6.840%991,953 43,905 1,035,858
2033 6.840%1,015,916 38,069 1,053,985
2034 6.840%1,040,337 32,093 1,072,430
2035 6.840%1,065,225 25,973 1,091,198
2036 6.840%1,090,587 19,706 1,110,294
2037 6.840%1,116,433 13,290 1,129,724
2038 6.840%1,142,771 6,723 1,149,494
Dated Date:3/8/2012 Next Call:Current
Purpose:Science Center Insurance:n/a
Coupon Dates:Monthly Maturity Date:Monthly
Note: Interpolated from 2016 CAFR and Red Rock Lease.
Appendix B
Department of Public Utilities Debt Profile
February 27, 2018 44Harnett County, NC
February 27, 2018
Department of Public Utilities Supported Debt Service
Par Outstanding –Estimated as of 6/30/2017
Existing Department of Public Utilities Supported Debt
Type Par Amount
General Obligation Bonds $30,275,000
Revenue Bonds $10,418,000
State Bonds $16,123,666
Installment Purchases $706,450
Total $57,523,116
Source: LGC Bond Ledger, County Staff, and 2017 CAFR
Department of Public Utilities Supported Debt Service
45Harnett County, NC
Note: In addition to the $57,523,116 of par outstanding, there is also $17,340,000
of LOBs outstanding linked to underlying GO debt of the Districts. The LOBs are
excluded for purposes of this analysis
FY Principal Interest Total 10-yr Payout
Total 57,523,116 19,444,093 76,967,210
2018 3,422,861 1,705,878 5,128,739 60.1%
2019 3,465,571 1,613,017 5,078,588 62.8%
2020 3,374,161 1,511,085 4,885,245 63.0%
2021 3,366,668 1,411,550 4,778,219 63.4%
2022 3,424,318 1,308,536 4,732,855 63.8%
2023 3,424,307 1,203,674 4,627,981 64.2%
2024 3,484,867 1,100,707 4,585,574 64.1%
2025 3,489,077 999,495 4,488,571 63.0%
2026 3,523,077 896,764 4,419,841 61.7%
2027 3,586,077 795,677 4,381,754 59.7%
2028 2,863,077 692,606 3,555,683 57.0%
2029 1,382,077 612,522 1,994,598 55.1%
2030 1,396,077 573,514 1,969,591 56.5%
2031 1,414,077 534,088 1,948,165 58.2%
2032 1,423,077 494,099 1,917,176 60.4%
2033 1,193,751 452,417 1,646,168 62.8%
2034 883,000 416,019 1,299,019 66.5%
2035 902,000 387,319 1,289,319 67.8%
2036 803,000 358,006 1,161,006 69.3%
2037 828,000 332,231 1,160,231 71.4%
2038 854,000 305,069 1,159,069 73.9%
2039 879,000 277,044 1,156,044 77.0%
2040 905,000 248,188 1,153,188 80.9%
2041 937,000 218,469 1,155,469 85.8%
2042 913,000 187,675 1,100,675 92.4%
2043 940,000 157,838 1,097,838 100.0%
2044 448,000 127,106 575,106 100.0%
2045 461,000 114,306 575,306 100.0%
2046 474,000 101,131 575,131 100.0%
2047 488,000 87,581 575,581 100.0%
2048 501,000 73,625 574,625 100.0%
2049 516,000 59,294 575,294 100.0%
2050 531,000 44,531 575,531 100.0%
2051 546,000 29,331 575,331 100.0%
2052 481,000 13,700 494,700 100.0%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
MillionsPrincipal Interest
February 27, 2018 Harnett County, NC 46
Department of Public Utility Debt
General Obligation Bonds Revenue Bonds State Bonds
FY Principal Interest Total FY Principal Interest Total FY Principal Interest Total
Total 30,275,000 15,170,169 45,445,169 Total 10,418,000 1,647,384 12,065,384 Total 16,123,666 2,570,724 18,694,391
2018 1,011,000 1,042,556 2,053,556 2018 833,000 263,575 1,096,575 2018 1,373,911 377,131 1,751,042
2019 1,033,000 1,012,088 2,045,088 2019 855,000 242,501 1,097,501 2019 1,373,911 343,758 1,717,669
2020 1,063,000 973,069 2,036,069 2020 875,000 220,869 1,095,869 2020 1,373,911 310,386 1,684,296
2021 1,079,000 930,606 2,009,606 2021 896,000 198,732 1,094,732 2021 1,330,708 277,013 1,607,721
2022 1,112,000 882,894 1,994,894 2022 922,000 176,063 1,098,063 2022 1,330,708 245,909 1,576,617
2023 1,144,000 833,956 1,977,956 2023 944,000 152,736 1,096,736 2023 1,278,077 214,804 1,492,881
2024 1,180,000 785,319 1,965,319 2024 970,000 128,853 1,098,853 2024 1,278,077 185,815 1,463,892
2025 1,218,000 738,356 1,956,356 2025 993,000 104,312 1,097,312 2025 1,278,077 156,827 1,434,903
2026 1,230,000 689,738 1,919,738 2026 1,015,000 79,189 1,094,189 2026 1,278,077 127,838 1,405,915
2027 1,262,000 643,319 1,905,319 2027 1,046,000 53,510 1,099,510 2027 1,278,077 98,849 1,376,926
2028 1,266,000 595,700 1,861,700 2028 1,069,000 27,046 1,096,046 2028 528,077 69,860 597,937
2029 854,000 555,113 1,409,113 2029 - - - 2029 528,077 57,409 585,486
2030 868,000 528,556 1,396,556 2030 - - - 2030 528,077 44,958 573,035
2031 886,000 501,581 1,387,581 2031 - - - 2031 528,077 32,507 560,584
2032 895,000 474,044 1,369,044 2032 - - - 2032 528,077 20,056 548,132
2033 884,000 444,813 1,328,813 2033 - - - 2033 309,751 7,604 317,355
2034 883,000 416,019 1,299,019 2034 - - - 2034 - - -
2035 902,000 387,319 1,289,319 2035 - - - 2035 - - -
2036 803,000 358,006 1,161,006 2036 - - - 2036 - - -
2037 828,000 332,231 1,160,231 2037 - - - 2037 - - -
2038 854,000 305,069 1,159,069 2038 - - - 2038 - - -
2039 879,000 277,044 1,156,044 2039 - - - 2039 - - -
2040 905,000 248,188 1,153,188 2040 - - - 2040 - - -
2041 937,000 218,469 1,155,469 2041 - - - 2041 - - -
2042 913,000 187,675 1,100,675 2042 - - - 2042 - - -
2043 940,000 157,838 1,097,838 2043 - - - 2043 - - -
2044 448,000 127,106 575,106 2044 - - - 2044 - - -
2045 461,000 114,306 575,306 2045 - - - 2045 - - -
2046 474,000 101,131 575,131 2046 - - - 2046 - - -
2047 488,000 87,581 575,581 2047 - - - 2047 - - -
2048 501,000 73,625 574,625 2048 - - - 2048 - - -
2049 516,000 59,294 575,294 2049 - - - 2049 - - -
2050 531,000 44,531 575,531 2050 - - - 2050 - - -
2051 546,000 29,331 575,331 2051 - - - 2051 - - -
2052 481,000 13,700 494,700 2052 - - - 2052 - - -
February 27, 2018 Harnett County, NC 47
Department of Public Utility Debt
Installment Purchases LOBs (Linked to Offsetting District GO Bonds)
FY Principal Interest Total FY Principal Interest Total
Total 706,450 55,816 762,266 Total 17,340,000 7,609,538 24,949,538
2018 204,950 22,615 227,565 2018 770,000 666,250 1,436,250
2019 203,660 14,671 218,331 2019 780,000 643,150 1,423,150
2020 62,250 6,761 69,011 2020 805,000 611,950 1,416,950
2021 60,960 5,200 66,160 2021 815,000 577,450 1,392,450
2022 59,610 3,671 63,281 2022 840,000 537,950 1,377,950
2023 58,230 2,178 60,408 2023 865,000 497,450 1,362,450
2024 56,790 720 57,510 2024 895,000 457,450 1,352,450
2025 - - - 2025 925,000 419,300 1,344,300
2026 - - - 2026 925,000 379,650 1,304,650
2027 - - - 2027 950,000 342,650 1,292,650
2028 - - - 2028 945,000 304,650 1,249,650
2029 - - - 2029 560,000 273,938 833,938
2030 - - - 2030 565,000 255,738 820,738
2031 - - - 2031 575,000 237,375 812,375
2032 - - - 2032 575,000 218,688 793,688
2033 - - - 2033 555,000 198,563 753,563
2034 - - - 2034 545,000 179,138 724,138
2035 - - - 2035 555,000 160,063 715,063
2036 - - - 2036 445,000 140,638 585,638
2037 - - - 2037 460,000 125,063 585,063
2038 - - - 2038 475,000 108,388 583,388
2039 - - - 2039 490,000 91,169 581,169
2040 - - - 2040 505,000 73,406 578,406
2041 - - - 2041 525,000 55,100 580,100
2042 - - - 2042 490,000 36,069 526,069
2043 - - - 2043 505,000 18,306 523,306
2044 - - - 2044 - - -
2045 - - - 2045 - - -
2046 - - - 2046 - - -
2047 - - - 2047 - - -
2048 - - - 2048 - - -
2049 - - - 2049 - - -
2050 - - - 2050 - - -
2051 - - - 2051 - - -
2052 - - - 2052 - - -
General Obligation Bonds
February 27, 2018 48Harnett County, NC
$2,795,000 $3,449,000 $3,937,000
South Central Refunding and Bunnlevel Riverside Refunding, Series 2004 South Central Water & Sewer GO, Series 2013A (USDA)South Central Water & Sewer GO, Series 2013B (USDA)
Refunding of USDA Bonds Sanitary Sewer Sanitary Sewer
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 340,000 107,900 447,900 Total 3,296,000 2,150,125 5,446,125 Total 3,765,000 2,475,406 6,240,406
2018 5.000%25,000 17,300 42,300 2018 3.125%54,000 103,000 157,000 2018 3.125%61,000 117,656 178,656
2019 5.000%30,000 16,050 46,050 2019 3.125%56,000 101,313 157,313 2019 3.125%63,000 115,750 178,750
2020 5.000%30,000 14,550 44,550 2020 3.125%57,000 99,563 156,563 2020 3.125%65,000 113,781 178,781
2021 5.250%30,000 13,050 43,050 2021 3.125%59,000 97,781 156,781 2021 3.125%67,000 111,750 178,750
2022 5.250%30,000 11,475 41,475 2022 3.125%61,000 95,938 156,938 2022 3.125%69,000 109,656 178,656
2023 5.250%30,000 9,900 39,900 2023 3.125%63,000 94,031 157,031 2023 3.125%71,000 107,500 178,500
2024 5.250%30,000 8,325 38,325 2024 3.125%65,000 92,063 157,063 2024 3.125%73,000 105,281 178,281
2025 5.000%30,000 6,750 36,750 2025 3.125%67,000 90,031 157,031 2025 3.125%76,000 103,000 179,000
2026 5.000%35,000 5,250 40,250 2026 3.125%69,000 87,938 156,938 2026 3.125%78,000 100,625 178,625
2027 5.000%35,000 3,500 38,500 2027 3.125%71,000 85,781 156,781 2027 3.125%80,000 98,188 178,188
2028 5.000%35,000 1,750 36,750 2028 3.125%73,000 83,563 156,563 2028 3.125%83,000 95,688 178,688
2029 - - - 2029 3.125%76,000 81,281 157,281 2029 3.125%85,000 93,094 178,094
2030 - - - 2030 3.125%78,000 78,906 156,906 2030 3.125%88,000 90,438 178,438
2031 - - - 2031 3.125%81,000 76,469 157,469 2031 3.125%91,000 87,688 178,688
2032 - - - 2032 3.125%83,000 73,938 156,938 2032 3.125%94,000 84,844 178,844
2033 - - - 2033 3.125%86,000 71,344 157,344 2033 3.125%97,000 81,906 178,906
2034 - 2034 3.125%88,000 68,656 156,656 2034 3.125%100,000 78,875 178,875
2035 - 2035 3.125%91,000 65,906 156,906 2035 3.125%103,000 75,750 178,750
2036 - 2036 3.125%94,000 63,063 157,063 2036 3.125%106,000 72,531 178,531
2037 - 2037 3.125%97,000 60,125 157,125 2037 3.125%109,000 69,219 178,219
2038 - 2038 3.125%100,000 57,094 157,094 2038 3.125%113,000 65,813 178,813
2039 - 2039 3.125%103,000 53,969 156,969 2039 3.125%116,000 62,281 178,281
2040 - 2040 3.125%106,000 50,750 156,750 2040 3.125%120,000 58,656 178,656
2041 - 2041 3.125%110,000 47,438 157,438 2041 3.125%124,000 54,906 178,906
2042 - 2042 3.125%113,000 44,000 157,000 2042 3.125%127,000 51,031 178,031
2043 - 2043 3.125%117,000 40,469 157,469 2043 3.125%131,000 47,063 178,063
2044 - 2044 3.125%120,000 36,813 156,813 2044 3.125%136,000 42,969 178,969
2045 - 2045 3.125%124,000 33,063 157,063 2045 3.125%140,000 38,719 178,719
2046 - 2046 3.125%128,000 29,188 157,188 2046 3.125%144,000 34,344 178,344
2047 - 2047 3.125%132,000 25,188 157,188 2047 3.125%149,000 29,844 178,844
2048 - 2048 3.125%136,000 21,063 157,063 2048 3.125%153,000 25,188 178,188
2049 - 2049 3.125%140,000 16,813 156,813 2049 3.125%158,000 20,406 178,406
2050 - 2050 3.125%145,000 12,438 157,438 2050 3.125%163,000 15,469 178,469
2051 - 2051 3.125%149,000 7,906 156,906 2051 3.125%168,000 10,375 178,375
2052 - 2052 3.125%104,000 3,250 107,250 2052 3.125%164,000 5,125 169,125
Dated Date:5/12/2004 Next Call:Current1 Dated Date:1/22/2013 Next Call:Current Dated Date:1/22/2013 Next Call:Current
Purpose:Refunding of USDA Bonds Insurance:n/a Purpose:Sanitary Sewer Insurance:n/a Purpose:Sanitary Sewer Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 Maturity Date:Jun 1
1 In whole or in part on any date at par
General Obligation Bonds
February 27, 2018 49Harnett County, NC
$3,239,000 $2,586,000 $10,395,000
South Central Water & Sewer GO, Series 2013C (USDA)South Central Water & Sewer GO, Series 2013D (USDA)General Obligation Refunding Bond, Series 2013 (County LOBs) South Central
Sanitary Sewer Sanitary Sewer Refunding of USDA Bonds
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 3,078,000 1,574,275 4,652,275 Total 2,456,000 1,252,925 3,708,925 Total 9,505,000 5,111,288 14,616,288
2018 2.500%56,000 76,950 132,950 2018 2.500%45,000 61,400 106,400 2018 3.000%260,000 355,425 615,425
2019 2.500%58,000 75,550 133,550 2019 2.500%46,000 60,275 106,275 2019 4.000%270,000 347,625 617,625
2020 2.500%59,000 74,100 133,100 2020 2.500%47,000 59,125 106,125 2020 5.000%280,000 336,825 616,825
2021 2.500%60,000 72,625 132,625 2021 2.500%48,000 57,950 105,950 2021 5.000%290,000 324,875 614,875
2022 2.500%62,000 71,125 133,125 2022 2.500%50,000 56,750 106,750 2022 5.000%300,000 310,775 610,775
2023 2.500%64,000 69,575 133,575 2023 2.500%51,000 55,500 106,500 2023 5.000%305,000 296,325 601,325
2024 2.500%65,000 67,975 132,975 2024 2.500%52,000 54,225 106,225 2024 5.000%325,000 282,225 607,225
2025 2.500%67,000 66,350 133,350 2025 2.500%53,000 52,925 105,925 2025 5.000%340,000 268,425 608,425
2026 2.500%68,000 64,675 132,675 2026 2.500%55,000 51,600 106,600 2026 4.000%345,000 253,875 598,875
2027 2.500%70,000 62,975 132,975 2027 2.500%56,000 50,225 106,225 2027 4.000%365,000 240,075 605,075
2028 2.500%72,000 61,225 133,225 2028 2.500%58,000 48,825 106,825 2028 3.250%375,000 225,475 600,475
2029 2.500%74,000 59,425 133,425 2029 2.500%59,000 47,375 106,375 2029 3.250%320,000 213,288 533,288
2030 2.500%76,000 57,575 133,575 2030 2.500%61,000 45,900 106,900 2030 3.250%325,000 202,888 527,888
2031 2.500%77,000 55,675 132,675 2031 2.500%62,000 44,375 106,375 2031 3.250%340,000 192,325 532,325
2032 2.500%79,000 53,750 132,750 2032 2.500%64,000 42,825 106,825 2032 3.500%345,000 181,275 526,275
2033 2.500%81,000 51,775 132,775 2033 2.500%65,000 41,225 106,225 2033 3.500%360,000 169,200 529,200
2034 2.500%83,000 49,750 132,750 2034 2.500%67,000 39,600 106,600 2034 3.500%375,000 156,600 531,600
2035 2.500%85,000 47,675 132,675 2035 2.500%68,000 37,925 105,925 2035 3.500%385,000 143,475 528,475
2036 2.500%88,000 45,550 133,550 2036 2.500%70,000 36,225 106,225 2036 3.500%400,000 130,000 530,000
2037 2.500%90,000 43,350 133,350 2037 2.500%72,000 34,475 106,475 2037 3.625%410,000 116,000 526,000
2038 2.500%92,000 41,100 133,100 2038 2.500%74,000 32,675 106,675 2038 3.625%425,000 101,138 526,138
2039 2.500%94,000 38,800 132,800 2039 2.500%76,000 30,825 106,825 2039 3.625%440,000 85,731 525,731
2040 2.500%97,000 36,450 133,450 2040 2.500%77,000 28,925 105,925 2040 3.625%455,000 69,781 524,781
2041 2.500%99,000 34,025 133,025 2041 2.500%79,000 27,000 106,000 2041 3.625%475,000 53,288 528,288
2042 2.500%102,000 31,550 133,550 2042 2.500%81,000 25,025 106,025 2042 3.625%490,000 36,069 526,069
2043 2.500%104,000 29,000 133,000 2043 2.500%83,000 23,000 106,000 2043 3.625%505,000 18,306 523,306
2044 2.500%107,000 26,400 133,400 2044 2.500%85,000 20,925 105,925 2044 -
2045 2.500%109,000 23,725 132,725 2045 2.500%88,000 18,800 106,800 2045 -
2046 2.500%112,000 21,000 133,000 2046 2.500%90,000 16,600 106,600 2046 -
2047 2.500%115,000 18,200 133,200 2047 2.500%92,000 14,350 106,350 2047 -
2048 2.500%118,000 15,325 133,325 2048 2.500%94,000 12,050 106,050 2048 -
2049 2.500%121,000 12,375 133,375 2049 2.500%97,000 9,700 106,700 2049 -
2050 2.500%124,000 9,350 133,350 2050 2.500%99,000 7,275 106,275 2050 -
2051 2.500%127,000 6,250 133,250 2051 2.500%102,000 4,800 106,800 2051 -
2052 2.500%123,000 3,075 126,075 2052 2.500%90,000 2,250 92,250 2052 -
Dated Date:1/22/2013 Next Call:Current Dated Date:1/22/2013 Next Call:Current Dated Date:4/24/2013 Next Call:6/1/2023
Purpose:Sanitary Sewer Insurance:n/a Purpose:Sanitary Sewer Insurance:n/a Purpose:Refunding of USDA Bonds Insurance:n/a
Coupon Dates:Jun 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1
General Obligation Bonds
February 27, 2018 50Harnett County, NC
$1,485,000 $1,085,000 $2,315,000
General Obligation Refunding Bond, Series 2013 (County LOBs) West Central General Obligation Refunding Bond, Series 2013 (County LOBs) Northwest General Obligation Refunding Bond, Series 2013 (County LOBs) Southwest
Refunding of USDA Bonds Refunding of USDA Bonds Refunding of USDA Bonds
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 1,200,000 302,825 1,502,825 Total 660,000 158,163 818,163 Total 1,845,000 456,388 2,301,388
2018 3.000%100,000 49,575 149,575 2018 3.000%65,000 27,238 92,238 2018 3.000%165,000 76,213 241,213
2019 4.000%100,000 46,575 146,575 2019 4.000%65,000 25,288 90,288 2019 4.000%165,000 71,263 236,263
2020 5.000%100,000 42,575 142,575 2020 5.000%65,000 22,688 87,688 2020 5.000%170,000 64,663 234,663
2021 5.000%105,000 38,275 143,275 2021 5.000%60,000 19,888 79,888 2021 5.000%165,000 57,363 222,363
2022 5.000%110,000 33,175 143,175 2022 5.000%60,000 16,988 76,988 2022 5.000%165,000 49,363 214,363
2023 5.000%115,000 27,875 142,875 2023 5.000%60,000 14,088 74,088 2023 5.000%170,000 41,413 211,413
2024 5.000%115,000 22,575 137,575 2024 5.000%60,000 11,288 71,288 2024 5.000%170,000 33,563 203,563
2025 5.000%115,000 17,675 132,675 2025 5.000%60,000 8,738 68,738 2025 5.000%175,000 26,263 201,263
2026 4.000%115,000 12,775 127,775 2026 4.000%55,000 6,188 61,188 2026 4.000%165,000 18,763 183,763
2027 4.000%115,000 8,175 123,175 2027 4.000%55,000 3,988 58,988 2027 4.000%170,000 12,163 182,163
2028 3.250%110,000 3,575 113,575 2028 3.250%55,000 1,788 56,788 2028 3.250%165,000 5,363 170,363
2029 - - - 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
2034 - 2034 - 2034 -
2035 - 2035 - 2035 -
2036 - 2036 - 2036 -
2037 - 2037 - 2037 -
2038 - 2038 - 2038 -
2039 - 2039 - 2039 -
2040 - 2040 - 2040 -
2041 - 2041 - 2041 -
2042 - 2042 - 2042 -
2043 - 2043 - 2043 -
2044 - 2044 - 2044 -
2045 - 2045 - 2045 -
2046 - 2046 - 2046 -
2047 - 2047 - 2047 -
2048 - 2048 - 2048 -
2049 - 2049 - 2049 -
2050 - 2050 - 2050 -
2051 - 2051 - 2051 -
2052 - 2052 - 2052 -
Dated Date:4/24/2013 Next Call:6/1/2023 Dated Date:4/24/2013 Next Call:6/1/2023 Dated Date:4/24/2013 Next Call:6/1/2023
Purpose:Refunding of USDA Bonds Insurance:n/a Purpose:Refunding of USDA Bonds Insurance:n/a Purpose:Refunding of USDA Bonds 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:Jun 1
General Obligation Bonds
February 27, 2018 51Harnett County, NC
$1,000,000 $2,765,000 $1,020,000
General Obligation Refunding Bond, Series 2013 (County LOBs) Southeast General Obligation Refunding Bond, Series 2013 (County LOBs) East Central General Obligation Refunding Bond, Series 2013 (County LOBs) Riverside
Refunding of USDA Bonds Refunding of USDA Bonds Refunding of USDA Bonds
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 830,000 260,625 1,090,625 Total 2,375,000 848,550 3,223,550 Total 925,000 471,700 1,396,700
2018 3.000%45,000 32,450 77,450 2018 3.000%110,000 90,963 200,963 2018 3.000%25,000 34,388 59,388
2019 4.000%45,000 31,100 76,100 2019 4.000%110,000 87,663 197,663 2019 4.000%25,000 33,638 58,638
2020 5.000%50,000 29,300 79,300 2020 5.000%115,000 83,263 198,263 2020 5.000%25,000 32,638 57,638
2021 5.000%50,000 27,150 77,150 2021 5.000%120,000 78,363 198,363 2021 5.000%25,000 31,538 56,538
2022 5.000%55,000 24,750 79,750 2022 5.000%125,000 72,563 197,563 2022 5.000%25,000 30,338 55,338
2023 5.000%55,000 22,100 77,100 2023 5.000%130,000 66,513 196,513 2023 5.000%30,000 29,138 59,138
2024 5.000%60,000 19,550 79,550 2024 5.000%135,000 60,463 195,463 2024 5.000%30,000 27,788 57,788
2025 5.000%60,000 17,000 77,000 2025 5.000%145,000 54,713 199,713 2025 5.000%30,000 26,488 56,488
2026 4.000%60,000 14,400 74,400 2026 4.000%150,000 48,513 198,513 2026 4.000%35,000 25,138 60,138
2027 4.000%60,000 12,000 72,000 2027 4.000%145,000 42,513 187,513 2027 4.000%40,000 23,738 63,738
2028 3.250%55,000 9,600 64,600 2028 3.250%145,000 36,713 181,713 2028 3.250%40,000 22,138 62,138
2029 3.250%55,000 7,813 62,813 2029 3.250%145,000 32,000 177,000 2029 3.250%40,000 20,838 60,838
2030 3.250%55,000 6,025 61,025 2030 3.250%145,000 27,288 172,288 2030 3.250%40,000 19,538 59,538
2031 3.250%55,000 4,238 59,238 2031 3.250%140,000 22,575 162,575 2031 3.250%40,000 18,238 58,238
2032 3.500%50,000 2,450 52,450 2032 3.500%135,000 18,025 153,025 2032 3.500%45,000 16,938 61,938
2033 3.500%20,000 700 20,700 2033 3.500%130,000 13,300 143,300 2033 3.500%45,000 15,363 60,363
2034 - 2034 3.500%125,000 8,750 133,750 2034 3.500%45,000 13,788 58,788
2035 - 2035 3.500%125,000 4,375 129,375 2035 3.500%45,000 12,213 57,213
2036 - 2036 - - - 2036 3.500%45,000 10,638 55,638
2037 - 2037 - - - 2037 3.625%50,000 9,063 59,063
2038 - 2038 - 2038 3.625%50,000 7,250 57,250
2039 - 2039 - 2039 3.625%50,000 5,438 55,438
2040 - 2040 - 2040 3.625%50,000 3,625 53,625
2041 - 2041 - 2041 3.625%50,000 1,813 51,813
2042 - 2042 - 2042 -
2043 - 2043 - 2043 -
2044 - 2044 - 2044 -
2045 - 2045 - 2045 -
2046 - 2046 - 2046 -
2047 - 2047 - 2047 -
2048 - 2048 - 2048 -
2049 - 2049 - 2049 -
2050 - 2050 - 2050 -
2051 - 2051 - 2051 -
2052 - 2052 - 2052 -
Dated Date:4/24/2013 Next Call:6/1/2023 Dated Date:4/24/2013 Next Call:6/1/2023 Dated Date:4/24/2013 Next Call:6/1/2023
Purpose:Refunding of USDA Bonds Insurance:n/a Purpose:Refunding of USDA Bonds Insurance:n/a Purpose:Refunding of USDA Bonds 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:Jun 1
Revenue Bonds
February 27, 2018 52Harnett County, NC
$10,673,000
Enterprise System Revenue Refunding Bond, Series 2015 (Regions)
Refunding of
FY Coupon Principal Interest Total
Total 10,418,000 1,647,384 12,065,384
2018 2.530%833,000 263,575 1,096,575
2019 2.530%855,000 242,501 1,097,501
2020 2.530%875,000 220,869 1,095,869
2021 2.530%896,000 198,732 1,094,732
2022 2.530%922,000 176,063 1,098,063
2023 2.530%944,000 152,736 1,096,736
2024 2.530%970,000 128,853 1,098,853
2025 2.530%993,000 104,312 1,097,312
2026 2.530%1,015,000 79,189 1,094,189
2027 2.530%1,046,000 53,510 1,099,510
2028 2.530%1,069,000 27,046 1,096,046
2029 - - -
2030 - - -
2031 - - -
2032 - - -
2033 - - -
Dated Date:4/15/2015 Next Call:Current1
Purpose:Refinancing / W&S Insurance:n/a
Coupon Dates:May 1 / Nov 1 Maturity Date:May 1
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%
State Bond Loans
February 27, 2018 53Harnett County, NC
$864,047 $1,000,000 $15,000,000
2001 Harnett / Wake Transmission Line 2003 Southwest Regional III 2007 Revolving Loan
Harnett / Wake Transmission Line Water Sanitary Sewer
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 129,607 13,609 143,216 Total 263,158 31,737 294,895 Total 7,500,000 909,563 8,409,563
2018 5.250%43,202 6,804 50,007 2018 4.020%52,632 10,579 63,211 2018 2.205%750,000 165,375 915,375
2019 5.250%43,202 4,536 47,739 2019 4.020%52,632 8,463 61,095 2019 2.205%750,000 148,838 898,838
2020 5.250%43,202 2,268 45,470 2020 4.020%52,632 6,347 58,979 2020 2.205%750,000 132,300 882,300
2021 - - - 2021 4.020%52,632 4,232 56,863 2021 2.205%750,000 115,763 865,763
2022 - - - 2022 4.020%52,632 2,116 54,747 2022 2.205%750,000 99,225 849,225
2023 - - - 2023 - 2023 2.205%750,000 82,688 832,688
2024 - - - 2024 - 2024 2.205%750,000 66,150 816,150
2025 - - - 2025 - 2025 2.205%750,000 49,613 799,613
2026 - - - 2026 - 2026 2.205%750,000 33,075 783,075
2027 - - - 2027 - 2027 2.205%750,000 16,538 766,538
2028 - - - 2028 - 2028 - - -
2029 - - - 2029 - 2029 - - -
2030 - - - 2030 - 2030 - - -
2031 - - - 2031 - 2031 - - -
2032 - - - 2032 - 2032 - - -
2033 - - - 2033 - 2033 - - -
Dated Date:3/29/2001 Next Call:Unknown Dated Date:3/15/2003 Next Call:Unknown Dated Date:5/11/2007 Next Call:Unknown
Purpose:Harnett / Wake Insurance:n/a Purpose:Water Insurance:n/a Purpose:Sanitary Sewer Insurance:n/a
Transmission Line
Coupon Dates:May 1 / Nov 1 Maturity Date:May 1 Coupon Dates:May 1 / Nov 1 Maturity Date:May 1 Coupon Dates:May 1 / Nov 1 Maturity Date:May 1
State Bond Loans
February 27, 2018 54Harnett County, NC
$4,366,515 $6,195,019
2011 East Central Revolving Loan 2013 Erwin WW Revolving Loan
Water Sanitary Sewer
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 3,274,886 581,620 3,856,506 Total 4,956,015 1,034,196 5,990,212
2018 2.220%218,326 72,702 291,028 2018 2.455%309,751 121,670 431,421
2019 2.220%218,326 67,856 286,181 2019 2.455%309,751 114,066 423,817
2020 2.220%218,326 63,009 281,335 2020 2.455%309,751 106,461 416,212
2021 2.220%218,326 58,162 276,488 2021 2.455%309,751 98,857 408,608
2022 2.220%218,326 53,315 271,641 2022 2.455%309,751 91,253 401,004
2023 2.220%218,326 48,468 266,794 2023 2.455%309,751 83,648 393,399
2024 2.220%218,326 43,621 261,947 2024 2.455%309,751 76,044 385,795
2025 2.220%218,326 38,775 257,100 2025 2.455%309,751 68,439 378,190
2026 2.220%218,326 33,928 252,254 2026 2.455%309,751 60,835 370,586
2027 2.220%218,326 29,081 247,407 2027 2.455%309,751 53,231 362,982
2028 2.220%218,326 24,234 242,560 2028 2.455%309,751 45,626 355,377
2029 2.220%218,326 19,387 237,713 2029 2.455%309,751 38,022 347,773
2030 2.220%218,326 14,541 232,866 2030 2.455%309,751 30,418 340,168
2031 2.220%218,326 9,694 228,019 2031 2.455%309,751 22,813 332,564
2032 2.220%218,326 4,847 223,173 2032 2.455%309,751 15,209 324,960
2033 - - - 2033 2.455%309,751 7,604 317,355
Dated Date:10/14/2011 Next Call:Unknown Dated Date:1/13/2013 Next Call:Unknown
Purpose:Water Insurance:n/a Purpose:Sanitary Sewer Insurance:n/a
Coupon Dates:May 1 / Nov 1 Maturity Date:May 1 Coupon Dates:May 1 / Nov 1 Maturity Date:May 1
Installment Purchases
February 27, 2018 55Harnett County, NC
$2,100,000 $743,310
2004 IPC (Wachovia)2011 IPC (SunTrust) - Public Utilities Portion only
Highway 87 Refunding of 2002 COPs, Water & Sewer
FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 280,000 18,942 298,942 Total 426,450 36,874 463,324
2018 4.510%140,000 12,628 152,628 2018 2.535%64,950 9,987 74,937
2019 4.510%140,000 6,314 146,314 2019 2.535%63,660 8,357 72,017
2020 - - - 2020 2.535%62,250 6,761 69,011
2021 - - - 2021 2.535%60,960 5,200 66,160
2022 - - - 2022 2.535%59,610 3,671 63,281
2023 - - - 2023 2.535%58,230 2,178 60,408
2024 - - - 2024 2.535%56,790 720 57,510
2025 - - - 2025 - -
2026 - - - 2026 - - -
2027 - - - 2027 - - -
2028 - - - 2028 - - -
2029 - - - 2029 - - -
2030 - - - 2030 - - -
2031 - - - 2031 - - -
2032 - - - 2032 - - -
2033 - - - 2033 - - -
Dated Date:6/8/2004 Next Call:6/8/2016 1 Dated Date:11/15/2011 Next Call:12/1/2020 1
Purpose:Highway 87 Insurance:n/a Purpose:Refinancing / W&S Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1 Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1
1 Any date at 101%1 The County may prepay, in whole on any regularly scheduled payment date at a
prepayment price of 100% of such principal amount prepaid
LOBs (Linked to Offsetting District GO Bonds)
February 27, 2018 56Harnett County, NC
$20,065,000
Limited Obligation Bonds, Series 2013
District Refundings
FY Coupon Principal Interest Total
Total 17,340,000 7,609,538 24,949,538
2018 3.000%770,000 666,250 1,436,250
2019 4.000%780,000 643,150 1,423,150
2020 4.000%805,000 611,950 1,416,950
2021 4.000%815,000 577,450 1,392,450
2022 4.000%840,000 537,950 1,377,950
2023 4.000%865,000 497,450 1,362,450
2024 5.000%895,000 457,450 1,352,450
2025 5.000%925,000 419,300 1,344,300
2026 4.000%925,000 379,650 1,304,650
2027 4.000%950,000 342,650 1,292,650
2028 3.250%945,000 304,650 1,249,650
2029 3.250%560,000 273,938 833,938
2030 3.250%565,000 255,738 820,738
2031 3.250%575,000 237,375 812,375
2032 3.500%575,000 218,688 793,688
2033 3.500%555,000 198,563 753,563
2034 3.500%545,000 179,138 724,138
2035 3.500%555,000 160,063 715,063
2036 3.500%445,000 140,638 585,638
2037 3.625%460,000 125,063 585,063
2038 3.625%475,000 108,388 583,388
2039 3.625%490,000 91,169 581,169
2040 3.625%505,000 73,406 578,406
2041 3.625%525,000 55,100 580,100
2042 3.625%490,000 36,069 526,069
2043 3.625%505,000 18,306 523,306
Dated Date:4/24/2013 Next Call:6/1/2023
Purpose:District Refundings Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Jun 1
Appendix C
Solid Waste Debt Profile
February 27, 2018 57Harnett County, NC
February 27, 2018
Solid Waste Supported Debt Service
Par Outstanding –Estimated as of 6/30/2017
Existing Solid Waste Supported Debt
Type Par Amount
COPs / LOBs / IPCs $1,510,250
Special Obligation Bonds $1,102,000
Total $2,612,250
Source: LGC Bond Ledger, County Staff, and 2017 CAFR
Solid Waste Supported Debt Service
58Harnett County, NC
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Millions
Principal Interest
FY Principal Interest Total 10-yr Payout
Total 2,612,250 342,018 2,954,268
2018 471,977 126,813 598,790 95.9%
2019 330,662 51,444 382,106 100.0%
2020 306,766 43,792 350,558 100.0%
2021 310,434 36,133 346,567 100.0%
2022 312,538 28,389 340,927 100.0%
2023 315,480 20,596 336,076 100.0%
2024 118,422 12,731 131,153 100.0%
2025 115,759 9,780 125,539 100.0%
2026 112,854 6,899 119,754 100.0%
2027 110,111 4,090 114,201 100.0%
2028 107,246 1,351 108,597 100.0%
February 27, 2018
Existing Solid Waste Supported Debt Summary
59Harnett County, NC
Total Solid Waste Supported Debt Service
FY Principal Interest Total
Total 2,612,250 342,018 2,954,268
2018 471,977 126,813 598,790
2019 330,662 51,444 382,106
2020 306,766 43,792 350,558
2021 310,434 36,133 346,567
2022 312,538 28,389 340,927
2023 315,480 20,596 336,076
2024 118,422 12,731 131,153
2025 115,759 9,780 125,539
2026 112,854 6,899 119,754
2027 110,111 4,090 114,201
2028 107,246 1,351 108,597
IPCs / LOBs / COPs
FY Principal Interest Total
Total 1,510,250 244,062 1,754,312
2018 298,977 99,373 398,350
2019 153,662 28,312 181,974
2020 125,766 25,067 150,833
2021 124,434 21,915 146,349
2022 122,538 18,803 141,341
2023 120,480 15,741 136,221
2024 118,422 12,731 131,153
2025 115,759 9,780 125,539
2026 112,854 6,899 119,754
2027 110,111 4,090 114,201
2028 107,246 1,351 108,597
Special Obligation Bonds
FY Principal Interest Total
Total 1,102,000 97,957 1,199,957
2018 173,000 27,440 200,440
2019 177,000 23,132 200,132
2020 181,000 18,725 199,725
2021 186,000 14,218 200,218
2022 190,000 9,587 199,587
2023 195,000 4,856 199,856
2024 - - -
2025 - - -
2026 - - -
2027 - - -
2028 - - -
COPs / LOBs / IPCs
February 27, 2018 60Harnett County, NC
$1,947,414 $30,497,000
2007A COPs (partial refinancing)Solid Waste Equipment Lease 2015 Refunding COPs (Regions)
Refinancing 2000 COPs, Solid Waste Transfer Station Solid Waste Equipment Refinancing 2007 COPs, Solid Waste Transfer Station
FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total
Total 127,356 65,076 192,433 Total 180,835 4,269 185,104 Total 1,202,059 174,716 1,376,775
2018 4.000%127,356 65,076 192,433 2018 1.700%154,795 4,217 159,012 2018 2.520%16,825 30,080 46,905
2019 - - - 2019 1.700%26,040 52 26,092 2019 2.520%127,622 28,260 155,882
2020 - - - 2020 - 2020 2.520%125,766 25,067 150,833
2021 - - - 2021 - 2021 2.520%124,434 21,915 146,349
2022 - - - 2022 - 2022 2.520%122,538 18,803 141,341
2023 - - - 2023 - 2023 2.520%120,480 15,741 136,221
2024 - - - 2024 - 2024 2.520%118,422 12,731 131,153
2025 - - - 2025 - 2025 2.520%115,759 9,780 125,539
2026 - - - 2026 - 2026 2.520%112,854 6,899 119,754
2027 - - - 2027 - 2027 2.520%110,111 4,090 114,201
2028 - - - 2028 - 2028 2.520%107,246 1,351 108,597
2029 - - - 2029 - - - 2029 - - -
2030 - - - 2030 - - - 2030 - - -
2031 - - - 2031 - - - 2031 - - -
2032 - - - 2032 - - - 2032 - - -
2033 - - - 2033 - - - 2033 - - -
Dated Date:5/16/2007 Next Call:12/1/2017 Dated Date:unknown Next Call:unknown Dated Date:4/15/2015 Next Call:Current1
Purpose:Refinancing / Solid Waste Insurance:FSA Purpose:Solid Waste Equipment Insurance:unknown Purpose:Refinancing / Solid Waste Insurance:n/a
Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1 Coupon Dates:unknown Maturity Date:unknown Coupon Dates:Jun 1 / Dec 1 Maturity Date:Dec 1
Note: Solid Waste portion interpolated based on Bond Ledger percentages.Note: Interpolated from 2014 CAFR Note: Solid Waste portion interpolated based on Bond Ledger percentages.
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%
Special Obligation Bonds
February 27, 2018 61Harnett County, NC
$1,750,000
2013 Special Obligation Bond (Cape Fear Farm Credit)
Dunn-Erwin MSW Landfill, Convenience Center and Transfer Station
FY Coupon Principal Interest Total
Total 1,102,000 97,957 1,199,957
2018 2.490%173,000 27,440 200,440
2019 2.490%177,000 23,132 200,132
2020 2.490%181,000 18,725 199,725
2021 2.490%186,000 14,218 200,218
2022 2.490%190,000 9,587 199,587
2023 2.490%195,000 4,856 199,856
2024 - - -
2025 - - -
2026 - - -
2027 - - -
2028 - - -
2029 - - -
2030 - - -
2031 - - -
2032 - - -
2033 - - -
Dated Date:1/23/2013 Next Call:Current1
Purpose:Solid Waste Insurance:n/a
Coupon Dates:Feb 1 / Aug 1 Maturity Date:Feb 1
1 In whole or in part on any date at par
Appendix D
Financial Policies
February 27, 2018 62Harnett County, NC
Fiscal Policy Guidelines
For:
Harnett County, North Carolina
Originally Adopted: May 7, 2012
Amendments Adopted: 11.7.16
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
Education Funding Policies 8
Cash Management / Investment Policies 9-10
Enterprise Funds Policy 11-12
Summary of Policy Ratios 13
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.
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.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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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.
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. Exceptions shall be reviewed and approved
annually by the Board of Commissioners until compliance is achieved.
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.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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RESERVE POLICIES
1. The County will maintain a minimum Unassigned Fund Balance, as
defined by the Governmental Accounting Standards Board, at the close of
each fiscal year equal to 15% of General Fund Expenditures with a
targeted Unassigned Fund Balance equal to 20% of General Fund
Expenditures.
2. In the event that funds are available over and beyond the 20% targeted
amount, those funds may be transferred to a capital reserve fund, a capital
projects fund, to pay-down debt or to fund other one-time uses. Such
transfers or uses shall be approved by the Board of County Commissioners
in conjunction with a staff recommendation based upon a fund balance
analysis to be completed within six months of the close of each fiscal year
taking into consideration the prior year’s financial statements, current
year-to-date budget performance, current property tax valuations and the
County’s most recently adopted capital improvement plan.
3. The County Board may, from time-to-time, utilize fund balances that will
reduce Unassigned Fund Balance below the 15% minimum for the
purposes of a declared fiscal emergency or other such purpose as to protect
or enhance the long-term fiscal security of the County. In such
circumstances, the Board will adopt a plan to restore the Unassigned Fund
Balance to the target 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.
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.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
8
EDUCATION FUNDING POLICIES
1. It is the intent of the County to appropriate funding to the Board of Education to
assure that the necessary resources are provided for current expense and to meet
the low wealth funding requirements.
2. The County will provide current expense funding based upon the most recent
known 2nd month average daily membership (ADM) times the most recent known
Three-Year Average of Appropriations as determined by the NC Department of
Public Instruction.
3. The County will provide funding for an annual classroom teacher supplement to
those teachers who were employed as of September 1 of the preceding fiscal year.
To remain eligible for the payment, the teacher must remain in the employment of
the Harnett County School system, as a teacher, at the time the payment is made.
For purposes of this funding, a Teacher is defined as those individuals who are
included in the Public School Personnel Summary provided by the NC
Department of Public Instruction.
4. The County will provide funds for Capital and Capital Maintenance. The source
of funding will be a portion of the sales tax expansion basis and will be disbursed
based upon the Board of Education’s latest approved Capital Improvement Plan
(CIP) at the discretion of the Board of County Commissioners.
5. The County will detail the amounts to be budgeted under this policy as part of the
annual budget ordinance.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
9
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 10% of the County’s investment funds may be
invested in a specific company’s commercial paper and no more than 25% of the
County’s investment funds may be invested in commercial paper. No more than
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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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.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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ENTERPRISE FUNDS POLICY
The County maintains Enterprise Funds (primarily water and wastewater) that are self-sustaining
for both operational and capital purposes. The Enterprise Funds will adhere to the County’ Fiscal
Policy with any exceptions being reported in this section.
These policies will allow for orderly expansion of services and to allow operation
within the financial framework insuring efficiency while providing necessary
services.
They promote long-term financial stability.
They insure the future viability of the system while providing for predictable and
reasonable rate increases.
Budget Policies:
Enterprise Funds will develop a multi-year capital improvement plan, which will be
reviewed and updated annually.
Any improvements required to meet new regulatory requirements or to meet changes
in the service demands will be included in either the capital improvement plan or the
annual budget request.
Service rates will be reviewed annually as part of the budget process.
Service rates will be adjusted as needed to provide adequate funding for the proper
operation, maintenance, and expansion of the system.
Service rates will be adjusted as necessary to meet bond covenants, debt service
obligations, and Adopted Financial Policy Guidelines.
Debt Policies:
The Enterprise Fund is responsible for setting rates and charges at such a level which
maintains the “self-supporting” nature of the fund.
The County will target a minimum amount of equity funding of 10% of the Enterprise
Fund capital improvement plan on a five-year rolling average.
The Enterprise Fund will comply with all applicable bond covenants.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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The Enterprise Fund will maintain a debt service coverage ratio as defined by the
General Indenture of the Enterprise System Revenue Bonds. These minimum
requirements are summarized to be:
o 1.20x debt service coverage on Parity Indebtedness (Revenues for this measure
may include 20% of the balance in the Surplus Account at the end of the
preceding Fiscal Year)
o 1.00x debt service coverage of Parity Indebtedness, General Obligation
Indebtedness, Subordinate Indebtedness, Other Indebtedness, and any amount
due to the Qualified Reserve Fund or Qualified Reserve Fund Substitute.
Reserve Policies:
The County has adopted a comprehensive strategy for the long-term stability and
financial health of each Enterprise Fund that provides for annual increases in fund
reserves to an established goal of 50% of operating and maintenance expenses.
FISCAL POLICY GUIDELINES
Harnett County, North Carolina
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SUMMARY OF KEY POLICY RATIOS
Ratio Policy
Tax Supported Debt to Assessed Value: <2.5%
Tax Supported Debt Service vs. Expenditures: <15.0%
Tax Supported 10-Year Payout Ratio: >50.0%
General Fund Unassigned Fund Balance as a Percent of Operating Budget: >15.0%
Enterprise Fund Pay-go Capital (5-year Rolling Average): >10.0%
Enterprise Fund Parity Debt Service Coverage (with 20% of Surplus Account): >1.20x
Enterprise Fund Debt Service Coverage on all Indebtedness: >1.00x
Enterprise Fund Reserves as a Percent of Operating and Maintenance: >50%
Appendix E
Rating Reports
February 27, 2018 63Harnett County, NC
U.S. PUBLIC FINANCE
CREDIT OPINION
23 March 2017
New Issue
Analyst Contacts
Edward (Ted)
Damutz
212-553-6990
VP-Sr Credit Officer
edward.damutz@moodys.com
Edna R Marinelarena +1 212 553 1383
Analyst
edna.marinelarena@moodys.com
CLIENT SERVICES
Americas 1-212-553-1653
Asia Pacific 852-3551-3077
Japan 81-3-5408-4100
EMEA 44-20-7772-5454
Harnett County, NC
New Issue - Moody's Assigns Initial Aa2 to Harnett County,
NC's $25.2M GO Bonds 2017; Upgrades LOBs/COPs to Aa3
Summary Rating Rationale
Moody's Investors Service assigns an initial Aa2 rating to the Harnett County, NC's $25.2
million General Obligation School Bonds, Series 2017. Concurrently, Moody's has upgraded
the rating to Aa3 from A1 on the county's $126.3 million of outstanding lease revenue
limited obligation bonds (LOBs) and certificates of participation (COPs).
The assignment of the Aa2 GO rating reflects the favorable location between Raleigh
(Aaa stable) and Fayetteville (Aa1), the sizable and growing tax base with below average
wealth levels, healthy reserves and liquidity, and manageable fixed costs. The upgrade of
the outstanding lease revenue LOBs and COPs reflects the one notch rating distinction
lower than the GO based on the risk of non-appropriation, the more essential nature of
the projects funded (schools and water system), adequate collateralization and sound legal
provisions.
Credit Strengths
»Sizable tax base with favorable location poised for further growth
»Healthy reserves and cash levels
»Low pension cost
Credit Challenges
»Below average wealth levels
»Elevated debt compared to national trends
Rating Outlook
Outlooks are typically not assigned to issuers with this limited amount of debt.
Factors that Could Lead to an Upgrade
»Decreased debt burden
»Increase in reserve and liquidity levels
»Significant economic expansion and diversification
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Factors that Could Lead to a Downgrade
»Multi-year trend of structural budget imbalance
»Reduction of General Fund balance and other available reserves
»Deterioration of the county's tax base
Key Indicators
Exhibit 1
Harnett (County of) NC 2012 2013 2014 2015 2016
Economy/Tax Base
Total Full Value ($000) $ 7,174,018 $ 7,358,426 $ 7,369,458 $ 7,827,919 $ 8,150,875
Full Value Per Capita $ 62,081 $ 61,943 $ 60,510 $ 62,966 $ 63,686
Median Family Income (% of US Median)83.0% 83.4% 81.1% 83.1% 83.1%
Finances
Operating Revenue ($000) $ 105,105 $ 106,373 $ 108,200 $ 110,760 $ 117,739
Fund Balance as a % of Revenues 20.9% 25.8% 28.8% 30.3% 33.7%
Cash Balance as a % of Revenues 15.6% 19.2% 22.1% 23.7% 25.2%
Debt/Pensions
Net Direct Debt ($000) $ 121,236 $ 145,352 $ 142,608 $ 138,213 $ 154,172
Net Direct Debt / Operating Revenues (x)1.2x 1.4x 1.3x 1.2x 1.2x
Net Direct Debt / Full Value (%)1.7% 2.0% 1.9% 1.8% 1.9%
Moody's - adjusted Net Pension Liability (3-yr average) to Revenues (x) 0.3x 0.4x 0.5x 0.5x 0.5x
Moody's - adjusted Net Pension Liability (3-yr average) to Full Value (%) 0.4% 0.6% 0.7% 0.7% 0.7%
Source: Harnett County Comprehensive Annual Financial Reports, Moody's Investors Service
Recent Developments
In the Summer of 2015, Rooms To Go opened a 1.45 million square foot distribution and retail center just north of Dunn (A1). The
project required an investment of $40 million to construct the building, stretching along I-95 for more than a quarter mile, resulting
in the second largest Rooms To Go center in the US. A 65,000 square foot retail center is comprised multiple showroom and an
outlet center. Construction was facilitated with a series of state, county and city incentives with the vast majority funding instructure
improvements. Rooms To Go employs approximately 250 full-time employees at the Dunn facility including additional trucking
contracts.
Detailed Rating Considerations
Economy and Tax Base: Continued Tax Base Growth, Poised for Further Expansion
Located in central North Carolina (Aaa stable) just south of Wake County (Aaa stable), Harnett County has experienced continued
economic expansion since the recession, with 3.2% average annual valuation growth over from 2012 to 2016. We expect the trajectory
of economic expansion will increase as many of the projects currently underway are completed and come on-line. The county's $8.2
billion tax base benefits both from its adjacency to Fort Bragg and 30 mile commute to Research Triangle Park (RTP). Harnett County's
central geographic location and role as a bedroom community to the Triangle area have spurred steady population growth and
economic expansion during the past decade. The US Census ranks the micro-area of Dunn as one of the fastest growing populations
in the country. The county has experienced significant growth as a result of the Department of Defense Base Realignment and Closure
(BRAC) 2005 recommendation to relocate the Headquarters U.S. Army Forces and Headquarters U.S. Army Reserve Command to Fort
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on
www.moodys.com for the most updated credit rating action information and rating history.
2 23 March 2017 Harnett County, NC: New Issue - Moody's Assigns Initial Aa2 to Harnett County, NC's $25.2M GO Bonds 2017; Upgrades LOBs/COPs to Aa3
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Bragg, a U.S. Army installation located immediately south of the county. With approximately 57,000 military personnel, 11,000 civilian
employees and 23,000 family members, Fort Bragg is one of the largest military complexes in the world.
Unemployment in the county is elevated at 5.5% (December 2016) compared to 4.9% and 4.5% in the state and nation, respectively.
Wealth indices remain considerably below state and national medians and full value per capital is only $63,686.
Financial Operations and Reserves: Strengthening Operations Building Healthy Reserves and Liquidity
Moody's expects the county to maintain a sound financial position given management's strong record of maintaining healthy fund
balance levels in step with budgetary growth. The county has achieved six consecutive operating surpluses. Fiscal 2016 closed on a
strong note with a $5.2 million operating surplus, growing the General Fund balance to $39.7 million or a healthy 33.7% of General
Fund revenues. The unassigned portion increased to $26.3 million or 22.3% of General Fund revenues. The county enjoys a newly
implemented ¼ cent sales tax with a voter approval rate of 70.8% in 2015, earmarked for school capital projects. Sales tax revenues
grew by 12.6% and 15.0% in fiscal 2015 and 2016, respectively. Property taxes account for 52% of revenues ; Intergovernmental
Revenues account for 17.3%; Sales tax/ Other taxes account for 16.1% in fiscal 2016.
The fiscal 2017 budget conservatively projected utilization of reserves reflecting slight increases in the county's education expenses.
Positively, sales tax receipts are tracking higher for the first six months of the fiscal year over last year. The tax rate remained flat for the
fourth consecutive year.
LIQUIDITY
The county's liquidity remains strong with General Fund balance cash of $29.7 million or 25.2% of General Fund revenues in fiscal
2015. The fiscal combined operating fund balance was $46.1 million or a robust 47.5% of operating fund revenues.
Debt and Pensions
The county's direct debt burden, equal to 1.9% of full valuation, is higher than the 0.9% statewide median for similarly-rated credits
and partially reflects the impact of a sizeable school capital program to meet growth in student enrollment. Amortization of principal
is aggressively rapid, with 95% of principal retired within 10 years, and debt service comprised an above-average 15.4% of fiscal 2016
operating costs. The county next plans to issue long-term debt of approximately $17 million in 2019.
DEBT STRUCTURE
All debt issued by the county is fixed rate.
DEBT-RELATED DERIVATIVES
The county is not party to any swap agreements.
PENSIONS AND OPEB
The county contributes to the North Carolina Local Government Employees Retirement System (NCLGERS), defined benefit retirement
plan administered by the State of North Carolina. We determined the county's share of liability for the state-run plan in proportion to
its contributions to the plan. The county also operates a small Law Enforcement Officers' Special Separation Allowance plan. Moody's
uses the adjusted net pension liability to improve comparability of reported pension liabilities. The adjustments are not intended to
replace the county's reported liability information, but to improve comparability with other rated entities. The county's adjusted net
pension liability, under Moody's methodology for adjusting reported pension data, is $55.9 million, or approximately a moderate 0.48
times operating revenues.
The county has not been fully funding OPEB annual contribution requirements the last few years as it devises a strategy to address
the liability. It addresses the annual cost on a pay-go basis and contributed 32.3% of the annual required contribution. The reported
unfunded actuarial accrued liability was $24.6 million at 12/31/2014.
3 23 March 2017 Harnett County, NC: New Issue - Moody's Assigns Initial Aa2 to Harnett County, NC's $25.2M GO Bonds 2017; Upgrades LOBs/COPs to Aa3
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Management and Governance
North Carolina counties have an institutional framework score of “Aaa”, or very strong. Counties operate under limited levy constraints.
Pensions are well-funded. Counties have more limited mandates than cities, which supports this sector's overall operating consistency
and maintenance of ample reserves.
County management typically budgets conservatively for expenditures, which has led to the maintenance of healthy reserves despite
significant pay-go financing. Prudent policies include maintaining the unassigned General Fund balance at a minimum 15% and
a targeted 20% of budget. In the event that funds are available over and beyond the 20% targeted amount, those funds may be
transferred to a capital reserve fund, a capital projects fund, to pay-down debt or to fund other one-time uses.
Legal Security
The GO bonds are secured by a pledge of the faith and credit and taxing power of the County. The LOBs and COPs are secured by the
county's appropriation pledge and a first lien on pledged assets.
Use of Proceeds
Series 2017 GO bonds will finance construction of a new elementary school, as a portion of the November 2014 referendum. Benhaven
Elementary will be approximately 114,000 square feet and will contain 58 educational spaces designed to accommodate 1,010
students.
Obligor Profile
The County is located adjacent to Fort Bragg and 35 miles south of Raleigh. The County comprises 595 square miles with a population
estimated at 127,986.
Methodology
The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016.
The additional methodology used in the lease rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US State
and Local Governments published in July 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of these
methodologies.
Ratings
Exhibit 2
Harnett (County of) NC
Issue Rating
General Obligation School Bonds, Series 2017 Aa2
Rating Type Underlying LT
Sale Amount $25,200,000
Expected Sale Date 05/09/2017
Rating Description General Obligation
Source: Moody's Investors Service
4 23 March 2017 Harnett County, NC: New Issue - Moody's Assigns Initial Aa2 to Harnett County, NC's $25.2M GO Bonds 2017; Upgrades LOBs/COPs to Aa3
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
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REPORT NUMBER 1064921
5 23 March 2017 Harnett County, NC: New Issue - Moody's Assigns Initial Aa2 to Harnett County, NC's $25.2M GO Bonds 2017; Upgrades LOBs/COPs to Aa3
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MARCH 24, 2017 1
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Summary:
Har nett County, Nor th Carolina;
Appr opr iations; General Obligation
Primary Credit Analyst:
Kimberly Barrett, Centennial (1) 303-721-4446; Kimberly.Barrett@spglobal.com
Secondary Contact:
Nora G Wittstruck, Centennial (1) 303-721-4362; nora.wittstruck@spglobal.com
Table Of Contents
Rationale
Outlook
Related Criteria And Research
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MARCH 24, 2017 2
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Summary:
Har nett County, Nor th Carolina; Appropr iations;
General Obligation
Rationale
S&P Global Ratings assigned its 'AA-' long-term rating to Harnett County, N.C.'s series 2017 general obligation (GO)
bonds and affirmed its 'AA-' rating on the county's outstanding GO debt. At the same time, we affirmed our 'A+'
long-term rating on the county's appropriation debt. The outlook for all ratings is stable.
The GO bonds are secured by the full faith and credit of the county; proceeds will be used to construct a new
elementary school.
The rating reflects our opinion of the county's
Weak economy, with market value per capita of $63,487 and projected per capita effective buying income at 72.8%
of the national level;
Strong management, with "good" financial policies and practices under our Financial Management Assessment
methodology;
Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level
in fiscal 2016;
Very strong budgetary flexibility, with an available fund balance in fiscal 2016 of 23% of operating expenditures;
Very strong liquidity, with total government available cash at 66.8% of total governmental fund expenditures and
4.9x governmental debt service, and access to external liquidity we consider strong;
Strong debt and contingent liability profile, with debt service carrying charges at 13.6% of expenditures and net
direct debt that is 134.2% of total governmental fund revenue, as well as low overall net debt at less than 3% of
market value and rapid amortization, with 68.4% of debt scheduled to be retired in 10 years; and
Very strong institutional framework score.
Weak economy
We consider Harnett County's economy weak. The county has an estimated population of 127,986. The county has a
projected per capita effective buying income of 72.8% of the national level and per capita market value of $63,487.
Overall, the county's market value grew by 2.4% over the past year to $8.1 billion in 2017. The county unemployment
rate was 6.7% in 2015.
Harnett County is located about 35 miles south of Durham and Raleigh, and about one hour from the Research
Triangle, where many of the county's residents commute for work. The county is just north of Fort Bragg, which is
located in neighboring Cumberland County. Fort Bragg is the nation's largest Army base by population, and its
Credit Profile
US$25.2 mil GO sch bnds ser 2017 due 05/01/2037
Long Term Rating AA-/Stable New
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Summary: Harnett County, North Carolina; Appropriations; General Obligation
long-standing presence results in a number of defense industry-related businesses being located in Harnett.
The county's assessed value has increased 10.5% over the past five years and the area has also experienced growth
through a variety of recent economic development projects. Harnett recently expanded its economic development
office and increased efforts to coordinate with other economic development entities with the goal of becoming more
competitive with surrounding areas. Highlights over the past two years include construction of a mixed-use business
park, the opening of a large furniture distribution center, the expansion of a defense-industry manufacturer, as well as a
variety of other retail developments.
Strong management
We view the county's management as strong, with "good" financial policies and practices under our Financial
Management Assessment methodology, indicating financial practices exist in most areas, but that governance officials
might not formalize or monitor all of them on a regular basis.
When developing its budget, the county reviews historical revenue and expenditure data, and has a practice that it will
not appropriate nonrecurring revenues for recurring expenses. Budget amendments can be made as needed
throughout the fiscal year, and management provides monthly budget-to-actual performance reports to the
commission. Harnett develops and maintains a five-year capital improvement plan that details costs of each project.
Its investment policy focuses on liquidity and investments are made with cash flow needs in mind. The county's debt
management policy includes quantitative metrics that limit the amount of debt to 15% of total government
expenditures, and requires 50% of debt to be paid within 10 years. The county's formal reserve policy requires
maintenance of an unassigned fund balance of at least 15% of general fund expenditures, with a target level of 20%.
The county does not have a formal long-term financial plan that includes multiyear forecasts of revenues and
expenditures.
Strong budgetary performance
Harnett County's budgetary performance is strong in our opinion. The county had operating surpluses of 4.8% of
expenditures in the general fund and of 3.1% across all governmental funds in fiscal 2016.
We adjusted for recurring and nonrecurring transfers into and out of the general fund. After these adjustments, for
fiscal 2016, the county experienced an operating surplus of approximately $5.4 million, or 4.8% of general fund
expenditures. The county's operating revenue base is diverse, with property taxes making up 52% of general fund
revenues; intergovernmental revenues 18%; sales taxes 16%; and other taxes, services, and fees the remainder. We
expect Harnett's operating performance to remain strong, because we believe management will remain prudent in
managing the county's budget.
Very strong budgetary flexibility
Harnett County's budgetary flexibility is very strong, in our view, with an available fund balance in fiscal 2016 of 23%
of operating expenditures, or $26.3 million.
At this time, management does not plan to draw down the county's reserve in fiscal 2017, and expects to maintain
available fund balance at current levels over the next two fiscal years. As a result, we believe the county will likely
maintain very strong budgetary flexibility.
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Summary: Harnett County, North Carolina; Appropriations; General Obligation
Very strong liquidity
In our opinion, Harnett County's liquidity is very strong, with total government available cash at 66.8% of total
governmental fund expenditures and 4.9x governmental debt service in 2016. In our view, the county has strong
access to external liquidity if necessary.
The county's strong access to external liquidity is demonstrated through its access to the market during the past two
decades. Harnett County has issued GO, enterprise, and revenue bonds in recent years. It does not have what we
consider aggressive investments. The investment policy prioritizes preservation of principal and liquidity over returns,
requires at least 20% of funds to be held in liquid investments, and limits investments to those maturing within three
years. As of January 2017, nearly half of all investments were held in the North Carolina Capital Management Trust,
which is a local government investment pool.
Harnett County has entered into five private placement agreements to finance or refinance debt obligations. Three of
the agreements, with an outstanding par amount of $38.2 million, contain acceleration provisions as a remedy in the
event of default. While highly unlikely, in the event there is a default that triggers an acceleration provision, we believe
the county's cash position of $85.2 million at June 30, 2016, would provide sufficient flexibility to cover any payments
due. Because of this, we do not believe the privately placed debt constitutes a contingent liability risk, and therefore
does not adversely affect the ratings on the county's debt.
Strong debt and contingent liability profile
In our view, Harnett County's debt and contingent liability profile is strong. Total governmental fund debt service is
13.6% of total governmental fund expenditures, and net direct debt is 134.2% of total governmental fund revenue.
Overall net debt is low at 2.3% of market value, and approximately 68.4% of the direct debt is scheduled to be repaid
within 10 years, which are in our view positive credit factors.
The 2017 bonds are being issued in the amount of $25.2 million, and are the first piece of a $100 million
voter-approved GO bond authorization. Proceeds of the 2017 bonds will be used to construct a new elementary
school. The new school will be approximately 114,000 square feet and is designed to accommodate 1,010 students.
The county plans to use the remaining $74.8 million bond authorization to issue additional school construction bonds
in fiscal 2020 in the amount of $15 million and in fiscal 2021 in the amount of $59.8 million.
Harnett County's combined required pension and other postemployment benefits (OPEB) contributions totaled 2.7% of
total governmental fund expenditures in 2016. Of that amount, 2.1% represented required contributions to pension
obligations, and 0.6% represented OPEB payments. The county made 96% of its annual required pension contribution
in 2016.
The county participates in two cost-sharing, multiple employer, defined benefit pension plans that are administered by
the state, the Local Government Employees' Retirement System (LGERS) and the Register of Deeds' Supplemental
Pension Plan. In addition, Harnett administers the Law Enforcement Officers' Special Separation Allowance, which is a
single-employer, defined benefit pension plan. LGERS is the county's primary plan and accounts for 90% of total
pension costs. The county consistently makes 100% of annual required contributions for the LGERS and the plan has a
strong funded ratio of 92.0% in fiscal 2016. Harnett also made 100% of required contributions for its supplemental
plan, and made 62.8% of required contributions for the law enforcement plan in fiscal 2016. The county provides
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Summary: Harnett County, North Carolina; Appropriations; General Obligation
postemployment healthcare benefits through a single-employer defined benefit plan, which is funded on a
pay-as-you-go basis.
Very strong institutional framework
The institutional framework score for North Carolina counties is very strong.
Outlook
The stable outlook reflects our opinion that Harnett will continue to maintain strong financial performance and very
strong reserves. Rating stability is also provided by the county's good financial policies and practices. Therefore, we do
not expect to change the rating within the two-year outlook period.
Upside scenario
Holding all other factors equal, if the county's economic indicators improve to levels we consider comparable with
those of higher-rated peers, we could raise the rating.
Downside scenario
If the county's financial performance were to experience significant deterioration, leading to sustained decreases in
reserves, we could lower the rating.
Related Criteria And Research
Related Criteria
S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013
Alternative Financing: Disclosure Is Critical To Credit Analysis In Public Finance, Feb. 18, 2014
Ratings Detail (As Of March 24, 2 017)
Harnett Cnty ltd oblig bnds
Long Term Rating A+/Stable Affirmed
Harnett Cnty taxable ltd oblig qual sch bnds
Long Term Rating A+/Stable Affirmed
Harnett Cnty COPs - 2009 (ASSURED GTY)
Unenhanced Rating A+(SPUR)/Stable Affirmed
Harnett Cnty certs of part ser 2007A
Unenhanced Rating A+(SPUR)/Stable Affirmed
Harnett Cnty ICR
Long Term Rating AA-/Stable Affirmed
Many issues are enhanced by bond insurance.
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors,
have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.
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Summary: Harnett County, North Carolina; Appropriations; General Obligation
Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is
available to subscribers of RatingsDirect at www.globalcreditportal.com. All ratings affected by this rating action can
be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box
located in the left column.
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February 27, 2018 64Harnett County, NC
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Version 1.13.14 CH |MB |TC
February 27, 2018 65Harnett County, NC
2018-2023
HARNETT COUNTY
PUBLIC LIBRARY
MASTER PLAN
February 27, 2018
2
Acknowledgments
We offer a sincere thanks to so many community members who offered the
generosity of their time and insights in developing this plan. That long list includes
the following individuals.
County Commissioners
Abe Elmore
Barbara McKoy
Joe Miller
Vice-Chairman Howard Penny
Chairman Gordon Springle
County and Municipal Officials
Paula Stewart, Interim County Manager
Brian Haney, Interim Assistant County Manager
Amanda Bader, County Engineer
Coley B. Price, Angier Town Manager
Nick Holcomb, Coats Town Manager
Steven Neuschafer, Dunn City Manager
Snow Bowden, Erwin Town Manager
Joseph Jeffries, Lillington Town Manager (former County Manager)
Library Board of Trustees
Jerry Ennis, Chair
Cindy Ramsey, Vice Chair
Elaine Blackman
Michelle Ceballos
David Hesselmeyer
Margaret House
Angela McCauley
Barbara McKoy
Robert Purtle
Betty Wishart
Gloria Gulledge
Ronnie Vinston
Dr. Carol Simonson
Friends of the Library
Board of Directors
Cyndi Moss, President
Melanie Collins, Treasurer
Marcia Johnson, Secretary
Carrie Bibbens
Judie Cook
Peggy McPhail
Angela McPhail
Consultant
Karen Dash Consulting LLC
Library Staff Master Planning Team
Mike Williams
Amanda Davis
Jeanne Serrette
Teresa Brown
Amanda Duntz
Autumn Landers
Heather Giunta
Joanna Cox
Katie Whitehead
Kim Sirois
Laura Bright
Mary Atkinson
Paula Avery
Drew Bryant
Michelle Wester
Angela McCauley
Master Planning Advisory Committee
Cyndi Moss
Melanie Collins
Marcia Johnson
Carrie Bibbens
Angela McPhail
Peggy McPhail
Gloria Gulledge
Ronnie Vinston
Dr. Carol Simonson
Shirley White-McNeill
Elaine Blackman
Jerry Ennis
Cindy Ramsey
Michelle Ceballos
David Hesselmeyer
Margaret House
Barbara McKoy
Betty Wishart
Billy Barfield
Why Conduct a Master Plan / Feasibility Study?
Harnett County’s population increased 14.1% from 2010
to 2016 (114,678 to 130,881), making it one of the
fastest-growing “micropolitan” areas of the country.
As the county has grown, so has the demand for library
services. Today, residents make over a quarter of a
million visits to our libraries annually, checking out
338,000 items. Nearly 18,000 county residents have
enjoyed over 690 library programming events annually.
Numerous research studies show the powerful benefits
libraries provide to rural communities: for children; for
economic growth; for access to government services,
including health services; for access to technology
and the internet; for community events.
community events.*
County and municipal leaders acknowledge the
importance of library services to our growing
community. With their support, library leadership,
including the Board of Directors and Friends of the
Library, sought a new vision for the library system to
meet the needs of 21st century patrons.
In doing so, our governmental leaders recognize that
much of our growth has occurred in the western third of
the county, and commissioned a feasibility study of
developing a Western Harnett library branch. Through
an LSTA grant from the State Library of North Carolina,
this Master Plan and Feasibility Study was developed.
3
The purple areas denote the 3-mile road service
areas for HCPL branches (53% county coverage)The density of new home growth since 2015 is
indicated by the yellow, orange, and red.
How Did We Conduct the Planning Process?
Over the last year, we have worked with our municipal and
county leaders, patrons, staff, board, friends, and other
county residents to create a community-based plan.
In all, over 700 county residents provided their feedback to
the Master Planning process, both patrons and non-patrons.
What Vision and Mission Guided our Efforts?
Our strong foundational Vision and Mission statements were
enhanced to meet our community’s priorities.
HCPL Vision Statement
Supporting the love of reading, the joy of lifelong learning,
and the search for information, ideas, and knowledge
HCPL Mission Statement
The library’s mission is to cultivate lifelong learning,
empower individuals, and strengthen our community.
4
WHAT WE
LEARNED
Our community is passionate about our county’s storied history and our bright future! Over 700 people and county leaders participated in surveys, focus groups, and interviews to tell us that:
•Harnett County citizens are deeply involved in their community, including our libraries, faith organizations, community festivals, our county’s parks and outdoor beauty, gardening, and creative arts
•Our people find our libraries to be an integral resource for education, community, and economic empowerment
•County residents feel welcomed and valued by our professional library staff
•In a changing world, people find the answers they need within our libraries’ collections, programming, and knowledgeable employees
•The demand for exemplary library services and collections continues to increase, especially in the growing western part of our county
•5
SUMMARY OF GOALS &
OBJECTIVES
Empower the Economic Development, Student Success, and Personal Growth of Our Communities
A. Strengthen support of our Entrepreneurs, Workforce, and Job Seekers
B. Partner with local schools to enhance young people’s 21st century literacy and life skills
C. Fuel our county’s passion for Reading, Personal Growth, and Learning
Create Consistently Exemplary Patron Experiences
A. Consolidate the county’s branches into a unified library system
B. Provide more hours of library access across the county
C. Develop county-wide programming for children, teens, and adults
D. Bring library resources to where people are
GOAL
1
GOAL
2
6
SUMMARY OF GOALS &
OBJECTIVES
Create Library Spaces that are Welcoming to All
A. Enhance our library grounds, buildings, and interiors
B. Grow collections of materials of cultural relevance and significance
C. Configure spaces to provide flexible learning environments equipped with cutting-edge technology
D. Develop a Western Harnett Library Branch
Develop and Build Strategic Collaborations to Strengthen the Library and our Communities
A. Partner with county government and organizations to develop a “One-Stop Shop” for patrons
B. Identify additional outreach venues through partnerships
C. Seek collaborative opportunities to showcase the best of our community
GOAL
3
GOAL
4
7
SUMMARY OF GOALS
& OBJECTIVES
Build a Collaborative and
Supportive Work Environment
that Encourages Innovation
A.Build library staff and institutional
capacity to innovate
B. Challenge employees to respond
creatively to library opportunities and
challenges
C. Utilize rigorous analysis of user data
to provide a positive patron
experience
GOAL
5
8
GOAL 1
9
Empower the Economic Development, Student
Success, and Personal Growth of Our
Communities
A.Strengthen support of our Entrepreneurs, Workforce,
and Job Seekers
•Serve as a hub of information and assistance for job
seekers and local businesses
•Offer on-demand computer training and job training
assistance
•Partner with Small Business development agencies to
link companies with financial and business support
•Provide flexible spaces for meetings and conferences
B.Partner with local schools to enhance young
people’s 21st century literacy and life skills
•Expand efforts to instill a love of reading and learning
from babies to teens
•Work with Teen Advisory Board to develop compelling
teen materials and programs, such as “Maker
Spaces” or Teen Game Rooms
•Partner with public, private, charter, and early college
schools and homeschoolers to: (1) provide books to
children on regular basis; (2) offer supplementary
curricula materials; (3)offer access to library databases
through school ID; (4) offer Life Skills classes
C.Fuel our County’s Passion for Reading, Personal
Growth, and Learning
•Build community around Harnett’s love of books and
book-related programming
•Partner with community organizations to offer
information and classes to support personal growth
•Develop additional literacy-based and educational
programming to meet community needs
Harnett County is growing, and we need dynamic entrepreneurs and skilled workers.Some families lack internet access, and our libraries are critical resources for connecting people to today’s workforce opportunities.
Our citizens told us they look to the library for more hands-on computer classes and job search support. Free small business coaching and support, and flexible spaces for small meetings, would support our workforce. The library may offer online links to Small Business Administration opportunities and loans.
We met dozens of parents who find the library’s children’s books and programming indispensable to developing their child’s love of reading. Staff members want to create programming to keep teens just as excited about the library. Serving the needs of the homeschool community as well as schools can continue to bring books and programming to young people through multiple venues.
Longer term, the library will consider a partnership with Harnett County Schools utilizing NC Cardinal’s Student
ID Project initiative which provides K-12 students access to electronic resources including online research databases, e-books, and e-audiobooks.
Harnett’s people have dynamic and varied interests that the library and its partners are well-positioned to serve! Our community seeks library classes on Health and Wellness, Cooking, Gardening, Genealogy, Financial Planning/Money Management and other topics.
To fuel our community’s love of reading, the library may consider Author Events, book-related Movie Nights, and additional community reading programs.
10
GOAL 1
GOAL 2
11
Create Consistently Exemplary Patron
Experiences
A.Consolidate the county’s branches into a unified
library system
•Establish Consolidation Planning Team to
develop unified policies and procedures
•In consolidated county system, increase
programming, personnel, and branch book
budgets while preserving local autonomy
B.Provide more hours of library access across the
county
•Consolidation may budget for additional
personnel to support increased hours at all
branches
C.Develop county-wide programming for children,
teens, and adults
•Under consolidated system, supplement local
programming through coordinated
Children’s, Teens, and Adult programming
from main branch
D.Bring library resources to where people are
•Consider implementation of “Pop-Up”
libraries as independent locations or at
partner locations across the county
•Purchase bookmobile to provide services
across county
Consolidate the 6 branches
into a unified Harnett
County Public Library
System. We frequently
heard that patrons expect
an outstanding and
consistent experience in
every branch of the library.
Nearly half of all
respondents ranked the
purchase of more books
and additional
programming and events
as top priorities. Many staff
and citizens wanted more
library hours.
Today, the Main library
offers many “back office”
services and systems to the
branch libraries. With
consolidation, Harnett’s
citizens would benefit from
economies of scale that
allow for expanded
collections and staff.
Additionally, consolidating
library expertise and
resources would lead to
more effective deployment
of library staff and assets
throughout the county. At
the same time, local flavor
would be maintained as
branch libraries continue to
select collections based on
their local patrons’ needs.
With increased staffing,
branch libraries would be
able to offer more hours of
service, which would
especially benefit working
families.
Children’s, Teen, and Adult
Programming at the Main
Branch could be
expanded to supplement
each of the branch
libraries’ programs. Main
Branch staff could rotate
among the different
libraries on a set schedule
each week.
12
GOAL 2
GOAL 3
13
Create Library Spaces that are Welcoming to All
A.Enhance our library grounds, buildings, and
interiors
•Enhance or develop new library branding and logo
for all branches
•Increase street signage at branch locations
•Consider funded, pro bono, or volunteer
committee options for refreshing library branch
landscaping, grounds, or interiors
B.Grow collections of materials of cultural relevance
and significance
•Increase collections of materials related to the
interests of 2017 Community Survey respondents
•Consider offering unconventional items for
checkout, including those related to patron interests
and educational needs, such as gardening tools
and microscopes (if liability considered)
•Grow collections in the languages of new residents
C.Configure spaces to provide flexible learning
environments equipped with cutting-edge
technology
•Replace older furniture and tables/desks with
flexible options to meet needs of varying groups
•Update all libraries to provide access to
contemporary technology and innovation
D.Develop a Western Harnett Library Branch
•Short-Term: Establish 2,000-5,000 square foot library
in rental facility near family-friendly organizations
•May supplement with 1-2 “Pop-Up” libraries in
area
•Medium/Long-Term: County may build 8,000-10,000
square foot stand-alone library or build county
government center including library branch
GOAL 3 14
Establish a Western Harnett
Branch. Nearly 48,000
people in western Harnett
live without local library
service; many are over 15
miles from the nearest
branch. The success of the
Boone Trail Recreational
Library shows the demand
for and value of a western
library branch.
Nearly 16% of our survey
respondents were residents
of western or southwestern
Harnett. Most emphasized
the great need for library
services. We met one
grandmother who drove 45
minutes each way to take
her grandson to Storytime
every week.
In addition to meeting
demand, a new branch
can be a good long-term
investment for the county.
Research suggests that a
$1 investment in library
services can accrue a
$4.99 return on investment
to a community.
Recognizing the time and
expense of building a new
branch, we suggest both
short and longer-term
solutions. The need is too
great to wait.
Key to the proposed
branch’s success is easy
accessibility, ideally near
other family-friendly
establishments. In the
short-term, a 2,000-5,000 sq
ft branch might be sited
•NC87 near future YMCA
•Spout Springs Shopping
Mall near Highland
Middle School
•Centennial Parkway near
Lexington Woods and
future Rainbow Rascals
Day Care
In the medium/long-term,
the county may consider
building an 8,000-10,000 sq.
ft. standalone library or
developing a western
county government
services building, which
includes a library branch.
While utilizing county land is
most cost-effective, the
location should be in a
high-use corridor or one
anticipating future growth.
GOAL 4
15
Develop and Build Strategic Collaborations to
Strengthen the Library and our Communities
A.Partner with county government and
organizations to develop a “One-Stop
Shop” for patrons
•Consider partnerships and joint
programming with county agencies and
nonprofits
•Dedicate a kiosk to information regarding
government or nonprofit services
•Host a “Government/Nonprofit Services
Day” to disseminate information about
agencies
•Offer monthly free legal clinics through
local partnerships
B. Identify additional outreach venues through
partnerships
•Seek opportunities and partnerships to
enhance early childhood initiatives
•Identify partner spaces to offer
programming and outreach
C. Seek collaborative opportunities to
showcase the best of our community
•Partner with county organizations to
deliver library programming throughout
community
•Seek partnerships to display community’s
artwork or other projects
Especially in rural counties, partnering to share expertise and resources makes the most of precious assets. Harnett is fortunate to host numerous government, nonprofit, and private organizations which enrich the lives of our citizens.
However, in a county so vast, getting to various locations involves significant time and effort. The library may wish to position itself as a “One-Stop Shop”for information on services available to county residents.
The library might invest further in strategic partnerships with county agencies, including health, social services, veteran services, schools, youth services, economic development, etc. to educate and support residents.
At the same time, the library’s expertise may enhance early childhood efforts of various organizations, particularly reading and literacy. The
library may also help parents of young children to get linked to other services.
Partnerships with other agencies, such as county parks, theaters/art spaces, day care/senior care facilities, can offer outreach and programming outside the library’s doors.
Our citizens enjoy celebrating their community. The library might showcase displays of local artists’ work, student art work, Science Fair winners’ projects, etc. With some planning, the library might host small performance art shows.
16
GOAL 4
Build a Collaborative and Supportive
Work Environment that Encourages
Innovation
A. Build library staff and institutional capacity
to innovate
•Seek out or develop cutting-edge
professional development opportunities for
employees
•Increase staff to meet county’s demands
for new services and programming,
especially with Consolidation and Western
Branch
•Acquire new space to house additional
staff as needed
B.Challenge employees to respond
creatively to library opportunities and
challenges
•Tap into staff expertise to manage
development of protocols, policies, and
systems to manage new demands
C.Utilize rigorous analysis of user data to
provide a positive patron experience
•Conduct periodic public opinion research
to identify new community needs
•Continue ongoing analysis of circulation
trends to target patron preferences &
needs
•Strengthen outcomes for library users by
utilizing data and information gathered
from patron satisfaction surveys
GOAL 5
17
Our six libraries’ staff are
the core strength of our
library system. Many
people spoke warmly of
the HCPL employees,
praising them for their
knowledge and
professionalism.
The challenges of evolving
service demands, as well
as potential Consolidation
and the development of a
Western Harnett branch,
will rely heavily on staff
expertise.
To support staff, HCPL may
seek out or create
innovative professional
development that equips
employees with the
technical skills and
knowledge to navigate
these challenges.
Additionally, the library
may budget for additional
staff to support demands
for more hours of service
and increased “back
office” support.
Just as the Staff Master
Planning Team provided
critical insights to the
development of this plan,
employees possess a
wealth of knowledge that
can support these
transitions.
Harnett County Library
already collects and
analyzes significant patron
data. The library may wish
to continue collecting user
preference and
satisfaction data in the
form of surveys, focus
groups, or interviews on an
annual or biennial basis in
order to stay informed of
changing demand.
18
GOAL 5
As a state-funded library, the Harnett County Public
Library system already collects significant data which can
be utilized to measure implementation effectiveness.
At a baseline, we would recommend review of the
following performance metrics.
KEY PERFORMANCE
MEASURES
19
Performance Metrics
(by library branch)
Circulation
•By New Patrons and Active
Borrowers
•Holds sent/received Intra-
Harnett and through Cardinal
•Items Added/Deleted
Patron Satisfaction
•Patron Satisfaction Surveys
•Patron Evaluation of New
Programs
•Staff Satisfaction
•# New Patrons
Programming Attendance
•Children’s Programs
•Children’s Attendance
•Young Adult Programs
•Young Adult Attendance
•Adult Programs
•Adult Attendance
•Meeting Room Programs
•Meeting Room Attendance
•Programs by Branch
•Attendance by Branch
Outreach (OR)
•Children’s Programs
•Children’s Attendance
•Adult Programs
•Adult Attendance
•# New Partnerships
Staff Productivity
•Door Count
•Hours Open
•Reference Questions
Answered
•Tech/Computer Questions
•Job/Career Questions
Technology Utilization
•PC Reservation Sessions
•Envisionware Print jobs
To begin implementation of key recommendations, we recommend
the following high-level milestones/metrics based on the Master Plan
Approval date, with timing to be adjusted as county priorities, library
staffing, and budgeting allow.
KEY IMPLEMENTATION
MILESTONES
20
Key Implementation Recommendations Proposed
Date
Consolidation
•Finalization of Financial Step-Down (75-50-25)
•Final proposed budget and staffing plans
•Agreement among Municipal and County
Officials
•County Commissioner Approval
•Hiring of new staff as needed
•Transition of branch employees to county
•Establish Staff teams to develop uniform Policies &
Procedures
•Development of Library Programming expansion
plans/schedule
•Consider refreshing HCPL “brand”
•Full Implementation of Consolidation
Month 3
Month 4
Month 6
Month 6
Month 9
Month 9
Month 10
Month 11
Month 12
Month 12
Western Harnett Branch
•County Commissioner Approval of Western
Harnett budget
•Establish Staff Team/Board to support expansion
•Development of proposed budget & staffing plan
•Site selection/negotiation for short-term rental
location
•Selection of retrofit vendors/contractors
•Retrofit space as needed for library use, including
technology
•Consider Long-Term configuration (Stand-alone
library or part of government complex)
•Consider Site Selection for proposed
configuration
•Develop Request for Proposal & select Architect
•Finalize configuration and site selection
•Develop Request for Proposal for Bids
•Selection of construction Vendors
•Building of configuration
Month 3
Month 3
Month 4
Month 6
Month 6
Month 9
Month 12
Month 15
Month 18
Month 24
Month 26
Month 30
Month 36
To begin implementation of key recommendations, we
recommend the following high-level milestones based on the
Master Plan Approval date , with timing to be adjusted as county
priorities, library staffing, and budgeting allow.
KEY IMPLEMENTATION
MILESTONES
21
Key Implementation Recommendations Proposed
Date
Strategic Partnerships
•Establish Staff Strategic Partnership Committee
•Develop list of potential governmental, nonprofit,
faith, business, etc. partners and/or venues
through which to expand library programming
and outreach
•Identify locations in library to promote “One-Stop
Shop” for information about county services
•Develop list of benefits to partnering with library,
perhaps brief brochure
•Contact organizations to discuss potential
partnerships
•Meet with local organizations to promote
partnerships with library
•Continue to work with partners to expand
programming opportunities
Month 1
Month 2
Month 3
Month 4
Month 6
Month 6
ongoing
Build Staff and Institutional Capacity
•Provide ongoing updates to staff re status of
implementation, especially of potential
Consolidation & Western Branch
•Establish Staff Development Committee
•Canvass staff and managers about training and
development needs
•Work with State Library or other libraries to identify
training resources
•As needed, increase budgets for training
•As needed, increase budgets for staffing & space
•Provide training to staff
•Locate/negotiate space for additional staff
•Hire new staff as needed to support transitions
•Canvass staff and managers re ongoing support
Month 1
Month 2
Month 3
Month 6
Month 6
Month 6
Month 9
Month 9
Month 10
ongoing
22
Research reviewed in the course of this Master Plan includes the
following:
•US Census Data, US Census Quickfacts
•Harnett County GIS (https://gis.harnett.org)
•Pearl C. Akanwa, “Public Library Services to Children in Rural
Areas,” Library Philosophy and Practice, 2013
•Paul T Jaeger and Kenneth R Fleischmann, “Public Libraries,
Values, Trust, and E-Government,” Information Technology and
Libraries, 2007
•Brian Real, Ph.D., and R. Norman Rose, “Rural Libraries in the
Untied States,” American Library Association, 2017
•Nicolle Steffen et al, “Public Libraries –A Wise Investment,”
Library Research Service, 2009
Background information regarding the community stakeholder
research is also available upon request.
Please note: Illustrations on pages 6-7 are courtesy of Creative Commons.
ADDITIONAL
RESOURCES
Carl Davis, Harnett County Parks and Recreation
Comprehensive Master Plan (2017) reported deficiencies in total acreage of park
land, programming, staff, facilities, and trails in Harnett County when compared to
National, State, and similar sized counties.
Master Plan Recommendations
to acquire an additional 400 acres and use current County owned property to develop community
(30-50 acres) and district (50-200 acres) parks.
to construct indoor community/recreation centers to support indoor recreational programs,
fitness, and athletics
plan and construct 36 miles of additional greenway
provide one river access every 4-6 miles along Cape Fear River and Upper Little River
Existing Parks
Proposed Parks
Parks and Recreation *
Land Acquisition ($4 Million)
Current Park plans and expansions ($12.5 Million)
New Park Construction ($22.8 Million)
Recreation/Community/Aquatic Center ($8.2
Million)
Greenway Trails ($35 Million)
Blueway/Water Access Sites ($2 Million)
TOTAL: $84.5 Million
*Per Comprehensive Parks and Recreation Master Plan
over 15 year period.
Our typical ways
General Fund
Capital Improvement Plan
Grants
Donations
Generated Revenue through Programs and Facilities
A New Idea
Recreation/Cultural Resource Tax
Cumberland County currently has 5 Cent Recreation
tax
Adopted in before 1990 (2 cents in 1990)
Has been 5 cent since 1996
Countywide tax, several municipalities have also opted
in.
Used for Capital Projects, Renovations, salaries, and other
Recreation expenses.
City of Durham adopted half penny recreation tax in
2014.
maintain and renovate current facilities (updated
restrooms, resurface courts, renovate playgrounds)
Hired additional staffing to assist with maintenance and
upkeep
Who else is using
this method to
fund parks and
recreation
projects?
G.S. 153A, Article 16 discusses the options for Service District
RECREATION is one of the purposes in which a service district can be established.
Requirements to establish a district:
There is a demonstrable need
It is impossible or impracticable to provide services on a countywide basis
It is economically feasible to provide the services in the district without unreasonable or
burdensome annual tax levies
There is a demonstrable demand for the services
County prepares a Report showing we meet the
requirements, a statement attesting the need, and a
plan that shows how we will implement the tax
(available to public in Clerks office).
Hold a Public Hearing
Hearing has to be advertised and inform all property
owners of the hearing by mail.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
1 Cent 2 Cent 3 Cent 4 Cent 5 Cent
Excluding Muncipalities
Excluding Muncipalities
Parks:
-Year 1-5
•Anderson Creek Park, Phase 2
•Patriots Park (Ponderosa)
•Government Complex Park,
Phase 2
•Barbecue Creek Park Lighting
•Neills Creek Park Expansion
•Boone Trail Park
•North Harnett District Park
•Shawtown Neighborhood Park
•Benhaven Park and Community
Center
•Land Acquistion
Parks:
-Year 6-10
•Anderson Creek Park, Phase 4
•Government Complex Park,
Phase 3
•Neills Creek Park Expansion,
Phase 2
•Boone Trail Park, Phase 2
•North Harnett District Park
•Communinty Center/Library
•(2) Community Parks
•Phillips/Rail Trail Park
•Southwest Harnett Park
•Land Acquistion
Parks:
-Year 11-15
•Anderson Creek Park, Phase 4
•Government Complex Park,
Phase 4
•Neills Creek Park Expansion,
Phase 3, Field Lighting
•Boone Trail Park, Phase 3, Field
Lighting
•Central Harnett Aquatic Center
•Middle Point District Park
•Land Acquistion
Blueways:
•Year 1-5
•American Legion Water Access
•Wicker Water Access
•Airport Water Access
•Ross Road Water Access
•Year 6-10
•Buckhorn Harnett Water Access
•Year 11-15
•Raven Rock South Water Access
Greenways:
•Year 1-5
•5 Miles
•Dunn Erwin Rail Trail to Coats
•Begin Greenway from
Lillington to Raven Rock
•Year 6-10
•5 Miles
•Finish Greenway from
Lillington to Raven Rock
•Connect Old Benhaven School
to New Benhaven School
•Year 11-15
•3.5 Miles
•Connect Raven Rock State Park
to Northwest Harnett District
Park
EXPENSES
YMCA Contract: $114,000
(yearly) for 10 years
Annual Town
Allotments/Western Harnett
Youth Recreation: $185,000
(yearly)
$28 per child who participate in
youth sports programming
DEFERRED EXPENSES
YMCA
Annual Town Allotments
WHYR
CIP Expenses
Recreation Fund
PARTF Grant Match
Paving Projects
Harnett County has 51,634 parcels in
unincorporated areas. (Exempt
parcels not included)
Based on the revenue projections
each parcel is valued at
approximately $110,000.
At a Recreation Tax rate of 5 cents on
the $100 valuation, each parcel owner
would pay an additional $55 per
year.1 cent
3 cent
5 cent
0
20
40
60
80
100
$100,000 $125,000 $150,000 $200,000
Cost per Parcel Value
1 cent 3 cent 5 cent
Economic Development
Attracting Business and Workers
Knowledge workers prefer places with a diverse range of outdoor
recreational activities, from walking trails to rock climbing. Portland,
Seattle, Austin, Denver, and San Francisco are among the top cycling cities;
they also are among the leaders in knowledge workers.
Workers attracted to an area are then positioned to put money back into
the local economy through jobs, housing, and taxes, which then contribute
to parks.
Economic Impact
Local and regional park spending not only turns our neighborhoods,
towns and cities into vibrant, connected and healthier communities,
but they also spark economic activity that ripples well beyond the
initial spending to create jobs and prosperity throughout our nation.
Property Value Increase
Sales Tax Revenue Increases
Tourism
Sport Costs
Reducing the County citizen’s costs to play sports within the
County’s municipalities
HARNETT
COUNTY
GOVERNMENT COMPLEX
FEbRUARY 26, 2018
1
DSS b UILDING
ADDITION & LObbY
RENOVATION
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
1OVERALL PLAN
UP
UP
HARNETT COUNTY GOVERNMENT
SERVICES COMPLEX
OVERALL GOVERNMENT SERVICE COMPLEX PLAN
02/07/18
EXISTING SOCIAL SERVICES
EXISTING COMMONS
PROPOSED ADDITION
LOBBY RENOVATION
2,200 SF
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
2EXISTING DSS bUILDING PHOTOGRAPHS
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
3NEW ADDITION - CHILD SUPPORT SERVICES & FLEX SPACE
CHILD SUPPORT SERVICES
MANAGER
SUPERVISOR
PROFESSIONAL OFFICE
CHILD SUPPORT OFFICER
ADMINISTRATIVE ASSISTANT
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
CONFERENCE ROOM
SERVICE
RECEPTION / WAITING
RESTROOM
KITCHEN / bREAK ROOM
STORAGE
FILE STORAGE
1
1
2
14
1
1
1
1
1
1
1
150
130
130
90
120
280
130
90
130
60
100
NSF
1.4 DGSF
130
130
260
1,260
110
280
130
90
130
60
100
2
2
2
1
2
6
--
--
--
--
--
2,680
1,072
3,752TOTAL
UP
CHILD
SUPPORT
CHILD
SUPPORT
WAITING
AREA
MANAGER
SUPERVISOR
PROFESSIONAL
OFFICE
PROFESSIONAL
OFFICE
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
ADMIN
ASSISTANT
CHILD
SUPPORT
CHILD
SUPPORT STOR.CHILD
SUPPORT
BREAK
ROOM
CONFERENCE
STORAGE
RESTROOM
FLEX
SPACE
HARNETT COUNTY GOVERNMENT
SERVICES COMPLEX
Unnamed
02/21/18
CHILD
SUPPORT
CHILD
SUPPORT
WAITING
AREA
MANAGER
SUPERVISOR
PROFESSIONAL
OFFICE
PROFESSIONAL
OFFICE
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
CHILD
SUPPORT
ADMIN
ASSISTANT
CHILD
SUPPORT
CHILD
SUPPORT STOR.CHILD
SUPPORT
BREAK
ROOM
CONFERENCE
STORAGE
RESTROOM
FLEX
SPACE
HARNETT COUNTY GOVERNMENT
SERVICES COMPLEX
Unnamed
02/21/18
SECOND FLOOR PLAN FIRST FLOOR PLAN
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
4NEW ADDITION - CHILD SUPPORT SERVICES & FLEX SPACE - 3D VIEW
EXTERIOR MATERIALS TO
MATCH EXISTING DSS BUILDING
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
5NEW ADDITION-CHILD SUPPORT SERVICES & FLEX SPACECOST ESTIMATE SUMMARY
GENERAL REQUIREMENTS
DEMOLITION
FOUNDATIONS/SOG/SLAb ON DECK
MASONRY
STRUCTURAL STEEL
MISC. METALS
CASEWORK
WATERPROOFING + CAULKING
ROOFING
FIREPROOFING
DOORS, FRAMES, & HARDWARE
GLASS & GLAZING
DRYWALL / METAL FRAMING
CEILINGS
PAINTING / WALLCOVERING
FLOORING
MISC. SPECIALTIES
FIRE PROTECTION
PLUMbING
HVAC
ELECTRICAL
NEW ADDITION TOTAL
$26,400
$23,000
$98,904
$150,000
$164,444
$26,000
$55,000
$38,876
$52,800
$17,512
$74,700
$78,450
$109,296
$14,931
$14,931
$52,800
$18,000
$24,200
$48,000
$118,000
$182,776
$1,673,298TOTAL
$1,975,812GRAND TOTAL COSTS
$790,324WITH *60% REIMbURSEMENT
TOTAL INDIRECT COSTS $279,409
MISC. FINISHES
DSS LOBBY RENOVATION TOTAL
$252,000
$302,514TOTAL
TOTAL INDIRECT COSTS $50,514
NEW CHILD SUPPORT SERVICES + FLEX SPACE ADDITION
DSS ADDITION & RENOVATION TOTAL
$252,000
$50,514DSS LObbY RENOVATION
2
NEW LIbRARY +
ADMINISTRATION
bUILDING
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
7PROGRAM
ADMINISTRATION
COUNTY MANAGER
DEPUTY COUNTY MANAGER
CLERK OFFICE
PUbLIC INFORMATION OFFICER
OFFICES FOR GROWTH
SHARED OFFICE
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
CONFERENCE ROOM
CHAMbER ROOM
SERVICE
RECEPTION / WAITING
FILING ROOM
KITCHEN
STORAGE/COPY/WORKROOM
CHAMbER ROOM STORAGE
1
1
1
1
3
1
1
1
1
1
1
1
1
220
180
150
150
120
120
200
2,000
200
200
250
230
200
NSF
1.4 DGSF
220
180
150
150
360
120
200
2,000
200
200
250
230
200
1
1
1
1
1
1
6
100
--
--
--
--
--
4,460
1,784
6,244TOTAL
6,244 sf
FINANCE
FINANCE OFFICER
DEPUTY FINANCE OFFICER
SUPERVISOR
ACCOUNTING TECH
EMS bILLING CLERK
ACCOUNTANT (PR)
ACCOUNTANT
OFFICES FOR GROWTH
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
AUDIT / CONFERENCE ROOM
TEAM ROOM
SERVICE
RECEPTION / WAITING
bREAK ROOM
STORAGE/COPY/WORKROOM
1
1
2
2
2
2
4
2
1
1
1
1
1
180
150
120
80
80
100
80
120
240
120
160
0
0
NSF
1.4 DGSF
180
150
240
160
160
200
320
240
240
120
160
0
0
1
1
1
1
1
1
1
1
--
--
--
--
--
2,170
868
3,038TOTAL3,038 sf
NOTE: bREAKROOM AND STORAGE/
COPY/WORKROOM MOVED TO SHARED
SPACE.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
8PROGRAM
VETERAN’S AFFAIRS
DIRECTOR
WORKSTATION
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
MULTI-PURPOSE MEETING
CONFERENCE
SERVICE
STORAGE
1
5
0
1
1
150
80
3,000
200
250
NSF
1.4 DGSF
150
400
0
200
250
1
1
50
4
--
1,000
400
1,400TOTAL
LEGAL
DIRECTOR
OFFICE
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
MEDIUM CONFERENCE
SERVICE
RECEPTION / WAITING
STORAGE/COPY/WORKROOM
1
3
1
1
1
180
150
200
0
120
NSF
1.4 DGSF
180
450
200
0
120
1
1
6
--
--
1,000
400
1,400TOTAL
1,400 sf 1,400 sf
NOTE: MULTI-PURPOSES SPACE MOVED
TO SHARED SPACES.
NOTE: RECEPTION / WAITING SPACE
MOVED TO SHARED SPACES.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
9PROGRAM
HUMAN RESOURCES
DIRECTOR
OFFICE
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
MEDIUM CONFERENCE
SMALL CONFERENCE
MULTI-PURPOSE ROOM
SERVICE
RECEPTION / WAITING
STORAGE/COPY/WORKROOM
LOCKAbLE FILE ROOM
bREAK ROOM
WELLNESS ROOM
1
7
1
1
0
1
1
1
1
1
180
120
200
120
2,000
0
120
200
0
0
NSF
1.4 DGSF
180
840
200
120
0
0
120
200
0
0
1
1
8
4
--
--
--
--
--
--
1,660
664
2,324TOTAL
PARKS + RECREATION
DIRECTOR
WORKSTATION
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREA1
3
150
80
NSF
1.4 DGSF
150
240
1
1
390
156
546TOTAL
2,324 sf
546 sf
NOTE: MULTI-PURPOSES SPACE MOVED
TO SHARED SPACES.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
10PROGRAM
GENERAL SERVICES
DIRECTOR
WORKSTATION
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREA1
3
150
80
NSF
1.4 DGSF
150
240
1
1
390
156
546TOTAL
546 sf
AGING
OFFICE
WORKSTATION
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
SMALL CONFERENCE
SERVICE
RECEPTION / WAITING
STORAGE
2
9
1
1
1
150
80
120
160
100
NSF
1.4 DGSF
300
720
120
0
100
1
1
1
--
--
1,240
496
1,736TOTAL
1,736 sf
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
11PROGRAM
JOBLINK
DIRECTOR
OFFICE
CUbICLES FOR PARTNERS
INTERVIEW OFFICE
OFFICE/WORKSPACE OCCUPANCYQUANTITYAREATOTAL AREAMEETING
TRAINING ROOM
SERVICE
RECEPTION / WAITING
COFFEE bAR
1
4
3
1
0
1
1
150
120
80
100
1,000
160
100
NSF
1.4 DGSF
150
480
240
100
0
160
100
1
1
1
1
--
--
--
1,230
492
1,722TOTAL
SHARED SPACES
TRAINING ROOM
MULTI-PURPOSE ROOM
CAFE / bREAKOUT
GATHERING OCCUPANCYQUANTITYAREATOTAL AREASERVICE
TAbLE AND CHAIR STORAGE
bREAK ROOM
WELLNESS ROOM
1
1
1
1
1
1
3,000
3,000
400
200
400
130
NSF
1.4 DGSF
3,000
3,000
400
200
400
130
--
--
--
--
--
--
7,130
2,850
9,980TOTAL
1,722 sf
9,980 sf
NOTE: TRAINING ROOM SPACE MOVED
TO SHARED SPACES.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
12PROGRAM
LIBRARY
OCCUPANCYQUANTITYAREATOTAL AREA--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
21,000TOTAL
1
2
1
1
1
1
1
1
2
1
1
1
1
1
2
2
1
1
240
120
200
3,160
425
600
750
670
100
350
570
1,070
565
3,800
130
200
500
1,000
240
240
200
3,160
425
600
750
670
200
350
570
1,070
565
3,800
260
400
500
1,000
BUILDING SYSTEMS
LObbY
MAIN ELECTRICAL
ELECTRICAL
MAIN MECHANICAL
MECHANICAL
MDF
IDF
STAIRS
ELEVATOR
TOILETS
GROUND FLOOR TOILETS
JANITOR
SERVICE OCCUPANCYQUANTITYAREATOTAL AREA1
1
2
1
2
1
2
4
2
2
1
2
400
400
200
350
250
350
100
250
175
350
500
100
NSF
1.4 DGSF
400
400
400
350
500
350
200
1,000
350
700
500
200
--
--
--
--
--
--
--
--
--
--
--
--
5,350
2,140
7,490TOTAL
21,000 sf
7,490 sf
SUPERVISOR
MANAGER
SELF CHECK / HOLDS
YOUTH READING AREAS
CIRCULATION DESK
CIRCULATION WORKROOM
CHILDRENS PROGRAM ROOM
YOUTH WORKROOM
STORAGE/COPY/WORKROOM
STAFF bREAKROOM
ADULT WORKROOM
ADULT PROGRAMMING
QUIET STUDY
ADULT READING AREAS
SERVICE DESKS
STORAGE
LObbY / GALLERY
COMPUTER / MEDIA ROOM
NSF
1.4 DGSF
15,000
6,000
NOTE: PROGRAM SHOWN FOR CONCEP-
TUAL PURPOSES ONLY. FINAL PROGRAM
TO bE VERIFIED.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
13
ADMINISTRATION
FINANCE
VETERAN’S AFFAIRS
LEGAL
HUMAN RESOURCES
PARKS + RECREATION
GENERAL SERVICES
AGING
JOBLINK
SHARED SPACES
LIBRARY
BUILDING SYSTEMS
TOTAL BUILDING SF
6,244 sf
3,038 sf
1,400 sf
1,400 sf
2,324 sf
546 sf
546 sf
1,736 sf
1,722 sf
9,980 sf
21,000 sf
7,490 sf
57,426 sf
PROGRAM SUMMARY
ADMINISTRATION
FINANCE
VETERAN’S
LEGAL
HUMAN
RESOURCES
PARKS + REC
b UILDING
SYSTEMS
LIbRARY
SHARED SPACES
JObLINK
AGING
GEN. SERVICENEW BUILDING
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
14NEW LIbRARY + ADMINISTRATION bUILDINGCOST ESTIMATE SUMMARY
GENERAL REQUIREMENTS
FOUNDATIONS/SOG/SLAb ON DECK
MASONRY
STRUCTURAL STEEL
ROUGH CARPENTRY
ARCHITECTURAL MILLWORK
WATERPROOFING + CAULKING
ROOFING
FIREPROOFING
METAL WALL PANELS
DOORS, FRAMES, & HARDWARE
GLASS & GLAZING
DRYWALL / METAL FRAMING
PAINTING / WALLCOVERING
FLOORING
ACOUSTIC ROOM TREATMENTS
MISC. SPECIALTIES
APPLIANCES
FURNITURE
ELEVATORS
FIRE PROTECTION
PLUMbING
BUILDING CONSTRUCTION TOTAL
$85,500
$570,000
$228,000
$1,140,000
$57,000
$513,000
$116,850
$399,000
$113,430
$285,000
$285,000
$1,881,000
$684,000
$171,000
$570,000
$228,000
$122,550
$57,000
$42,750
$228,000
$171,000
$399,000
HVAC
ELECTRICAL
BUILDING CONSTRUCTION (CONT.)TOTAL
$1,596,000
$1,539,000
$13,783,706TOTAL
EARTHWORK
EROSION CONTROL
PARKING
SITEWORK & HARDSCAPES
UTILITIES
SITEWORK TOTAL
$450,000
$60,000
---------
$150,000
$125,000
$942,356TOTAL
bUILDING CONSTRUCTION
SITEWORK
TOTAL BUILDING & SITEWORK TOTAL
$13,783,706
$942,356
$14,726,062TOTAL COSTS
TOTAL INDIRECT COSTS $2,301,627
TOTAL INDIRECT COSTS $157,356
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
15NEW LIbRARY + ADMINISTRATION bUILDING CONCEPT
OVERALL SITE PLAN SKETCH
HEALTH
DSS
COMMONS
COURTHOUSE
SHERIFF’S
VETERAN’S
PARK
N MCKINNEY PKWYW
C
O
R
N
E
L
I
U
S
H
A
R
N
E
T
T
B
L
V
D
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
16NEW LIbRARY + ADMINISTRATION bUILDING CONCEPT
OFFICE
LIBRARY
SITE SKETCH COST ANALYSIS
N
Estimated ROM Value:
$13,783,706
Estimated Site Value:
$942,356
Total = $14,726,062
CONNECTOR ROAD SHOWN PER FUTURE
MASTER PLAN. SITE WORK NOT INCLUDED IN
SCOPE OF PROJECT
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
17NEW LIbRARY + ADMINISTRATION bUILDING CONCEPT
3
COST AND PROJECT
SUMMARY
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
19OVERALL COST SUMMARY
bUILDING CONSTRUCTION
SITEWORK
NEW LIBRARY + ADMIN BUILDING
$13,783,706
$942,356
COST ESTIMATE SUMMARY
CHILD SUPPORT SERVICES,
FLEX SPACE ADDITION, &
LOBBY RENOVATION
TOTAL
$1,975,812SUbTOTAL
$14,726,062SUbTOTAL
GRAND TOTAL PROJECT COST $16,701,874
*SUGGESTED FURNITURE, FIXTURES, & EQUIPMENT $1,800,000
*NOT INCLUDED IN GRAND TOTAL PROJECT COST
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
20PROJECT ENGAGEMENT
COMMUNITY.INCLUSIVE.ENGAGING.ACTIVE
UNIQUE. ADAPTABLE. COLLAbORATIVE. SCALE.
EMbRACING. SUSTAINABLE. TRANSFORMATIVE.
TEACHABLE. SYNERGIES. DAYLIGHTING. IDENTITY.
CONNECTING. APPROPRIATE. MULTI-MODAL.
INSPIRING.WARM.WELCOMING.FRIENDLY.
HARNETT COUNTY GOVERNMENT COMPLEX FEbRUARY 26, 2018
HARNETT COUNTY
21PROJECT SUMMARY
BENEFITS OF NEW PLAN
MULTI-PURPOSE
ROOM
TRAINING
ROOMS
CHILD’S OUTDOOR
PLAY / READING
AREA
OUTDOOR
READING AREA
VETERAN’S PARK
FIRST FLOOR
LIBRARY
SPACE
P
O
R
C
H
N HEALTH SERVICES• RENOVATED MECHANICAL SYSTEM FOR EXISTING DSS, LObbY IMPROVE-MENTS, AND NEW FLEX SPACE.
• ACCESS TO JObLINK ON CAMPUS
• ACCESS TO CAFE
• ACCESS TO KITCHEN
• NEW 3,000 SF TRAINING ROOM
• ACCESS TO NEW LIbRARY - OUTDOOR PLAY/READING AREAS, GAMING AREAS, AND RECREATION SPACES. CLIENTS WILL HAVE ACCESS TO COM-PUTERS AND FAMILY AND CHILDREN’S PROGRAMS.
• CLOSE ACCESS TO bOARD OF ELECTIONS AND AGING. ONE-STOP ACCESS
• DSS WILL KEEP THE CIRCULATION, TECHNOLOGY, AND PRIVATE OFFICES THAT ARE COMFORTAbLE FOR THEM. THEY WILL MAINTAIN THEIR TRADI-TIONS SUCH AS GATHERING AROUND THE TREE AND ‘DECK-THE-HALLS’ FOR SEVERAL SEASONS; THEY WOULD HAVE TO SACRIFICE THIS IN THE NEW bUILDING CONCEPT. IN THE PROGRAMMING MEETINGS, WE HEARD RESISTANCE TO CHANGE.
• ALL DEPARTMENTS WILL bE IN A CENTRAL LOCATION.
• EMPHASIZE A SENSE OF COMMUNITY AND WELLNESS WITH THE NEW APPROACH.
KITCHEN
CAFE
CONCEPTUAL FIRST FLOOR SKETCH OF NEW bUILDING
T
O
E
A
S
T
C
A
M
P
U
S