Discussion Materials. Gloucester County, Virginia. February 26, Member NYSE FINRA SIPC. Member NYSE FINRA SIPC
|
|
- Norma Moody
- 5 years ago
- Views:
Transcription
1 Discussion Materials Gloucester County, Virginia February 26, Member NYSE FINRA SIPC Member NYSE FINRA SIPC
2 Background County Staff tasked Davenport to conduct a Comprehensive Review as it relates to the County s: Financial Policy Guidelines; Historic Operations and Fund Balance; Key Debt Ratios; and Capital Improvement Program ( CIP ). As part of the various tasks, Davenport coordinated with County Staff in order to thoroughly assess and evaluate the County s financial position with respect to: National, Regional, and Virginia Peer Counties; Best Practices based on guidance from the National Rating Agencies and the Government Finance Officers Association ( GFOA ); and The Recommended CIP and the various Scenarios regarding the potential Gloucester County High School Project. Davenport developed and discussed several analyses with County Staff over the past several months. The materials presented on the following pages are intended to provide an Executive Summary of Davenport s Comprehensive Review in order to provide perspective on: Adherence to Financial Policy Guidelines and Maintaining Creditworthiness; and Debt Capacity and Debt Affordability as it relates to the funding of the identified CIP projects. These discussion materials will focus primarily on the County s CIP planning efforts. February 26, Gloucester County, VA 1
3 Contents / Agenda 1 Introduction Credit Ratings, Peer Comparatives, and Credit Criteria 2 Existing Tax-Supported Debt Profile 3 Debt Capacity and Policies (Current and Recommended) 4 County s CIP and Scenarios Analyzed Appendix A B C Details of Scenarios Analyzed Existing Tax-Supported Debt Gloucester County Debt Obligation Policy February 26, Gloucester County, VA 2
4 1. Introduction Credit Ratings, Peer Comparatives, and Credit Criteria February 26, Gloucester County, VA 3
5 Introduction Credit Ratings and Peer Comparatives Credit Ratings Overview The County is not currently rated by the National Rating Agencies. However, prior to the August 12, 2015 Refunding of the EDA Lease Revenue Refunding Bonds, Series 2006, the County s Lease Revenue Bonds were rated AA/AA- by Standard and Poor s and Fitch Ratings, respectively. The County was not rated by Moody s Investors Service. Moody' s Standard & Poor' s Fitch 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 EDA Lease Revenue Rating Implied General Obligation Rating Peer Comparatives Introduction The following pages contain peer comparatives based on the Moody s rating categories shown below. National Counties Aaa 111 Credits Aa1 114 Credits Aa2 278 Credits Aa3 181 Credits Virginia Counties Albemarle Fairfax Henrico Prince William Arlington Goochland James City Stafford Chesterfield Hanover Loudoun Fauquier Roanoke Spotsylvania York Montgomery Caroline Frederick Orange Pulaski Culpeper Isle of Wight Powhatan Rockingham Fluvanna King George Prince George Warren Franklin Aaa Aa1 Aa2 Aa3 (11 Credits) (5 Credits) (13 Credits) (8 Credits) Appomattox Dinwiddie Northumberland Washington Carroll Henry Pittsylvania Wise Note: The data shown in the peer comparatives is from Moody s Municipal Financial and Ratio Analysis database. The figures shown are derived from the most recent financial statement available as November 26, 2018 (mostly 2017 figures). February 26, Gloucester County, VA 4
6 Selection of Peer Comparatives Virginia and Regional In addition to the County s Rating Peers, Davenport developed a group of Virginia and Regional Peer Counties based on the following criteria: 1. Virginia Counties Budget Peers - Counties in Virginia with a Local Revenue Budget (1) +/- $25 Million in comparison to Gloucester County. Population Peers - Counties in Virginia with an estimated 2016 population +/- 10,000 in comparison to Gloucester County. 2. Regional County Budget Peers - Counties in VACo Regions 1-5 and 7 with a Local Revenue Budget (1) +/- $25 Million in comparison to Gloucester County. Population Peers - Counties in VACo Regions 1-5 and 7 with an estimated 2016 population +/- 10,000 in comparison to Gloucester County. Parameter Budget Siz e Population Range (+/-) 25,000,000 10,000 Upper Limit 82,864,064 46,983 Gloucester 57,864,064 36,983 Lower Limit 32,864,064 26,983 (2) (1) Local Revenue Budget data is sourced from the Auditor of Public Accounts Comparative Report; excludes revenues from Federal and State governments. (2) Region 2 Peers are well above or below Gloucester s Budget Size and population and are thus excluded as peers for the purposes of this analysis. February 26, Gloucester County, VA 5
7 Rating Agency Methodology Updates Moody s Moody s Rating Methodology Moody s Local Control On January 15, 2014, Moody s updated its US Local Governments General Obligation Debt methodology and assumptions. Category Rating Percentage Short Term Control Long Term Control Under the new methodology, an initial indicative rating is calculated from a weighted average of four key factors: US Local Governments General Obligation Debt M ethodology 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. M anagement 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% 1. Economy / Tax Base 30% 2. Finances 30% 3. Management 20% 4. Debt / Pensions 20% Up to a one-notch adjustment can be made from the indicative rating based on other qualitative factors. February 26, Gloucester County, VA 6
8 Rating Agency Methodology Updates S&P S&P Rating Methodology S&P Local Control On September 12, 2013, Standard & Poor s updated its US Local Governments General Obligation Ratings methodology and assumptions. Category Rating Percentage Short Term Control Long Term Control Under the new methodology, an initial indicative rating is calculated from a weighted average of seven key factors: US Local Governments General Obligation Ratings M ethodology 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. M anagement 20% Impact of management conditions on the likelihood of repayment 4. Budgetary Flex ibility 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 C ontingent Liabilities 10% Net Direct Debt as a % of Total Governmental Funds Revenue Total Governmental Funds Debt Service as a % of Total Governmental Funds Expenditures 1. Institutional Framework 10% 2. Economy 30% 3. Management 20% 4. Budget Flexibility 10% 5. Budgetary Performance 10% 6. Liquidity 10% 7. Debt and Contingent Liabilities 10% Up to a one-notch adjustment can be made from the indicative rating based on other qualitative factors. February 26, Gloucester County, VA 7
9 Peer Comparatives Key Economic Statistics Median Home Value Full Value per Capita Gloucester Virginia Budget Peer Median Regional Budget Peer Median 225, , ,900 Higher is Better. Gloucester Virginia Budget Peer Median Regional Budget Peer Median 115, , ,224 Higher is Better. Virginia Pop. Peer Median 222,500 Virginia Pop. Peer Median 128,399 Regional Pop. Peer Median 153,800 Regional Pop. Peer Median 118,332 National 'Aaa' 240,200 National 'Aaa' 116,926 National 'Aa1' 177,750 National 'Aa1' 89,206 National 'Aa2' 153,900 National 'Aa2' 85,985 National 'Aa3' 122,900 National 'Aa3' 81,991 Virginia 'Aaa' 317,300 Virginia 'Aaa' 165,266 Virginia 'Aa1' 252,900 Virginia 'Aa1' 120,102 Virginia 'Aa2' 223,300 Virginia 'Aa2' 124,213 Virginia 'Aa3' 125,500 Virginia 'Aa3' 93,169 Unemployment 0 50, , , , , ,000 $ 0 25,000 50,000 75, , , ,000 $ Median Family Income Gloucester Virginia Budget Peer Median Regional Budget Peer Median Lower is Better. Gloucester Virginia Budget Peer Median Regional Budget Peer Median 75,261 58,920 75,451 Higher is Better. Virginia Pop. Peer Median 3.9 Virginia Pop. Peer Median 58,404 Regional Pop. Peer Median 4.3 Regional Pop. Peer Median 67,543 National 'Aaa' 3.6 National 'Aaa' 85,654 National 'Aa1' 4.0 National 'Aa1' 71,808 National 'Aa2' 4.2 National 'Aa2' 63,784 National 'Aa3' 4.8 National 'Aa3' 58,474 Virginia 'Aaa' 3.5 Virginia 'Aaa' 96,111 Virginia 'Aa1' 3.3 Virginia 'Aa1' 89,152 Virginia 'Aa2' 3.8 Virginia 'Aa2' 75,451 Virginia 'Aa3' 4.9 Virginia 'Aa3' 55, % 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90, ,000 $ Source: Moody s MFRA; Average for CY February 26, Gloucester County, VA 8
10 2. Existing Tax-Supported Debt Profile February 26, Gloucester County, VA 9
11 Millions Existing Tax-Supported Debt Profile Tax-Supported Debt Service Principal Interest Par Outstanding Estimated as of 6/30/2018 Type Par Amount General Obligation Bonds $29,710,885 Tax-Supported Debt Service F Y Principal Interest Total 1 0-yr Payout Total 36,239,163 11,818,470 48,057,634 3,053,318 1,431,846 4,485, % 2,922,931 1,319,847 4,242, % 3,017,217 1,210,257 4,227, % 2,941,853 1,094,219 4,036, % 3,013, ,546 4,003, % 3,102, ,857 3,993, % 2,464, ,755 3,260, % 2,538, ,926 3,244, % 2,612, ,702 3,231, % 2,184, ,749 2,724, % 1,873, ,933 2,345, % 1,513, ,231 1,933, % 1,561, ,873 1,926, % 1,022, ,313 1,338, % 1,057, ,310 1,340, % 1,087, ,910 1,335, % 272, , , % Lease Revenue & Capital Leases 6,528,278 Total $36,239,163 Note: 2011 & 2012 QSCB interest shown gross of federal subsidy. Does not include County s Utility debt. Does not include the Non-Governmental EDA Debt. Source: County CAFRs and County Staff Debt Service Workbook. February 26, Gloucester County, VA 10
12 Key Debt Ratio Existing Tax-Supported Payout Ratio 10 Year Payout Ratio 10 Year Payout Ratio Peer Comparative 100.0% 90.0% Gloucester 80.0% 70.0% Virginia Budget Peer Median 60.0% Regional Budget Peer Median 50.0% 40.0% Virginia Pop. Peer Median 30.0% Regional Pop. Peer Median 20.0% 10.0% National 'Aaa' 0.0% National 'Aa1' Higher is Better. 10-yr Payout National 'Aa2' National 'Aa3' Existing 10 Year Payout Ratio FY 76.9% Virginia 'Aaa' Virginia 'Aa1' Virginia 'Aa2' Virginia 'Aa3' 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 may want to consider adopting a 10 Year Payout Ratio policy. 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. Source: County CAFRs, County Staff Debt Service Workbook, Moody s Investor Services, and S&P. February 26, Gloucester County, VA 11
13 Key Debt Ratio Existing Debt to Assessed Value Debt to Assessed Value Debt to Assessed Value Peer Comparative 4.0% 3.5% 3.0% Gloucester Virginia Budget Peer Median Lower is Better. 2.5% Regional Budget Peer Median % 1.5% Virginia Pop. Peer Median Regional Pop. Peer Median % 0.5% National 'Aaa' % National 'Aa1' National 'Aa2' National 'Aa3' 0.5 Existing Policy Existing Debt to Assessed Value FY 0.8% Virginia 'Aaa' Virginia 'Aa1' Virginia 'Aa2' Virginia 'Aa3' Assumed Future Growth Rates 2018 Assessed Value $4,348,540,000 & Beyond 1.0% County Policy Net Debt as a percentage of Assessed Value will not exceed 3.0%. (Net Debt is General Obligation debt and Capital Lease Obligation exclusive of debt or leases payable from the Enterprise Fund.) 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% % Moderate (A): 1.75% - 4.0% Weak Very Poor (Baa and below): > 4.0% S&P: A positive qualitative adjustment is made to the Debt and Contingent Liabilities score for a debt to market value ratio below 3.0%, while a negative adjustment is made for a ratio above 10.0%. Source: County CAFRs, County Staff Debt Service Workbook, Moody s Investor Services, and S&P. February 26, Gloucester County, VA 12
14 Key Debt Ratio Existing Debt Service vs. Expenditures Debt Service vs. Expenditures 12.0% 10.0% 8.0% Debt Service vs. Expenditures Peer Comparative Gloucester Virginia Budget Peer Median Regional Budget Peer Median Lower is Better. 6.0% 4.0% Virginia Pop. Peer Median Regional Pop. Peer Median % 0.0% National 'Aaa' National 'Aa1' National 'Aa2' Existing Policy National 'Aa3' 5.2 Existing Debt Service vs. Expenditures FY 4.7% Assumed Future Growth Rates 2018 Adjusted Expenditures: $90,388,375 & Beyond 1.0% County Policy - General Obligation Debt Service and Capital Lease payments as a percentage of General Governmental Expenditures will not exceed 10%. For purposes of this requirement, General Governmental Expenditures shall be that amount reported in the most recent Comprehensive Annual Financial Report. Note: Governmental Expenditures represent the ongoing operating expenditures of the County and Schools. In this analysis, debt service and capital outlay expenditures are excluded. Virginia 'Aaa' Virginia 'Aa1' Virginia 'Aa2' Virginia 'Aa3' % Rating Considerations: Moody s: Moody s criteria allows for a scorecard adjustment if an issuer has very high or low debt service relative to its budget Percent. S&P: The Debt and Contingent Liabilities section defines categories of Net Direct Debt as a % of Total Governmental Funds Expenditures as follows: Very Strong: <8% Strong: 8% to 15% Adequate: 15% - 25% Weak: 25% - 35% Very Weak: > 35% Source: County CAFRs, County Staff Debt Service Workbook, Moody s Investor Services, and S&P. February 26, Gloucester County, VA 13
15 Dollars ($) Key Debt Ratio Existing Debt Per Capita Debt Per Capita Debt Per Capita Peer Comparative 3,000 2,500 2,000 Gloucester Virginia Budget Peer Median Regional Budget Peer Median 975 1,345 2,331 Lower is Better. 1,500 Virginia Pop. Peer Median 1,428 1,000 Regional Pop. Peer Median 2, National 'Aaa' National 'Aa1' National 'Aa2' National 'Aa3' 411 Existing Policy Existing Debt Per Capita FY $975 Assumed Future Growth Rates 2017 Population 37, & Beyond 0.0% Virginia 'Aaa' Virginia 'Aa1' Virginia 'Aa2' Virginia 'Aa3' 2,079 1,760 2,331 1, ,000 2,000 3,000 4,000 5,000 $ County Policy - The Net Debt Per Capita will not exceed $1,700 per capita. (Net Debt is General Obligation debt and Capital Lease Obligation exclusive of debt or leases payable from the Enterprise Fund. For the purposes of this requirement, the County should use the most recent County population estimates prepared by the Center for Public Policy.) Source: County CAFRs, County Staff Debt Service Workbook, and Moody s Investor Services. February 26, Gloucester County, VA 14
16 3. Debt Capacity and Policies (Current and Recommended) February 26, Gloucester County, VA 15
17 Introduction Financial Policy Best Practices Financial Policies that are adopted, adhered to, and regularly reviewed are recognized as a cornerstone of sound financial management. Effective Financial Policies: Contribute to the County's ability to insulate itself from fiscal crisis; Enhance access to short term and long term financial credit by helping to achieve the highest credit ratings possible; Promote long-term financial stability by establishing clear and consistent guidelines; Direct attention to the total financial picture of the County rather than single issue areas; Promote the view of linking long-run financial planning with day-to-day operations; and Provide the County Staff, the County Board and the County citizens a framework for measuring the fiscal impact of government services against established fiscal parameters and guidelines. Financial Policies should be reviewed periodically by County Staff and any recommended changes should be presented to the Governing Body for formal approval / adoption. February 26, Gloucester County, VA 16
18 Introduction Financial Policy Best Practices National Rating Agencies Moody s US Local Government General Obligation Debt, January 2014 A local government s success in navigating the legal, political and practical environment in which it operates depends on a multitude of factors, including management s mastery in understanding its resources and managing its responsibilities, public and executive support for its plans, and its willingness to use the tools at its disposal. When evaluating a credit, we seek to understand the probable impact of fund balance policies, multi-year financial or capital planning, liquidity management, accuracy of budget forecasts, and willingness to make midyear adjustments. Reliance on nonrecurring, or one-shot revenues, such as proceeds from the sale of assets, windfall delinquent tax collections, or the use of fund balance as a revenue source, leaves the municipality vulnerable should these one-time revenues fail to materialize. S&P s U.S. Local Governments General Obligation Ratings: Methodology And Assumptions, September 2013 The rigor of a government s financial management practices is an important factor in Standard & Poor s Ratings Services analysis of that government s creditworthiness. Managerial decisions, policies, and practices apply directly to the government s financial position and operations, debt burden, and other key credit factors. A government s ability to implement timely and sound financial and operational decisions in response to economic and fiscal demands is a primary determinant of near-term changes in credit quality. S&P measures the strength of governmental financial management through seven (7) key factors: Revenue and expenditure assumptions Budget amendments and updates Long term financial planning Long term capital planning Investment management policies Debt management policies Reserve and liquidity policies February 26, Gloucester County, VA 17
19 Debt and Contingent Liability Policies Observations and Recommendations Observations of Current Policy The County monitors its key debt ratios at least annually in conjunction with the Multi-Year Capital Improvements Program process. The results are shared with the Board of Supervisors as part of the annual budgeting process. Key Debt Ratios (exclusive of Enterprise/Utility Fund debt) Net Debt as a percentage of Assessed Value will not exceed 3.0%; Net Debt per Capita will not exceed $1,700; and Net Debt as a percentage of Expenditures will not exceed 10%. Potential Policy Recommendations General The County may want to consider including language that provides latitude for the Board of Supervisors to make exceptions to these ratios as they see fit by motion or some other official action Should one or more of the projected key debt ratios breach policy levels, staff must request an exception from the County Board stating the justification and expected duration of the policy exception. Net Debt as a Percentage (%) of Expenditures Based on discussions with County Staff and the analyses conducted over the past several months, Davenport would recommend revising this policy to not exceed 15%. Net Debt per Capita This ratio has been de-emphasized by the credit rating agencies. Similarly, Davenport would recommend that the County consider deemphasizing or deleting this policy. 10 Year Payout Ratio The County may want to consider adding a 10 Year Payout Ratio policy. This ratio measures how quickly the County is paying principal on its debt obligations. Davenport recommends adding this policy -- Payout of aggregate outstanding tax-supported debt principal shall be no less than 50% repaid in 10 years. February 26, Gloucester County, VA 18
20 Debt Capacity vs. Key Debt Ratios The following pages illustrate the County s Debt Capacity in FY based on Key Debt Ratios with respect to Current Policies and potentially revised (Recommended) levels, as shown below. Key Debt Ratio FY Proj. FY 20 Levels (1) Levels (2) Current Policy Recommended Policy Levels Debt to Assessed Value 0.8% 0.75% 3.0% 3.0% Debt Service to Expenditures 4.7% 4.4% 10.0% 15.0% Debt Per Capita , Year Payout 76.9% 80.4% N/A 50.0% The remainder of this presentation will reflect the Recommended Policies as follows: Debt to Assessed Value Maximum of 3.0% Debt Service to Expenditures Maximum of 15.0% 10 Year Payout Ratio Minimum of 50.0% (1) Calculated as of FY. (2) Calculated as of FY ; assumes the County does not issue additional debt prior to FYE. February 26, Gloucester County, VA 19
21 Estimated Debt Capacity (1) Existing and Recommended Policy Levels Current Policy Levels The County s FY key debt ratios are shown below for comparative purposes. (2) Debt capacity is calculated based upon potential debt issuances in FY. The Projected FY Levels of the key debt ratios are shown for reference prior to any new debt issuance. The County is currently limited to approximately $30 Million in additional Debt Capacity due to the Debt Per Capita parameter. Recommended Policy Levels Based upon the Recommended Policy Levels, the County s Debt Capacity ranges between $37 Million and $62.5 Million. The Limiting Ratio in the case of either 20 or 25 Year debt would be the Recommended 10 Year Payout Ratio. The County may choose to breach this policy (or others), but would want to demonstrate that there is a prescribed plan to come back into compliance within a given timeframe. As with any of the benchmarks reflected herein, the County would potentially be negatively impacted from a credit perspective, if these benchmarks are materially breached for too long of a period. Key Debt Ratio FY Proj. FY 20 Levels (2) Levels (3) Current Policy 20 Years 4.75% 25 Years 5.00% Recommended Policy Levels 20 Years 4.75% 25 Years 5.00% Debt to Assessed Value $99,892,524 $99,892,524 $99,892,524 $99,892,524 Annual Debt Service 0.8% 0.75% 3.0% $7,846,604 $7,087, % $7,846,604 $7,087,620 Incremental Cost (4) Debt Service to Expenditures $77,911,651 $86,254,893 $155,400,016 $172,041,171 Annual Debt Service Capacity 4.7% 4.4% 10.0% $6,119,997 $6,119, % $12,206,744 $12,206,744 Incremental Cost (4) Debt Per Capita $30,001,454 $30,001,454 Annual Debt Service ,700 $2,356,628 $2,128,677 N/A Incremental Cost (4) Year Payout $62,540,882 $37,465,988 Annual Debt Service 76.9% 80.4% N/A 50.0% $4,912,616 $2,658,304 Incremental Cost (4) (1) Debt Capacity is estimated based upon issuing debt in FY with full annual level debt service payments commencing in FY. (2) Calculated as of FY. (3) Calculated as of FY ; assumes the County does not issue additional debt prior to FYE. (4) The incremental cost is based upon the Value of a Penny of $420,000 as provided by County Staff; does not include growth. February 26, Gloucester County, VA 20
22 4. County s CIP and Scenarios Analyzed February 26, Gloucester County, VA 21
23 Summary of CIP Scenarios Recommended CIP and GHS (1 Phase Approach) In order to provide the County with perspective on additional Debt Capacity and Debt Affordability, the following scenarios have been analyzed: Fiscal Y ear Scenario Scenario Scenario Projects Issued Recommended CIP 2 Page Athletic Fields 300,000 3 New Achilles Bus Loop 789,916 4 Transportation Facility - 7,019,000 5 County-Owned Library 4,800,000 Same as Scenario 1 6 Public Safety Radio Replacement 3,224,630 7 Support Facilities / Woodville 4,465,646 8 Subtotal Recommended CIP 20,599,192 20,599,192 20,599,192 9 (1) Gloucester High School (GHS) Renovation [1 Phase] - 75,297,275 52,625,000 31,575, Total CIP 95,896,467 73,224,192 52,174,192 Amortizations/terms for each Scenario (1), as described below: A 20 Years at 4.50% B 25 Years at 5.00% Please note that 30 Year options were evaluated, but it was determined that the County would be out of compliance with the Recommended 10 Year Payout Ratio for an extended period of time, additional financing (interest) costs would be excessive, and the benefit with respect to Debt Affordability (cash flows) would be minimal. The following key borrowing assumptions have been utilized for each of the above Scenarios: Issued Fall of Fiscal Year 1st Interest Payment Fiscal Year Following Issuance 1st Principal Payment Fiscal Year Following Issuance Structure Level Debt Service (1) A portion of the GHS Renovation project amounts above have been escalated by a factor of 5.25% for one year (to FY ) with base costs of $71.5 Million, $50 Million, and $30 Million, respectively. (2) For the purposes of this analysis, all projects other than the Public Safety Radio Portable & Mobile Replacement Project (the Radio Project ) will be financed over the terms set forth herein. In every Scenario, the Radio Project will be financed over 15 Years at an interest rate of 4.25%. February 26, Gloucester County, VA 22
24 Comparative Summary The Summary below illustrates the results of the various analyses that have been conducted. The details of these scenarios are presented as part of the Appendix. For purposes of this meeting, we would be happy to walk through one or more scenarios in order to demonstrate the methodology. Recommended Policy Scenario Scenario Scenario Projects Levels Year Level Debt Service at 4.5% 2 Recommended CIP $ 20,599,192 $ 20,599,192 $ 20,599,192 3 GHS Renovation [1 Phase] $ 75,297,275 $ 52,625,000 $ 31,575,000 4 Total Projects Funded $ 95,896,467 $ 73,224,192 $ 52,174,192 5 Total Proposed Debt Service $ 146,912,939 $ 112,052,721 $ 79,687,864 6 Upfront (FY ) Tax Rate Impact Natural/Targeted Tax Rate Impact (1) Debt as % of Assessed Value Max 3% 2.44% 1.94% 1.48% 9 Debt Service to Governmental Expenditures Max 15% 9.88% 8.37% 6.91% Year Payout Ratio Min 50% 49.92% 53.28% 58.12% Year Payout Ratio - # of Years out of Compliance Current Policy / Recommend Excluding 13 Debt per Capita Max 1,700 2,969 2,361 1, Debt per Capita - # of Years out of Compliance Year Level Debt Service at 5.0% 2 Recommended CIP $ 20,599,192 $ 20,599,192 $ 20,599,192 3 GHS Renovation [1 Phase] $ 75,297,275 $ 52,625,000 $ 31,575,000 4 Total Projects Funded $ 95,896,467 $ 73,224,192 $ 52,174,192 5 Total Proposed Debt Service $ 168,809,157 $ 128,592,816 $ 91,254,085 6 Upfront (FY ) Tax Rate Impact Natural/Targeted Tax Rate Impact (1) Debt as % of Assessed Value Max 3% 2.44% 1.94% 1.48% 9 Debt Service to Governmental Expenditures Max 15% 9.46% 8.05% 6.70% Year Payout Ratio Min 50% 41.11% 45.03% 50.78% Year Payout Ratio - # of Years out of Compliance Current Policy / Recommend Excluding 13 Debt per Capita Max 1,700 2,972 2,363 1, Debt per Capita - # of Years out of Compliance (1) For the purpose of this analysis, Scenarios 1-3 reflect the Targeted Tax Rate Impact. The Natural Tax Rate Impact is not materially different from the Targeted Tax Rate Impact. *Davenport recommends removing the Debt per Capita Policy. February 26, Gloucester County, VA 23
25 Appendix February 26, Gloucester County, VA 24
26 A. Details of Scenarios Analyzed Scenario 1 GHS Renovation (1 Phase) at $75.3 Million A. 20 Year Amortization B. 25 Year Amortization Scenario 2 GHS Renovation (1 Phase) at $52.6 Million A. 20 Year Amortization B. 25 Year Amortization Scenario 3 GHS Renovation (1 Phase) at $31.6 Million A. 20 Year Amortization B. 25 Year Amortization February 26, Gloucester County, VA 25
27 Millions Millions Proposed Debt Service Scenario 1A (20 Years) CIP with GHS Renovation in 1 Phase at $75.3 Million Proposed Debt Service Existing Proposed Principal Financing Assumptions Key Borrowing Assumptions 1 st Principal & Interest Year Following Issuance Amortization Level Debt Service Term 20 Years Interest Rate 4.50% Borrowing Amounts FY $8,879,916 FY 59,391,325 FY 15,134,950 FY 4,800,000 FY (1) 3,224,630 FY 4,465,646 Total Projects Debt Funded $95,896,467 Total Proposed Debt Service $146,912, Existing February 26, (1) For the purposes of this analysis, the $3,224,630 Radio Project will be financed in FY over 15 Years at an interest rate of 4.25%. Gloucester County, VA 26
28 Dollars ($) Proposed Debt Service Scenario 1A (20 Years) CIP with GHS Renovation in 1 Phase at $75.3 Million Debt per Capita 5,000 4,000 3, Year Payout 100% 90% 80% 70% 60% 50% 2,000 1,000-40% 30% 20% 10% 0% Debt to Assessed Value 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Existing Proposed Debt Current Policy Existing and Proposed Debt Service to Expenditures 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Proposed Policy 0.0% 0.0% Existing Proposed Debt Current & Proposed Policy Existing Proposed Debt Current Policy Proposed Policy February 26, Gloucester County, VA 27
29 Debt Affordability Analysis Scenario 1A (20 Years) Existing & Proposed Debt CIP with GHS Renovation in 1 Phase at $75.3 Million Natural / Targeted Tax Rate Impact Upfront Tax Rate Impact (FY ) A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,910,127 3,991, ,036 4,227,474 4,584,482-3,901, ,901,828 9,284,556 3,800, ,036 4,036,072 4,676,630 (571,854) - - 3,329,974 10,415,804 3,767, ,036 4,003,804 4,723,396 (1,688,604) - - 1,641,370 10,405,983 3,757, ,036 3,993,983 4,770,630 (1,641,370) ,041,045 3,024, ,036 3,260,039 6,810,484-29, ,478 10,025,978 3,008, ,036 3,244,972 6,898, , ,181 10,307,989 2,995, ,036 3,231,864 6,967,696 (108,429) ,752 9,800,524 2,488, ,036 2,724,399 7,037,373 (38,752) ,764,850 2,109, ,036 2,345,423 7,419, ,353,147 1,697, ,036 1,933,720 7,496,769-77,342-77,342 9,345,790 1,700, ,070 1,926,363 7,571, , ,652 8,757,452 1,121, ,104 1,338,025 7,647, , ,679 8,759,450 1,123, ,104 1,340,023 7,723, , ,181 8,755,050 1,119, ,104 1,335,623 7,801, ,741-1,143,922 7,807, , , ,907 7,879, ,753-1,603,675 7,419, ,957, ,545-2,142,220 7,419, ,037, ,124-2,760,344 7,419, ,117, ,500-3,458,844 7,419, ,199, ,679-4,238,523 7,419, ,281, ,670-5,100,193 6,736, ,363,908-1,627,135-6,727,328 1,875, ,447,547-6,571,723-13,299, , ,532,023-7,819,715-21,118, , ,617,343-7,905,036-29,023, , ,703,516-8,360,215-37,384, , ,790,551-8,447,250-45,831, , ,878,457-8,535,155-54,366, , ,967,241-8,623,940-62,990, ,056,914-9,056,914-72,047, ,147,483-9,147,483-81,194, ,238,958-9,238,958-90,433, ,331,347-9,331,347-99,765, ,424,661-9,424, ,189,724 Total Tax Effect Total 194,970,573 44,242,765 3,814,869 48,057, ,102,663 (4,049,009) 113,238,733 A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,910,127 3,991, ,036 4,227,474 6,096,581-5,413, ,413,927 9,284,556 3,800, ,036 4,036,072 6,219, ,639-6,384,566 10,415,804 3,767, ,036 4,003,804 6,281,314 (130,687) - - 6,253,879 10,405,983 3,757, ,036 3,993,983 6,344,127 (67,874) - - 6,186,006 10,041,045 3,024, ,036 3,260,039 6,407,568 (373,438) - - 5,812,568 10,025,978 3,008, ,036 3,244,972 6,471,644 (309,362) - - 5,503,206 10,307,989 2,995, ,036 3,231,864 6,536,360 (539,765) - - 4,963,441 9,800,524 2,488, ,036 2,724,399 6,601,724 (474,402) - - 4,489,039 9,764,850 2,109, ,036 2,345,423 6,667,741 (751,686) - - 3,737,353 9,353,147 1,697, ,036 1,933,720 6,734,418 (685,009) - - 3,052,345 9,345,790 1,700, ,070 1,926,363 6,801,762 (617,664) - - 2,434,680 8,757,452 1,121, ,104 1,338,025 6,869,780 (549,647) - - 1,885,033 8,759,450 1,123, ,104 1,340,023 6,938,478 (480,949) - - 1,404,084 8,755,050 1,119, ,104 1,335,623 7,007,863 (411,564) ,520 7,807, , , ,907 7,077,941 (341,486) ,035 7,419, ,148,721 (270,706) ,329 7,419, ,220,208 (199,219) ,110 7,419, ,292,410 (127,017) ,093 7,419, ,365,334 (54,093) ,419, ,438,987-19,561-19,561 6,736, ,513, , ,165 1,875, ,588,511-5,712,687-6,508, , ,664,396-6,952,089-13,460, , ,741,040-7,028,733-20,489, , ,818,451-7,475,149-27,964, , ,896,635-7,553,333-35,518, , ,975,601-7,632,300-43,150, , ,055,357-7,712,056-50,862, ,135,911-8,135,911-58,998, ,217,270-8,217,270-67,215, ,299,443-8,299,443-75,515, ,382,437-8,382,437-83,897, ,466,262-8,466,262-92,363,835 Total Tax Effect Total 194,970,573 44,242,765 3,814,869 48,057, ,276,774 (6,384,566) 98,748,401 Assumed FY 2018 Value of a Penny (2) : $420,000 Assumed Growth Rate: 1.0% (1) QSCB debt service is shown per sinking fund requirements, gross of earnings and with gross interest expense. At issue, interest expense should be fully subsidized by the Federal Government. Due to sequestration, a reduction in subsidy was implemented. Due to a difference in budgeted vs. actual subsidy, the Credits in column D above reflect an amount exceeding the budgeted amount for FY. Subsequently, the General Fund Budgeted Debt Service has been reduced by the same amount to accurately reflect the County s methodology for future debt service. (2) Provided by Staff. Please note, totals may not foot due to rounding. February 26, Gloucester County, VA 28
30 Millions Millions Proposed Debt Service Scenario 1B (25 Years) CIP with GHS Renovation in 1 Phase at $75.3 Million Proposed Debt Service Existing Proposed Principal Financing Assumptions Key Borrowing Assumptions 1 st Principal & Interest Year Following Issuance Amortization Level Debt Service Term 25 Years Interest Rate 5.00% Borrowing Amounts FY $8,879,916 FY 59,391,325 FY 15,134,950 FY 4,800,000 FY (1) 3,224,630 FY 4,465,646 Total Projects Debt Funded $95,896,467 Total Proposed Debt Service $168,809, Existing February 26, (1) For the purposes of this analysis, the $3,224,630 Radio Project will be financed in FY over 15 Years at an interest rate of 4.25%. Gloucester County, VA 29
31 Dollars ($) Proposed Debt Service Scenario 1B (25 Years) CIP with GHS Renovation in 1 Phase at $75.3 Million Debt per Capita 5,000 4,000 3, Year Payout 100% 90% 80% 70% 60% 50% 2,000 1,000-40% 30% 20% 10% 0% Debt to Assessed Value 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Existing Proposed Debt Current Policy Debt Service to Expenditures 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Existing and Proposed Proposed Policy 0.0% 0.0% Existing Proposed Debt Current & Proposed Policy Existing Proposed Debt Current Policy Proposed Policy February 26, Gloucester County, VA 30
32 Debt Affordability Analysis Scenario 1B (25 Years) Existing & Proposed Debt CIP with GHS Renovation in 1 Phase at $75.3 Million Natural / Targeted Tax Rate Impact Upfront Tax Rate Impact (FY ) A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,857,526 3,991, ,036 4,227,474 4,231,188-3,601, ,601,136 8,880,084 3,800, ,036 4,036,072 4,316,235 (527,777) - - 3,073,359 9,921,678 3,767, ,036 4,003,804 4,359,398 (1,558,477) - - 1,514,883 9,911,857 3,757, ,036 3,993,983 4,402,992 (1,514,883) ,518,485 3,024, ,036 3,260,039 6,296,771-38, ,325 9,503,418 3,008, ,036 3,244,972 6,378, , ,299 9,785,430 2,995, ,036 3,231,864 6,442,205 (111,361) ,939 9,277,964 2,488, ,036 2,724,399 6,506,627 (46,939) ,215,837 2,109, ,036 2,345,423 6,870, ,804,134 1,697, ,036 1,933,720 6,942,135-71,721-71,721 8,796,777 1,700, ,070 1,926,363 7,011, , ,864 8,208,439 1,121, ,104 1,338,025 7,081, , ,122 8,210,437 1,123, ,104 1,340,023 7,152, , ,197 8,206,037 1,119, ,104 1,335,623 7,224, ,600-1,059,797 7,258, , , ,907 7,296, ,840-1,485,636 6,870, ,369, ,802-1,984,439 6,870, ,442, ,495-2,556,933 6,870, ,517, ,924-3,203,857 6,870, ,592, ,097-3,925,954 6,870, ,668, ,022-4,723,976 6,870, ,745, ,707-5,598,683 6,575, ,822,572-1,247,277-6,845,960 6,575, ,900,798-1,325,503-8,171,463 6,575, ,979,805-1,404,511-9,575,974 6,575, ,059,604-1,484,309-11,060,283 5,945, ,140,200-2,194,957-13,255,240 1,731, ,221,602-6,490,319-19,745, , ,303,818-7,646,397-27,391, , ,386,856-7,729,435-35,121, , ,470,724-8,153,876-43,275, , ,555,432-8,238,583-51,513, , ,640,986-8,324,137-59,837, , ,727,396-8,410,547-68,248,535 Total Tax Effect Total 216,866,790 44,242,765 3,814,869 48,057, ,057,692 (3,759,436) 72,007,971 A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,857,526 3,991, ,036 4,227,474 5,640,838-5,010, ,010,786 8,880,084 3,800, ,036 4,036,072 5,754, ,207-5,920,993 9,921,678 3,767, ,036 4,003,804 5,811,761 (106,113) - - 5,814,880 9,911,857 3,757, ,036 3,993,983 5,869,879 (47,995) - - 5,766,884 9,518,485 3,024, ,036 3,260,039 5,928,578 (329,868) - - 5,437,016 9,503,418 3,008, ,036 3,244,972 5,987,863 (270,583) - - 5,166,433 9,785,430 2,995, ,036 3,231,864 6,047,742 (505,824) - - 4,660,610 9,277,964 2,488, ,036 2,724,399 6,108,219 (445,346) - - 4,215,264 9,215,837 2,109, ,036 2,345,423 6,169,302 (701,113) - - 3,514,151 8,804,134 1,697, ,036 1,933,720 6,230,995 (639,419) - - 2,874,732 8,796,777 1,700, ,070 1,926,363 6,293,305 (577,110) - - 2,297,622 8,208,439 1,121, ,104 1,338,025 6,356,238 (514,176) - - 1,783,446 8,210,437 1,123, ,104 1,340,023 6,419,800 (450,614) - - 1,332,831 8,206,037 1,119, ,104 1,335,623 6,483,998 (386,416) ,415 7,258, , , ,907 6,548,838 (321,576) ,839 6,870, ,614,326 (256,088) ,751 6,870, ,680,470 (189,944) ,807 6,870, ,747,274 (123,140) ,667 6,870, ,814,747 (55,667) ,870, ,882,894-12,480-12,480 6,870, ,951,723-81,309-93,790 6,575, ,021, , ,736 6,575, ,091, ,159-1,055,894 6,575, ,162, ,073-1,642,967 6,575, ,233, ,697-2,301,664 5,945, ,306,331-1,361,088-3,662,753 1,731, ,379,394-5,648,112-9,310, , ,453,188-6,795,768-16,106, , ,527,720-6,870,300-22,976, , ,602,998-7,286,149-30,263, , ,679,028-7,362,179-37,625, , ,755,818-7,438,969-45,064, , ,833,376-7,516,527-52,580,757 Total Tax Effect Total 216,866,790 44,242,765 3,814,869 48,057, ,389,914 (5,920,993) 58,501,750 Assumed FY 2018 Value of a Penny (2) : $420,000 Assumed Growth Rate: 1.0% (1) QSCB debt service is shown per sinking fund requirements, gross of earnings and with gross interest expense. At issue, interest expense should be fully subsidized by the Federal Government. Due to sequestration, a reduction in subsidy was implemented. Due to a difference in budgeted vs. actual subsidy, the Credits in column D above reflect an amount exceeding the budgeted amount for FY. Subsequently, the General Fund Budgeted Debt Service has been reduced by the same amount to accurately reflect the County s methodology for future debt service. (2) Provided by Staff. Please note, totals may not foot due to rounding. February 26, Gloucester County, VA 31
33 Millions Millions Proposed Debt Service Scenario 2A (20 Years) CIP with GHS Renovation in 1 Phase at $52.6 Million Proposed Debt Service Existing Proposed Principal Financing Assumptions Key Borrowing Assumptions 1 st Principal & Interest Year Following Issuance Amortization Level Debt Service Term 20 Years Interest Rate 4.50% Borrowing Amounts FY $6,714,982 FY 43,441,171 FY 10,577,763 FY 4,800,000 FY (1) 3,224,630 FY 4,465,646 Total Projects Debt Funded $73,224,192 Total Proposed Debt Service $112,052, Existing February 26, (1) For the purposes of this analysis, the $3,224,630 Radio Project will be financed in FY over 15 Years at an interest rate of 4.25%. Gloucester County, VA 32
34 Dollars ($) Proposed Debt Service Scenario 2A (20 Years) CIP with GHS Renovation in 1 Phase at $52.6 Million Debt per Capita 5,000 4,000 3, Year Payout 100% 90% 80% 70% 60% 50% 2,000 1,000-40% 30% 20% 10% 0% Debt to Assessed Value 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Existing Proposed Debt Current Policy Debt Service to Expenditures 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Existing and Proposed Proposed Policy 0.0% 0.0% Existing Proposed Debt Current & Proposed Policy Existing Proposed Debt Current Policy Proposed Policy February 26, Gloucester County, VA 33
35 Debt Affordability Analysis Scenario 2A (20 Years) Existing & Proposed Debt CIP with GHS Renovation in 1 Phase at $52.6 Million Natural / Targeted Tax Rate Impact Upfront Tax Rate Impact (FY ) A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,743,696 3,991, ,036 4,227,474 3,351,258-2,835, ,835,036 7,891,884 3,800, ,036 4,036,072 3,418,618 (437,194) - - 2,397,842 8,672,793 3,767, ,036 4,003,804 3,452,804 (1,216,185) - - 1,181,657 8,662,972 3,757, ,036 3,993,983 3,487,332 (1,181,657) ,298,034 3,024, ,036 3,260,039 5,096,550-58, ,555 8,282,967 3,008, ,036 3,244,972 5,163, , ,977 8,564,978 2,995, ,036 3,231,864 5,215,051 (118,064) ,913 8,057,513 2,488, ,036 2,724,399 5,267,201 (65,913) ,021,839 2,109, ,036 2,345,423 5,676, ,610,136 1,697, ,036 1,933,720 5,736,781-60,365-60,365 7,602,779 1,700, ,070 1,926,363 5,794, , ,098 7,014,441 1,121, ,104 1,338,025 5,852, , ,773 7,016,439 1,123, ,104 1,340,023 5,910, , ,968 7,012,039 1,119, ,104 1,335,623 5,969, , ,270 6,064, , , ,907 6,029, ,999-1,234,269 5,676, ,089, ,293-1,647,561 5,676, ,150, ,190-2,121,751 5,676, ,212, ,696-2,657,447 5,676, ,274, ,817-3,255,265 5,676, ,336, ,559-3,915,824 5,160, ,400,345-1,240,151-5,155,975 1,525, ,464,349-4,938,864-10,094, , ,528,992-5,816,685-15,911, , ,594,282-5,881,975-21,793, , ,660,225-6,316,923-28,110, , ,726,827-6,383,525-34,493, , ,794,095-6,450,794-40,944, , ,862,036-6,518,735-47,463, ,930,657-6,930,657-54,394, ,999,963-6,999,963-61,394, ,069,963-7,069,963-68,464, ,140,663-7,140,663-75,604, ,212,069-7,212,069-82,816,791 Total Tax Effect Total 160,110,355 44,242,765 3,814,869 48,057, ,869,512 (3,019,013) 85,835,803 A B C D E F G H I J Debt Service Revenues Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Total Existing and Proposed Debt Service Capital Reserve Utilized Adjusted Surplus / (Deficit) Estimated Incremental Tax Equivalent GF Budgeted Credits for Total Revenues Revenue from Capital Reserve FY Debt Service QSCBs (1) Available Prior Tax Impact Fund Balance 4,485,164 4,249, ,036 4,485, ,242,779 4,006, ,036 4,242, ,743,696 3,991, ,036 4,227,474 4,614,167-4,097, ,097,945 7,891,884 3,800, ,036 4,036,072 4,706, ,100-4,949,046 8,672,793 3,767, ,036 4,003,804 4,753,981-84,992-5,034,038 8,662,972 3,757, ,036 3,993,983 4,801, ,532-5,166,570 8,298,034 3,024, ,036 3,260,039 4,849,536 (188,459) - - 4,978,111 8,282,967 3,008, ,036 3,244,972 4,898,032 (139,963) - - 4,838,148 8,564,978 2,995, ,036 3,231,864 4,947,012 (386,102) - - 4,452,046 8,057,513 2,488, ,036 2,724,399 4,996,482 (336,632) - - 4,115,413 8,021,839 2,109, ,036 2,345,423 5,046,447 (629,969) - - 3,485,444 7,610,136 1,697, ,036 1,933,720 5,096,911 (579,505) - - 2,905,940 7,602,779 1,700, ,070 1,926,363 5,147,880 (528,535) - - 2,377,404 7,014,441 1,121, ,104 1,338,025 5,199,359 (477,057) - - 1,900,348 7,016,439 1,123, ,104 1,340,023 5,251,353 (425,063) - - 1,475,285 7,012,039 1,119, ,104 1,335,623 5,303,866 (372,550) - - 1,102,735 6,064, , , ,907 5,356,905 (319,511) ,224 5,676, ,410,474 (265,942) ,282 5,676, ,464,579 (211,837) ,445 5,676, ,519,225 (157,191) ,254 5,676, ,574,417 (101,999) ,255 5,676, ,630,161 (46,255) ,160, ,686, , ,269 1,525, ,743,327-4,217,843-4,744, , ,800,761-5,088,453-9,832, , ,858,768-5,146,461-14,979, , ,917,356-5,574,054-20,553, , ,976,529-5,633,228-26,186, , ,036,295-5,692,993-31,879, , ,096,658-5,753,356-37,632, ,157,624-6,157,624-43,790, ,219,200-6,219,200-50,009, ,281,392-6,281,392-56,290, ,344,206-6,344,206-62,635, ,407,648-6,407,648-69,042,729 Total Tax Effect Total 160,110,355 44,242,765 3,814,869 48,057, ,095,450 (5,166,570) 74,209,298 Assumed FY 2018 Value of a Penny (2) : $420,000 Assumed Growth Rate: 1.0% (1) QSCB debt service is shown per sinking fund requirements, gross of earnings and with gross interest expense. At issue, interest expense should be fully subsidized by the Federal Government. Due to sequestration, a reduction in subsidy was implemented. Due to a difference in budgeted vs. actual subsidy, the Credits in column D above reflect an amount exceeding the budgeted amount for FY. Subsequently, the General Fund Budgeted Debt Service has been reduced by the same amount to accurately reflect the County s methodology for future debt service. (2) Provided by Staff. Please note, totals may not foot due to rounding. February 26, Gloucester County, VA 34
36 Millions Millions Proposed Debt Service Scenario 2B (25 Years) CIP with GHS Renovation in 1 Phase at $52.6 Million Proposed Debt Service Existing Proposed Principal Financing Assumptions Key Borrowing Assumptions 1 st Principal & Interest Year Following Issuance Amortization Level Debt Service Term 25 Years Interest Rate 5.00% Borrowing Amounts FY $6,714,982 FY 43,441,171 FY 10,577,763 FY 4,800,000 FY (1) 3,224,630 FY 4,465,646 Total Projects Debt Funded $73,224,192 Total Proposed Debt Service $128,592, Existing February 26, (1) For the purposes of this analysis, the $3,224,630 Radio Project will be financed in FY over 15 Years at an interest rate of 4.25%. Gloucester County, VA 35
Stafford County, Virginia
Stafford County, Virginia Financial Advisor s Report February 17, 2015 Presented by Kevin Rotty, Managing Director Public Financial Management 901 East Byrd Street, Suite 1110 Richmond, VA 23219 www.pfm.com
More informationVACO Finance Steering Committee Fiscal Analytics, Ltd. November 10, 2013
BPOL Survey Results and Policy Discussion Versus the Sales Tax VACO Finance Steering Committee Fiscal Analytics, Ltd. November 10, 2013 Survey Results Summary Survey captured 85% of all BPOL revenue paid
More informationPractical Implications for the New Pension Standards on Virginia Localities
Practical Implications for the New Pension Standards on Virginia Localities J E S S E H U G H E S D E B O R A H W H I T E V G F O A F A L L C O N F E R E N C E O C T O B E R 2 0 1 2 Why care NOW about
More information116 South 3 rd Street, Richmond, VA Gillespie Tax Plan Would Cripple Schools with $404 Million in Lost Funding
116 South 3 rd Street, Richmond, VA 23219 804-648-5801 FOR IMMEDIATE RELEASE Gillespie Tax Plan Would Cripple Schools with $404 Million in Lost Funding A new Virginia Education Association analysis of
More informationVIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN
VIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN GASB No. 68 Schedules With Independent Auditor s Report Thereon For the Fiscal Year Ended June 30, 2017 Table of Contents Independent Auditor s Report
More informationDeposit Interest Rates & Annual Percentage Yields (APYs)
Deposit Interest Rates & Annual Percentage Yields (APYs) Virginia Savings & Checking Online Rates Effective: February 26, 2019 New Account opening limit is $250,000 in Online Channel. For larger accounts,
More information********Demographics******** 16. Please tell me which of the following general categories best describes your age
********Demographics******** 16. Please tell me which of the following general categories best describes your age 18 to 24 75 9% 25 to 34 108 14% 35 to 44 120 15% 45 to 54 178 22% 55 to 64 156 20% 65 to
More informationVIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN
VIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN GASB No. 68 Schedules With Independent Auditor s Report Thereon For the Fiscal Year Ended June 30, 2016 Table of Contents Independent Auditor s Report
More informationHousing Market and Mortgage Performance in Virginia
QUARTERLY UPDATE Housing Market and Mortgage Performance in Virginia 1 st Quarter, 2014 Jamie Feik Lisa Hearl Joseph Mengedoth An Update on Housing Market and Mortgage Performance in Virginia 1 st Quarter,
More informationVIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN
VIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN GASB No. 68 Schedules With Independent Auditor s Report Thereon For the Fiscal Year Ended June 30, 2014 Table of Contents Independent Auditor s Report
More informationHousing Market and Mortgage Performance in Virginia
QUARTERLY UPDATE Housing Market and Mortgage Performance in Virginia 2 nd Quarter, 2014 Jamie Feik Lisa Hearl Joseph Mengedoth An Update on Housing Market and Mortgage Performance in Virginia 2 nd Quarter,
More informationCity of Charlottesville
City of Charlottesville Municipal Ratings Discussion December 8, 2014 901 East Byrd Street, Suite 1110 Richmond, VA 23219 804-780-2850 Table of Contents I. Municipal Ratings Review II. Rating Agency Commentary
More informationHousing Market and Mortgage Performance in Virginia
QUARTERLY UPDATE Housing Market and Mortgage Performance in Virginia 1st Quarter, 2013 Jamie Feik Lisa Hearl Karen Lyons An Update on Housing Market and Mortgage Performance in Virginia 1 st Quarter, 2013
More informationGUIDE TO LOCAL TAXES ON BUSINESS
GUIDE TO LOCAL TAXES ON BUSINESS 2017-2018 INTRODUCTION...iii TABLES TABLE 1 Taxes on Real Estate... 1 TABLE 2 Manufacturers Taxes on Machinery and Tools... 5 TABLE 3 Nonmanufacturers Taxes on Tangible
More informationGovernor s Proposed Amendments to House Bill 3202
Governor s Proposed Amendments to House Bill 3202 VDOT Reforms Preserves Five of House s Major Reform Components Performance Measures for Project Evaluation and Selection Competitive Bidding of VDOT Functions
More information10- Filing Period (Enter month or quarter and year) Due Date (20th of month following end of period) 5 x.015 = 6 x.043 = 10a x.007 = 10b x.
Form ST-9 Virginia Retail Sales and Use Tax Return For Periods Beginning On and After July 1, 2013 *VAST09113888* All Form ST-9 filers are required to file and pay electronically at www.tax.virginia.gov.
More informationA. CALL TO ORDER B. ROLL CALL C. BOARD DISCUSSIONS D. CLOSED SESSION E. ADJOURNMENT
A G E N D A JAMES CITY COUNTY BOARD OF SUPERVISORS WORK SESSION County Government Center Board Room 101 Mounts Bay Road, Williamsburg, VA 23185 July 25, 2017 4:00 PM A. CALL TO ORDER B. ROLL CALL C. BOARD
More informationStrategic Investments That Strengthen Our Future
Strategic Investments That Strengthen Our Future Recommended Operating and Capital Budget - FY 2015 County of Albemarle, Virginia www.albemarle.org/budget www.albemarle.org/budget Responding to a Changed
More informationBUDGET SUMMARY BUDGET SUMMARY PAGE 43
BUDGET SUMMARY This section of the budget provides summary information about all funds included in the County s Total Budget. These funds are scheduled to be adopted by the Board on April 18, 2017: General
More informationPRINCE GEORGE COUNTY VIRGINIA
Financial Policy Guidelines For: PRINCE GEORGE COUNTY VIRGINIA Adopted: November 7, 2006 Revised: July 12, 2011 Revised: May 13, 2014 FINANCIAL POLICY GUIDELINES TABLE OF CONTENTS Page Policy Objectives
More informationPrepared by the Office of the Treasurer
Prepared by the Office of the Treasurer The Board s Role in Financial Oversight The Board of Trustees is tasked with financial oversight of the College. The Association of Governing Boards of Universities
More informationTABLE OF CONTENTS. A continuous monitoring process that offers a way to quantify a significant amount of information.
TABLE OF CONTENTS The FITNIS Model A continuous monitoring process that offers a way to quantify a significant amount of information. Table of Contents... i Introduction... iii-xii Summary of Indicators...
More information2014 SC GFOA Spring Conference
2014 SC GFOA Spring Conference Patty McGuigan, Director Tax Supported Group May 5, 2014 AGENDA 1) FITCH 2014 OUTLOOK FOR U.S. LOCAL GOVERNMENTS 2) FITCH TAX-SUPPORTED CREDIT ANALYSIS Fitch 2014 Outlook
More informationTopics for Discussion
Topics for Discussion Introduction. Identify the Characteristics of a Financially Strong Utility System. Multi-Step Approach to Establishing a Financially Strong Utility System. Perform an Internal Assessment
More informationStrategic and Holistic Plan of Finance Prepared for the City of Petersburg, Virginia
Strategic and Holistic Plan of Finance Prepared for the City of Petersburg, Virginia March 14, 2017 Member NYSE FINRA SIPC Table of Contents Tab Section Title 1 Background 2 Current State of the City 3
More informationCenter for Public Policy : Polls
Center for Public Policy : Polls Survey of 805 Likely Voters Virginia Statewide Survey Presidential Poll 2016 July 2016 Respondent's Gender Where policy matters. Female: 45.8 % Male: 54.2 % Male Female
More informationDallas Austin Chicago Houston Miami New York San Antonio San Diego
January 2017 DIMMIT COUNTY, TEXAS Financing 101 Dallas Austin Chicago Houston Miami New York San Antonio San Diego Financing Team Issuer A state, political subdivision, agency or authority which borrows
More information2018 Airport Financial Plan
2018 Airport Financial Plan Manassas Regional Airport May 1, 2018 Final Member NYSE FINRA SIPC Contents / Agenda 2 Topics for Discussion and Strategic Goals 3 Highlights of Virginia Department of Aviation
More informationVirginia Retirement System (VRS): Local Impacts, Options and Roles
Virginia Retirement System (VRS): Local Impacts, Options and Roles 1 VACO - Board Member Orientation Joe Casey, Henrico County Defined Benefit vs. Defined Contribution Plans 2 Defined benefit based upon
More informationState Debt Affordability Studies: Common Elements & Best Practices
State Debt Affordability Studies: Common Elements & Best Practices New England Fiscal Leaders Meeting February 22, 2014 Jennifer Weiner, Senior Policy Analyst New England Public Policy Center Federal Reserve
More informationCapital Improvements: Planning and Budgeting in the District of Columbia. Susan M. Banta Former Senior Budget Officer
Capital Improvements: Planning and Budgeting in the District of Columbia Susan M. Banta Former Senior Budget Officer Capital Improvements Program The District of Columbia s Capital Improvements Program
More informationTown of East Greenwich. Overview of Municipal Bonds
Town of East Greenwich Overview of Municipal Bonds Table of Contents East Greenwich s Bond Rating Section 1 Existing Debt Service Section 2 Ways in Which to Measure Debt Section 3 Basics of Issuing Bonds
More informationMedicare Supplement Outline of Coverage. Plans A, F, G & N Anthem Blue Cross and Blue Shield Virginia 2019
October OOC_MS_VA-T-AFGN_AOOC001M(Rev 16, 2018 4:42 PM OOC_MS_VA-T-AFGN_AOOC001M(Rev 3-17)-VA 10-16-18)-2018rates-2019mnocs 3-17)-VA (Rev 10-16-18)-2018rates-2019mnocs October 16, 4:42 PM Medicare Supplement
More informationMedicare Supplement Outline of Coverage. Plans A, F & N Anthem Blue Cross and Blue Shield Virginia 2017
Medicare Supplement Outline of Coverage Plans A, F & N Anthem Blue Cross and Blue Shield Virginia 2017 This booklet includes premium rates, Medicare deductibles, copays and maximum out-of-pocket costs.
More informationDavenport & Company LLC
Private Placement Memorandum Moody s S&P EXPECTED RATINGS: Aaa AAA (See Ratings herein) $7,585,891 Virginia Housing Development Authority Commonwealth Mortgage Bonds Pass-Through Certificates 2006 Series
More informationMedicare Supplement Outline of Coverage. Plans A, F, G & N Anthem Blue Cross and Blue Shield Virginia 2017
May 12, 2017 9:52 AM VA_OOC15vert_Area_T-AFGN_NTM (Rev 3-17) Medicare Supplement Outline of Coverage Plans A, F, G & N Anthem Blue Cross and Blue Shield Virginia 2017 This booklet includes premium rates,
More informationLoudoun Mutual Insurance Company
Loudoun Mutual Insurance Company House of Worship Application Insured: Agency: Mailing Address: City: St: Zip: Contact Person : Contact Phone: Location Address: County: City: State: Virginia Zip: Effective
More informationMoody s GO Bond Methodology and Key Rating Drivers for WI Local Governments
Moody s GO Bond Methodology and Key Rating Drivers for WI Local Governments Tatiana Killen, Assistant Vice President - Analyst Moody s Midwest Local Government Team Wisconsin Government Finance Officers
More informationEfficiencies Gained in State and Local Government: How Localities Are Dealing with Change
Efficiencies Gained in State and Local Government: How Localities Are Dealing with Change Steven A. Solomon Director of Finance Prince William, VA May 24, 2013 VGFOA 2013 Virginia 2013 Spring State Conference
More informationAnnual Capital Finance & Debt Management Report FY2012. University of Minnesota Finance Committee February 7, 2013
Annual Capital Finance & Debt Management Report FY2012 University of Minnesota Finance Committee February 7, 2013 1 Outline of Presentation Guiding Principles of Debt Issuance University s Capital Structure
More informationMarch 4, To the Honorable, the City Council:
March 4, 2019 To the Honorable, the City Council: I am pleased to inform you, the taxpayers, and all our residents that the City of Cambridge has retained its noteworthy distinction of being one of approximately
More informationRECOMMENDATION Adopt a Resolution approving the Debt Management and Disclosure Policy.
Page 1 of 14 Office of the City Manager ACTION CALENDAR March 14, 2017 To: From: Honorable Mayor and Members of the City Council Dee Williams-Ridley, City Manager Submitted by: Henry Oyekanmi, Director,
More informationFUNDAMENTALS OF CREDIT ANALYSIS
FUNDAMENTALS OF CREDIT ANALYSIS 1 MV = Market Value NOI = Net Operating Income TV = Terminal Value RC = Replacement Cost DSCR = Debt Service Coverage Ratio 1. INTRODUCTION CR = Credit Risk Y.S = Yield
More informationThe Economic Impact of Domestic Travel On Virginia Counties 2017
The Economic Impact of Domestic Travel On Virginia Counties 2017 A Study Prepared For Virginia Tourism Authority Doing Business as Virginia Tourism Corporation by the U.S. Travel Association August 2018
More informationMEDICARE ADVANTAGE PLANS VIRGINIA MA/MAPD PLANS. Select the market(s) below to view their Market Highlights
MEDICARE ADVANTAGE PLANS VIRGINIA Select the market(s) below to view their Market Highlights Humana offers a wide range of affordable plans and a broad network of healthcare providers nationwide to meet
More informationFiscal Impact Model. City of Falls Church Presentation to Economic Development Authority November 2, 2015
Fiscal Impact Model City of Falls Church Presentation to Economic Development Authority November 2, 2015 TischlerBise Experience Fiscal, economic, and planning consultants National Practice Fiscal Impact
More informationMunicipal Credit Research U.S. Local Government Methodology
Municipal Credit Research U.S. Local Government Methodology July 2012 2012 Morningstar, Inc. All rights reserved. Reproduction or transcription by any means, in whole or in part, without the prior written
More informationThe Economic Impact of Domestic Travel On Virginia Counties 2016
The Economic Impact of Domestic Travel On Virginia Counties 2016 A Study Prepared For Virginia Tourism Authority Doing Business as Virginia Tourism Corporation by the U.S. Travel Association September
More informationLos Angeles Unified School District Debt Report Fiscal Year
Debt Report Fiscal Year 2015-16 STLOS ANGELES UNIFIED SCHOOL DI RICT BOARD OF EDUCATION John F. Walsh Deputy Chief Financial Officer April 18, 2017 LOS ANGELES UNIFIED SCHOOL DISTRICT Office of the Chief
More informationChesterfield County Public Schools Supplemental Retirement Plan
Chesterfield County Public Schools Supplemental Retirement Plan PRESENTATION TO THE BOARD OF SUPERVISORS APRIL 26, 2017 1 Agenda Approach to Plan Review Plan Financials Key Elements of the Plan Plan Management
More informationMASSACHUSETTS COLLECTORS AND TREASURERS ASSOCIATION. 44th ANNUAL SCHOOL UNIVERSITY OF MASSACHUSETTS, AMHERST, MA
MASSACHUSETTS COLLECTORS AND TREASURERS ASSOCIATION 44th ANNUAL SCHOOL UNIVERSITY OF MASSACHUSETTS, AMHERST, MA U.S. Local Governments: Methodology And Assumptions - An Overview of S&P s Local GO Criteria
More informationMoody s Local Government Ratings PASBO Vanessa Youngs, Analyst, Moody s Investors Service
Moody s Local Government Ratings PASBO 2017 Vanessa Youngs, Analyst, Moody s Investors Service 1 Agenda 1. What Goes into a Moody s Rating? 2. General Obligation Methodology 3. State Aid Intercept Methodology
More informationAn Overview of S&P s Local GO Criteria
An Overview of S&P s Local GO Criteria Danielle Leonardis, Associate U.S. Public Finance Ratings May 30, 2014 Permission to reprint or distribute any content from this presentation requires the prior written
More informationFinancing Wake County School System Capital Program
Financing Wake County School System Capital Program July 15, 2013 1 Presentation Overview Overview of Proposed Program Historical and Projected Enrollment for WCPSS WCPSS Proposed Building Program Wake
More informationHow to Improve Your Bond Rating and Current Trends in the Municipal Bond Market
How to Improve Your Bond Rating and Current Trends in the Municipal Bond Market Wendy Wipperman Crews & Associates, Inc. Texas Association of County Auditors Conference October 14, 2010 MEMBER FINRA &
More informationFinancial Policy Guidelines. For: Alamance County, North Carolina
Financial Policy Guidelines For: Adopted December 17, 2018 TABLE OF CONTENTS Page Objectives 1 Capital Improvement Budget Policies 2 Debt Policies 3 Reserve Policies 4 Budget Development Policies 5 Cash
More informationPrince William County, Virginia; Appropriations; General Obligation
Summary: Prince William County, Virginia; Appropriations; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@standardandpoors.com Secondary Contact:
More informationMoody s Muni Bond Rating Criteria & KS Local Government Trends
Moody s Muni Bond Rating Criteria & KS Local Government Trends Denise Rappmund, VP Senior Analyst October 2017 Agenda 1. Introduction to Moody s 2. General Obligation Methodology & Scorecard 3. Municipal
More informationDebt Impact Study. January New York State Office of the State Comptroller Thomas P. DiNapoli
Debt Impact Study January 2008 New York State Office of the State Comptroller Thomas P. DiNapoli Office of Budget and Policy Analysis Albany, New York 12236 In an effort to reduce the costs of printing,
More informationDo Ratings Agencies Create Fiscal Discipline?
Chicago -- City at the Turning Point Do Ratings Agencies Create Fiscal Discipline? Richard A. Ciccarone President & CEO Merritt Research Services, LLC April 23, 2014 1 Do Ratings Agencies Create Fiscal
More informationMoody s Revised Rating Methodology: US Local Government General Obligation Debt
Moody s Revised Rating Methodology: US Local Government General Obligation Debt US Public Finance April 2014 Agenda Summary of Developments Local Government General Obligation Sector Overview GO Scorecard
More informationANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET
ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 2018 First Quarter Report by John McClain, Senior Policy Fellow Ryan Price, Senior Associate George Mason University Center for Regional Analysis National
More informationDebt Affordability Study
Debt Affordability Study for the Fiscal Year Ended September 30, 2014 (this page intentionally blank) 1 Table of Contents 2014 Debt Affordability Study City of Jacksonville, Florida Letter of Transmittal
More informationPrepared by the Office of the Treasurer
Prepared by the Office of the Treasurer Strategic Financial Management TCNJ s leadership emphasizes long-term fiscal sustainability in its operational and resource allocation decisions. In analyzing and
More informationDEBT POLICY AND CREDIT RATINGS
DEBT SERVICE The FY 2015 proposed budget includes outstanding and new money debt service on the County s General Obligation (G.O.) bonds, Industrial Development Authority (IDA) bonds issued for County
More informationKEY FINANCIAL PERFORMANCE INDICATORS
KEY FINANCIAL PERFORMANCE INDICATORS Strategic Financial Management Fiscal Health Key Financial Indicators Reserves Strategy Operating Performance Return on Financial Resources Debt & Investment Management
More informationState of Florida. Debt Affordability Study
State of Florida Debt Affordability Study Prepared by The Division of Bond Finance October 26, 1999 TABLE OF CONTENTS EXECUTIVE SUMMARY... 1 INTRODUCTION Purpose... 3 Debt Affordability in General... 4
More informationLos Angeles Unified School District Page 1 of 1
TAB 1 Los Angeles Unified School District 333 South Beaudry Ave, Los Angeles, CA 90017 Board of Education Report File #: 097-15/16, Version: 1 2014-15 Debt Report Los Angeles Unified School District Page
More informationHB 1600 / SB 850 Budget Conference Highlights
HB 1600 / SB 850 Budget Conference Highlights February 28, 2009 Revenue Adjustments Conference Committee report reflects the $821.5 million reduction in projected general fund revenues from the mid-session
More informationChesterfield. Hanover. Spotsylvania. Stafford. Albemarle. Henrico. Virginia Beach. Chesapeake. Prince William. Newport. Roanoke. Hampton.
1)Plan crafted from blueprint embedded in approved five-year plan 2)Proposed budget within 0.06% of projected FY16 total (controlling for pass through items) 3)Accomplishes full slate of goals in five
More informationDEBT OBLIGATION POLICY
Section: 200 Page 1 of 6 200.1 Background and Purpose DEBT OBLIGATION POLICY This debt policy is designed to provide guidance to the County of Gloucester and its operating units in the issuance of debt
More informationA Guide to Investing In Corporate Bonds
A Guide to Investing In Corporate Bonds Access the corporate debt income portfolio TABLE OF CONTENTS What are Corporate Bonds?... 4 Corporate Bond Issuers... 4 Investment Benefits... 5 Credit Quality and
More informationRutgers, The State University of New Jersey Debt Policy May 2006 FINAL
Rutgers, The State New Jersey Debt Policy May 2006 FINAL Table of Contents I. Overview... 2 II. Scope and Objectives... 2 III. Oversight... 3 IV. Strategic Debt Allocation...... 4 V. Debt Affordability
More informationCity Council of Philadelphia
City Council of Philadelphia From: Council President s Office Finance and Budget Team RE: Comparable Study: Philadelphia Debt and Fixed Costs compared to Other Cities Date: November 10, 2016 Philadelphia
More informationCapital Budget Overview! Presentation to County Commission!
County of Durham 2014 2023 Capital Budget Overview Presentation to County Commission March 7, 2013 Discussion Materials Overview Discussion Elements Review Capital Program Size, Timing and Sources of Funding
More informationFIVE-YEAR REVENUE AND COST PROJECTIONS FOR MAJOR OPERATING FUNDS
FIVE-YEAR REVENUE AND COST PROJECTIONS FOR MAJOR OPERATING FUNDS INTRODUCTION AND OVERVIEW This section of the budget outlines in summary form projected revenues and costs for the five fiscal years beyond
More informationOCTOBER 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
OCTOBER 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationPMA Securities, Inc. September 14, 2015
Robert E. Lewis III PMA Securities, Inc. September 14, 2015 Credit Rating Scales and Definitions Moody's S&P Fitch Kroll Aaa AAA AAA AAA Extremely strong capacity to meet financial obligations. Aa1 AA+
More informationFGFOA Nature Coast Chapter Meeting Linda S. Howard, CPA, CTP, MBA Nick Rocca January 2017
The Municipal Financing Puzzle FGFOA Nature Coast Chapter Meeting Linda S. Howard, CPA, CTP, MBA Nick Rocca January 2017 Outline for Today Current Municipal Market Issuance Process Ratings and Other Credit
More informationHaverhill Office of the Mayor, Room 100 Phone: Fax:
For Immediate Release: December 5, 2013 Mayor Announces Standard & Poor s Increases Haverhill s Bond Rating Up Two Notches Today, Mayor James J. Fiorentini announced that the Wall Street bond rating agency,
More informationDebt Service. Recordation Tax. Transfer Tax. Impact Fee. County Practice
Debt Service Debt Service is required to be reported in the budget certification statement to the Maryland State Department of Education under the Public School Laws of Maryland 1978, Chapter 22 of the
More informationDebt Service. Types of City Bonds. There are five types of bonds that the City of Rio Rancho normally issues:
Debt Service Types of City Bonds There are five types of bonds that the City of Rio Rancho normally issues: General Obligation Bonds Gross Receipts Revenue Bonds Utility Revenue Bonds Special Assessment
More informationFINANCE AND PROCUREMENT
Budget Book Page Number -32 FINANCE AND PROCUREMENT The Department of supports County Departments and Constitutional Officers in the provision of services to the residents and businesses of Loudoun County.
More informationPrince William County, VA
CREDIT OPINION New Issue Prince William County, VA New Issue - Moody's assigns Aaa to VPSA.'s $158.6M School Financing Bds, Prince William Co.;outlook stable Summary Rating Rationale Contacts Tiphany Lee-Allen
More informationBond Ratings 101. Minnesota Government Finance Officers Association. Arrowwood Resort Alexandria, Minnesota September 28, 2017
Bond Ratings 101 Cora Bruemmer Associate Director U.S. Public Finance State & Local Government Minnesota Government Finance Officers Association Arrowwood Resort Alexandria, Minnesota September 28, 2017
More informationReport on the Jefferson-Madison Regional Library
County of Albemarle Report on the Jefferson-Madison Regional Library Prepared for the Albemarle County Board of Supervisors Author: Roxanne W. White 12/23/2010 TABLE OF CONTENTS Page Number I. Study Overview.
More informationCALIFORNIA BONDS: 101
CALIFORNIA BONDS: 101 A Citizen s Guide to General Obligation Bonds 2016 EDITION JOHN CHIANG CALIFORNIA STATE TREASURER SECTION 1 BONDS 101: Q&A Q. What is a municipal bond? A. A bond is a loan. There
More informationWashington State University Debt Report to Regents. January 26, 2017
Washington State University Debt Report to Regents January 26, 2017 Overview Debt Policy Governing Principles Debt Profile for Fiscal Year 2016 Rating Information Update Internal Analysis Market Conditions
More informationused for agencies such worthiness is legal debt 10% of the assessed value. In useful life of City Manager s 16-3
DEBT MANAGEMENT POLICIES The City maintains a separate Debt Service Fund that tracks long-term debt obligated for General Fund activities. Debt activity for Enterprise, Internal Service, Special Revenuee
More informationEXECUTIVE SUMMARY OF AUDITED FINANCIAL STATEMENTS JUNE 30, 2014
EXECUTIVE SUMMARY OF AUDITED FINANCIAL STATEMENTS JUNE 30, 2014 Dear Trustees, We are pleased to submit The College of New Jersey (the College) audited financial statements for the fiscal year ending June
More informationDebt Affordability Study FY17 Budget Update
Debt Affordability Study FY17 Budget Update Table of Contents Debt Affordability Study City of Jacksonville, Florida Letter of Transmittal... 2 SECTION ONE: BASELINE I. Executive Summary... 4 II. Current
More informationHow Medicaid Works. A Chartbook for Understanding Virginia s Medicaid Insurance and the Opportunity to Improve it. The Commonwealth Institute
How Medicaid Works A Chartbook for Understanding Virginia s Medicaid Insurance and the Opportunity to Improve it Virginia Poverty Law Center The Commonwealth Institute SECTION I Understanding Virginia
More informationVIRGINIA RETIREMENT SYSTEM GROUP LIFE INSURANCE PLAN
VIRGINIA RETIREMENT SYSTEM GROUP LIFE INSURANCE PLAN GASB No. 75 Schedules With Independent Auditor s Report Thereon For the Fiscal Year Ended June 30, 2017 With Select Comparative Information for the
More informationPrince William County, VA
CREDIT OPINION New Issue Prince William County, VA New Issue - Moody's assigns Aaa to VPSA.'s $76.1 M School Financing Bonds; Outlook stable Summary Rating Rationale Moody's Investors Service has assigned
More informationFINANCIAL POLICIES. Budget and Contingency Policies. Reserve Policies
FINANCIAL POLICIES The Financial and Budget Policy Statement assembles the City s key financial policies in one document. These policies are intended to guide the City in meeting its immediate and long-term
More informationHow Do Public Pension Plans Impact Credit Ratings?
How Do Public Pension Plans Impact Credit Ratings? December 2017 Introduction For many public sector entities, unfunded pension obligations are a meaningful component of total longterm liabilities. Since
More informationDEBT POLICY AND CREDIT RATINGS
DEBT SERVICE The FY 2019 adopted budget includes outstanding and new money debt service on the County s General Obligation (G.O.) bonds, Industrial Development Authority (IDA) bonds issued for County projects,
More informationMontgomery County, TX
CREDIT OPINION Montgomery County, TX New Issue - Moody's assigns Aa1 to Montgomery County's, TX GO Bonds, Series 2016; Outlook is Stable New Issue Summary Rating Rationale Contacts John Nichols AVP - Analyst
More informationBenchmarking Municipal Finance in Worcester 2008: Factors Affecting the City s Bond Rating
Benchmarking Municipal Finance in Worcester 2008: Factors Affecting the City s Bond Rating Report 08 05 September 25, 2008 Benchmarking Municipal Finance in Worcester 2008: Factors Affecting the City
More informationCITY OF RIO RANCHO, NEW MEXICO DEBT OBLIGATIONS. There are five types of bonds that the City of Rio Rancho normally issues:
CITY OF RIO RANCHO, NEW MEXICO DEBT OBLIGATIONS Types of City Bonds There are five types of bonds that the City of Rio Rancho normally issues: General Obligation Bonds Gross Receipts Revenue Bonds Utility
More information