CAPITAL PROGRAM FY 2020 Capital Projects Pay-Go

Transcription

1 CAPITAL PROGRAM FY 2020 Capital Projects Pay-Go The Five-Year Capital Improvement program includes projects that the City has identified that meet the definition of a capital project. A capital project is a project with a total cost in excess of 100,000 and a useful life of at least 10 years. Projects that are capital in nature but do not meet this criteria are considered maintenance capital projects. Fund / Project CIP # Amount General Fund Public Works & Utilities Facility Improvements G ,000 Manassas Customer Service Center G ,000 Annaburg Manor C ,000 Jennie Dean Memorial C ,000 Total General Fund 420,000 Sewer Fund Public Works & Utilities Facility Improvements G ,000 Grant Avenue (Lee Avenue to Wellington Road) T ,000 Upper Flat Branch Interceptor Replacement S-016 1,000,000 Buckner Road Sewer Main Replacement S ,000 Ellicott Lane Sewer Main Replacement S ,000 Sewer Main Replacement S ,000 Total Sewer Fund 1,360,000 Water Fund Grant Avenue (Lee Avenue to Wellington Road) T ,000 Upper Flat Branch Interceptor Replacement S ,000 Buckner Road Sewer Main Replacement S ,000 24'' Transmission Main Replacement W-042 1,000,000 Main Replacement / Looping W ,000 Interconnecting Meter Vaults W ,000 Water Plant Improvements W ,000 Total Water Fund 2,840,000 Page 105

2 CAPITAL PROGRAM FY 2020 Capital Projects Pay-Go The Five-Year Capital Improvement program includes projects that the City has identified that meet the definition of a capital project. A capital project is a project with a total cost in excess of 100,000 and a useful life of at least 10 years. Projects that are capital in nature but do not meet this criteria are considered maintenance capital projects. Fund / Project CIP # Amount Electric Fund Manassas Customer Service Center G ,000 Grant Avenue (Lee Avenue to Wellington Road) T ,000 Sidewalk & Bicycle Infill Initiative T ,000 Underground Cable and Termination Replacement E ,000 Alternative Generation Initiatives E ,000 Place Overhead Lines Underground (Non-Transportation) E ,000 LED Streetlight Replacement E ,000 Manassas Airport Distribution Improvements E ,000 Point of Woods Substation Circuit Tie-Point E ,000 Substation Capacity and Reliability Improvements E ,000 Total Electric Fund 2,640,000 Stormwater Fund Cockrell Branch SWM Pond Restoration / Dredging D ,000 Total Stormwater Fund 10,000 Airport Fund Upgrade Runway 16R/34L Lighting System and PAPIs A-032 8,000 Taxiway A Rehabilitation A-069 5,000 Runway 16R/34L Rehabilitation A ,000 Terminal Roof Replacement A ,000 Installation of Security Fiber Line A-080 9,000 West Corporate Development Site and Drainage Improvements A ,000 Total Airport Fund 312,000 Total Local Share - FY 2020 Capital Projects Pay-Go 7,582,000 Page 106

3 CAPITAL PROGRAM FY 2020 Maintenance Capital Projects Pay-Go A capital project is a project with a total cost in excess of 100,000 and a useful life of at least 10 years. Projects that are capital in nature but do not meet this criteria are considered maintenance capital projects. While not part of the Five-Year Capital Improvement Program (CIP), summary schedules of these projects are included in the CIP for informational purposes. Fund / Project CIP # Amount General Fund Park Improvements C ,000 Supplemental Street Paving T ,000 Total General Fund 450,000 Electric Fund Circuit Automation E ,000 Total Electric Fund 110,000 Stormwater Fund Stormwater / Drainage Maintenance Program D ,000 Floodplain Mapping Update Program D ,000 Total Stormwater Fund 100,000 Airport Fund Airport Paving Program (Outside Airfield) A ,000 Airfield Paving Program A ,000 Total Airport Fund 44,000 Total Local Share - FY 2020 Maintenance Capital Projects Pay-Go 704,000 Page 107

4 CAPITAL PROGRAM FY 2020 Street Paving The industry standard for paving roads is every years. The City has advanced its efforts to achieve a targeted 16.2 year paving cycle goal. The City aims to achieve an average paving rate of 60. Several factors are taken into consideration when scheduling paving including pavement ratings as determined by the CCI (Critical Condition Index). Street Name and Section Rating Sq. Yards Amount Jackson Avenue (Stonewall Avenue to Sudley Road) 15 19, ,366 Linden Court (Jackson Avenue to Cul-de-sac) 15 1,689 24,913 Grant Avenue (Sudley Road to Byrd Park) 15 10, ,530 Longstreet Drive (Grant Avenue to Portner Avenue) 15 11, ,979 Stonewall Road (Liberia Avenue to Stonewall Park) 23 8, ,265 Stonewall Road (Liberia Avenue to Jackson Avenue) 23 8, ,265 Portner Avenue (Liberia Avenue to Sudley Road) 32 10, ,526 Portner Avenue (Public Works Drive to Liberia Avenue) 35 7,467 94,813 Longstreet Court (Longstreet Drive to Cul-de-sac) 57 1,724 25,343 Total Local Share - FY 2020 Street Paving Program 1,000,000 Very Poor (0-49) VDOT PAVEMENT RATINGS - CCI INDEX Poor (50-59) Fair (60-69) Good (70-89) Excellent (90+) The City has million in funding for street paving/resurfacing including 1 million (shown above) in the General Fund Operating Budget (Public Works) and 336,000 in the Supplemental Street Paving maintenance capital project (300,000 local share and 36,000 in street restoration funds). Page 108

5 CAPITAL PROGRAM FY 2020 Vehicles The Vehicle Maintenance Fund purchases all vehicles for the City of Manassas with the exception of fire engines and ambulances (apparatus). Factors taken into consideration for determining replacement are age, mileage, and general vehicle condition. Utility and Airport funds reimburse the Vehicle Maintenance Fund for vehicle replacements directly whereas other departments pay higher support costs to fund future vehicle replacements. The Fire and Rescue Fund fully funds the replacement of apparatus. Description (Vehicle #) Quantity Unit Cost Amount 6 - Ford Utility (PD29,PD31,PD77,PD88, PD92, PD60) 6 42, ,000 BMW Motorcycle (PD58) 1 30,000 30,000 Chevy Tahoe SSV (FS2) 1 45,000 45,000 Mauldin M413XT Grader/Loader (S23) 1 150, ,000 Freightliner 108SD/Godwin (S35) 1 125, ,000 F150 4x4 ext cab (R8) 1 30,000 30,000 F250 4x4 4 door (R15) 1 35,000 35,000 Mower (R30) 1 9,500 9,500 F150 4x4 ext cab (I10) 1 30,000 30,000 Cargo Van (A4) 1 25,000 25,000 F150 4x4 ext cab bed cap (A3) 1 32,000 32,000 Total Vehicle Maintenance Fund ,500 F250 4x4 (W5) 1 41,000 41,000 Ford F150 (W32) 1 40,000 40,000 GMC Aerial Bucket (E4) 1 250, ,000 Chevrolet S10 (E16) 1 30,000 30,000 Total Utility Funds 4 361,000 Total Local Share - FY 2020 Vehicles 20 1,124,500 Description (Vehicle #) Quantity Unit Cost Amount Ambulance/Medic Unit (501 C) 1 275, ,000 Tower Ladder Unit (501) 1 1,500,000 1,500, ,775,000 Total Fire and Rescue - FY 2020 Apparatus 2 1,775,000 Page 109

6 CAPITAL PROGRAM FY 2020 Equipment (Purchases) The City identifies a capital asset as a tangible or intangible asset that has an initial useful life of more than one year and has an initial cost of 5,000 or more. The cost of a capital asset includes all necessary charges incurred to acquire or construct an asset. In the case of computers, these devices are not capitalized individually; instead the entire computer system is treated as a single capital asset. Fund / Equipment Description Amount Fire and Rescue Fund SCBA Replacement (grant match) 350,000 Total Fire and Rescue Fund 350,000 PEG Fund Equipment for PEG Channel Broadcasting 165,000 Total PEG Fund 165,000 Water Fund Autosampler with wand 5,000 Total Water Fund 5,000 Electric Fund Vehicle Charging Station Upgrades (2) 15,000 Breaker Overhaul at Pr Wm Substation 18,000 Cisco Firewall 20,000 Generation Engine Controllers (2): VMEA C9 & C10 80,000 Total Electric Fund 133,000 Airport Fund Bobcat Replacement 85,000 Total Airport Fund 85,000 Solid Waste Fund Leaf Box Replacement 7,000 Total Solid Waste Fund 7,000 Page 110

7 CAPITAL PROGRAM FY 2020 Equipment (Purchases) The City identifies a capital asset as a tangible or intangible asset that has an initial useful life of more than one year and has an initial cost of 5,000 or more. The cost of a capital asset includes all necessary charges incurred to acquire or construct an asset. In the case of computers, these devices are not capitalized individually; instead the entire computer system is treated as a single capital asset. Fund / Equipment Description Amount Building Maintenance Fund KEYSCAN Upgrade 40,000 City Hall HVAC (1st and 3rd Floor) 30,000 Public Works HVAC 20,000 Harris Pavilion Roof and Kiosk 10,000 Total Building Maintenance Fund 100,000 Vehicle Maintenance Fund Truck Dump Bed 20,000 Interior Shelving for Van 15,000 Total Vehicle Maintenance Fund 35,000 Information Technology Fund Servers 30,000 Remainder of Windows 10 Rollout 40,000 Firewall Replacement 20,000 Anticipated Mid-Year Purchase Requests 50,000 Utility Billing Hardware 40,000 MUNIS Upgrade to Version ,000 Total Information Technology Fund 350,000 Total Local Share - FY 2020 Capital Equipment (Purchases) 1,230,000 Page 111

8 CAPITAL PROGRAM FY 2020 Equipment (Leases) There are instances when it is in the best interest of the City to lease capital equipment instead of purchasing it outright. All leases are non-cancelable, however, they are contingent upon the City Council appropriating funds for each year's payments. Fund / Equipment Description Amount Vehicle Maintenance Fund Street Sweeper 60,000 Total Vehicle Maintenance Fund 60,000 Total Local Share - FY 2020 Capital Equipment (Leases) 60,000 FY 2020 Capital Program Expenditure Summary Capital Projects Pay-Go 7,582,000 Maintenance Capital Projects Pay-Go 404,000 Street Paving 1,336,000 Vehicles 1,124,500 Fire and Rescue Apparatus 1,775,000 Equipment Purchases 1,145,000 Equipment Leases 60,000 Total Local Share 13,426,500 Other Sources for Capital Projects 11,701,000 Other Sources for Maintenance Capital Projects 288,000 Virginia Railway Express 450,000 Total Other Sources 12,439,000 Other Sources for CIP 45% Other Sources for Maintenance Capital 1% VRE 2% TOTAL 25,865,500 Local Share all Capital 52% Page 112

9 Bond Ratings The City s General Obligation Debt ratings with Moody's Investors Service and Standard and Poor's Rating Services are Aa1 (Moody s Investor Services) and AAA (Standard & Poor s). The bond rating for S&P was upgraded in July The ratings from Moody did not change. Remarks from Standard & Poor s upgrade include: Strong economy with access to a broad and diverse metropolitan statistical area (MSA); Very strong management with strong financial policies and practices under our financial management assessment (FMA) methodology; Strong budgetary performance with a slight operating surplus in the general fund and break-even operating results at the total governmental fund level in fiscal year 2015; Very strong budgetary flexibility, with an available fund balance in fiscal 2015 at 18% of operating expenditures; Very strong liquidity, with total government available cash at 71.9% of total governmental fund expenditures and 12.3% governmental debt service, as well as access to external liquidity we consider strong. Strong debt and contingent liability position, with debt service carrying charges at 5.8% of expenditures, net direct debt at 76.5% of total governmental fund revenue, and low overall net debt at less than 3% of market value; Very strong institutional framework score. Moody s Investor Services Rating Scales Standard & Poor s Rating Scale Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk City s S&P Rating AAA AAA Extremely strong capacity to meet financial commitments. Highest Rating Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk City s Moody Rating Aa1 AA Very strong capacity to meet financial commitments A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk A Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstance Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics BBB Adequate capacity to meet financial commitments, but more subject to adverse economic conditions Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk BB Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions B Obligations rated B are considered speculative and are subject to high credit risk CCC Currently vulnerable and dependent on favorable busienss, financial and economic conditions to meet financial commitments Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk CC Highly vulnerable; default has not yet occured, but it is expected to be a virtual certainty Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest C Currently highly vulnerable to non-payment, and ultimate recovery is expected to be lower than that of higher rates obligations C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest S& P ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major category rating. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. Modifier 1 indicates that the obligation ranks in the higher end of its generic rating category. Page 113

10 Debt Limits STATE DEBT LIMITS Pursuant to the Constitution of Virginia and the Public Finance Act of 1991, a City in Virginia is authorized to issue bonds and notes secured by the pledge of its full faith and credit. The Constitution and the Public Finance Act limit the indebtedness which may be incurred by cities to 10% of the assessed valuation of real estate subject to local taxation. Legal Debt Margin Calculation for June 30, 2019 Assessed value of taxable real property as of January 1, 2018 Debt Limit - 10% of assessed valuation Direct Debt outstanding chargeable to debt limit at June 30, 2019 Legal Debt Margin Remaining 4,889,020, ,902,040 96,748, ,153,421 Total Net Debt Applicable to Limit as a Percent of Debt Limit % 19.19% % 21.54% 23.97% 21.60% 19.79% CITY DEBT LIMITS (PER POLICY) The City's Debt Policy is outlined as part of it's Financial Policies. Net debt as a percentage of estimated market value of taxable real property shall not exceed 3.0%. Net debt is defined as any and all debt that is tax-supported. Should this ratio exceed 3%, staff must request an exception from the City Council stating the justification and expected duration of the policy exemption. As of August 31, 2016, this ratio was 1.90%, which is within the policy limit. Debt service expenditures a percentage of total governmental fund expenditures shall not exceed 15.0%. Should this ratio exceed 15%, staff must request an exception from the City Council stating the justification and expected duration of the policy exception. As of August 31, 2016, this ratio was 7.0%, which is within the policy limit. Payout of aggregate outstanding tax-supported debt principal shall be no less than 50% repaid in 10 years. Should this ratio fall below 50%, staff must request an exception from the City Council stating the justification and expected duration of the policy exception. As of August 31, 2016, the 10-year payout ratio was 62.1%, which is within the policy limit. Page 114

11 Debt Limits OUTSTANDING DEBT SUPPORTED BY TAXPAYERS PER CAPITA Year Begin. Amount 3,500 FY 11 2,216 3,000 FY 12 1,967 2,500 FY 13 1,821 2,000 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 1,909 2,783 2,595 2,986 2,724 2,523 1,500 1, FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 20 2,338 Source: 2018 Comprehensive Annual Financial Report (FY10-16) Estimated by Budget Office (FY18-20) Debt per capita above reflects all general obligation bonds, both tax-supported and enterprise fund supported in accordance with the reporting requirements of the Comprehensive Annual Financial Report (CAFR). Page 115

12 Debt Service DEBT OVERVIEW The City will have 103,824,208 (principal only) of outstanding bonded debt as of June 30, The Enterprise Funds (Sewer, Water, Electric, Airport, and Stormwater) pay the debt service on the bonds related to their function. Of the total debt principal, 25,156,299, or 26%, is enterprise debt. The remaining debt principal of 71,592,320 is supported by the taxpayers via the General Fund, Fire and Rescue Fund and School Funds. This tax-supported debt is paid out of the Debt Service Fund through transfers from the respective governmental funds and enterprise debt is paid directly from the appropriate enterprise funds. The per capita outstanding bond principal supported by taxpayers as of June 30, 2020 will be 2,338 - of this only 1,730 is related to the taxsupported debt of governmental funds. General Fund Transfer 4,675,630 FY 2020 Budget Debt Service by Fund Stormwater Fund Debt 183,506 Sewer Fund Debt 1,201,563 Schools Fund Transfer 5,679,809 Debt Service Fund 10,875,439 Fire and Rescue Fund Transfer 520,000 Airport Fund Debt 183,506 Water Fund Debt 834,495 Electric Fund Debt 333,614 OUTSTANDING DEBT Principal Interest Total FY ,239,907 3,743,767 10,983,674 FY ,379,324 3,493,911 10,873,235 FY ,568,843 3,185,524 10,754,367 FY ,598,466 2,820,795 10,419,261 FY ,845,967 2,449,056 10,295,023 FY ,027,955 2,061,137 10,089,092 FY ,744,926 1,713,421 8,458,347 FY ,431,928 1,427,422 6,859,350 FY ,653,960 1,178,257 6,832,217 FY ,621, ,055 5,593,078 FY ,753, ,263 5,559,381 FY ,525, ,300 5,165,546 FY ,372, ,553 4,868,509 FY ,355, ,085 4,718,085 FY ,470, ,588 4,707,588 FY ,645, ,631 3,751,631 FY ,250,000 42,526 1,292,526 FY ,265,000 14,231 1,279,231 96,748,619 25,751, ,500,142 Public Imp. (General) 15% Public Imp. (Fire) 8% Schools 52% Enterprise Funds 25% Page 116

13 Debt Service Public Improvement Bonds - General Fund Debt Service The General Fund Debt Service for FY 2020 will be 1,782,477 reflecting a minor decrease of 1,947 or 0.1% from prior year debt service. General Fund debt service is tax-supported debt. The General Fund will transfer 4,675,630 to the Debt Service Fund in FY 2020, 2.8 million above current debt service to build future debt capacity. FY 2020 General Fund debt issue payments are as follows: Amount Pay Off Year Series 2010 D 182,070 FY 2025 Series 2016 Refunding 812,940 FY 2026 Series 2010 VML/VACO 184,786 FY 2030 Series 2014 C Refunding 41,138 FY 2031 Series 2014 A 267,662 FY 2034 Series ,881 FY 2037 Year Principal Interest Total Year Principal Interest Total FY ,217, ,557 1,782,477 FY , , ,520 FY ,234, ,137 1,766,997 FY ,160 87, ,113 FY ,263, ,013 1,748,263 FY ,720 62, ,045 FY ,309, ,318 1,731,328 FY ,520 48, ,687 FY ,359, ,307 1,716,487 FY ,980 36, ,147 FY ,404, ,999 1,692,939 FY ,440 23, ,089 FY ,453, ,190 1,674,070 FY ,000 10, ,406 FY , , ,231 FY ,000 6, ,244 FY , , ,239 FY ,000 2, ,081 10,607,590 3,180,441 13,788,031 3,833, ,843 4,224,333 Total 14,441,080 3,571,284 18,012,364 2,000,000 General Fund Debt Service Payments Principal Interest 1,500,000 1,000, ,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 117

14 Debt Service Public Improvement Bonds - Fire and Rescue Fund Debt Service The Fire and Rescue Fund Debt Service for FY 2020 will be 518,200, reflecting a minor decrease of 850 or 0.2% from prior year debt service. Fire and Rescue Fund debt service is tax-supported debt. FY 2020 Fire and Rescue Fund debt issue payments are as follows: Amount Pay Off Year Series ,200 FY 2037 Year Principal Interest Total Year Principal Interest Total FY , , ,200 FY ,000 88, ,100 FY , , ,200 FY ,000 77, ,250 FY , , ,275 FY ,000 68, ,350 FY , , ,150 FY ,000 59, ,250 FY , , ,275 FY ,000 49, ,656 FY , , ,525 FY ,000 39, ,263 FY , , ,775 FY ,000 28, ,350 FY , , ,150 FY ,000 17, ,213 FY , , ,850 FY ,000 5, ,794 3,160,000 1,520,400 4,680,400 4,235, ,226 4,668,226 Total 7,395,000 1,953,626 9,348, ,000 Fire and Rescue Fund Debt Service Principal Interest 500, , , , ,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 118

15 Debt Service School Bonds - Schools Funds The Schools Debt Service for FY 2020 will be 5,679,809, reflecting a decrease of 73,032 or 1.3% from prior year debt service. This decrease is due to the final payment of the Series 2014 C Refunding bond issue being made in the prior year. Schools debt service is tax-supported debt. FY 2020 Schools debt issue payments are as follows: Amount Pay Off Year Series 2010 D - Refunding 1,993,375 FY 2025 Series Refunding 541,960 FY 2026 Series 2014 A 409,086 FY 2034 Series 2014 C 2,447,213 FY 2035 Series ,175 FY 2037 Year Principal Interest Total Year Principal Interest Total FY ,676,360 2,003,449 5,679,809 FY ,468, ,123 3,076,458 FY ,732,980 1,860,691 5,593,671 FY ,556, ,948 3,070,903 FY ,810,600 1,693,761 5,504,361 FY ,649, ,805 3,066,690 FY ,910,530 1,501,056 5,411,586 FY ,740, ,559 3,056,219 FY ,024,615 1,303,055 5,327,670 FY ,833, ,487 3,055,077 FY ,139,545 1,099,274 5,238,819 FY ,916, ,453 3,051,973 FY ,699, ,513 3,633,678 FY ,590,000 46,275 2,636,275 FY ,273, ,618 3,090,558 FY ,000 6, ,075 FY ,372, ,900 3,081,460 FY ,000 2, ,025 30,640,295 11,921,317 42,561,612 19,115,945 2,265,750 21,381,695 Total 49,756,240 14,187,067 63,943,307 6,000,000 School Fund Debt Service Principal Interest 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 119

16 Debt Service Sewer Bonds - Sewer Fund Debt Service The Sewer Fund Debt Service for FY 2020 will be 1,201,563, reflecting a minor decrease of 2,737 or 0.2% from prior year debt service. Sewer Fund debt service is supported by sewer utility rates. The debt service schedule for the Sewer Fund does not include UOSA Debt. FY 2020 Sewer Fund debt issue payments are as follows: Amount Pay Off Year Series 2014 C - Refunding 1,201,563 FY 2028 Year Principal Interest Total Year Principal Interest Total FY , ,563 1,201,563 FY FY , ,863 1,202,863 FY FY , ,500 1,201,500 FY FY , ,000 1,197,000 FY FY , ,375 1,195,375 FY FY ,000, ,500 1,191,500 FY FY ,055, ,125 1,195,125 FY FY ,110,000 86,000 1,196,000 FY FY ,165,000 29,125 1,194,125 FY ,705,000 2,070,051 10,775, Total 8,705,000 2,070,051 10,775,051 1,400,000 Sewer Fund Debt Service Principal Interest 1,200,000 1,000, , , , ,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 120

17 Debt Service Water Bonds - Water Fund Debt Service The Water Fund Debt Service for FY 2020 will be 834,495, reflecting a minor decrease of 1,317 or 0.2% from prior year debt service. Water Fund debt service is supported by water utility rates. FY 2020 Water Fund debt issue payments are as follows: Amount Pay Off Year Series 2009 VRA - Refunding 215,325 FY 2022 Series 2010 VML/VACO 249,241 FY 2030 Series 2010 D 174,930 FY 2025 Series 2014 C - Refunding 39,524 FY 2031 Series ,475 FY 2037 Year Principal Interest Total Year Principal Interest Total FY , , ,495 FY ,700 64, ,180 FY , , ,924 FY ,850 43, ,364 FY , , ,551 FY ,750 22, ,520 FY , , ,958 FY ,000 17, ,375 FY , , ,262 FY ,000 14, ,538 FY , , ,489 FY ,000 11, ,475 FY , , ,073 FY ,000 8, ,269 FY , , ,965 FY ,000 4, ,950 FY ,000 86, ,355 FY ,000 1, ,631 4,280,900 1,590,172 5,871,072 2,058, ,002 2,247,302 Total 6,339,200 1,779,174 8,118, , , , , , , , , ,000 Water Fund Debt Service Principal Interest FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 121

18 Debt Service Electric Bonds - Electric Fund Debt Service The Electric Fund Debt Service for FY 2020 will be 333,614, reflecting a minor decrease of 1,202 or 0.4% from the prior year debt service. Electric Fund debt service is supported by electric utility rates. FY 2020 Electric Fund debt issue payments are as follows: Amount Pay Off Year Series 2014 A 272,408 FY 2034 Series ,206 FY 2037 Year Principal Interest Total Year Principal Interest Total FY , , ,614 FY ,120 66, ,529 FY , , ,833 FY ,295 58, ,661 FY , , ,689 FY ,035 50, ,392 FY , , ,814 FY ,645 42, ,732 FY , , ,819 FY ,820 33, ,019 FY ,465 91, ,761 FY ,430 23, ,164 FY ,205 83, ,267 FY ,040 13, ,950 FY ,380 74, ,036 FY ,000 3,375 63,375 FY ,000 2,025 62,025 FY , ,675 1,808, ,738 2,668,833 2,230, ,137 2,524,522 Total 4,038,480 1,154,875 5,193, , , , , , , ,000 50,000 Electric Fund Debt Service Principal Interest FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 122

19 Debt Service Stormwater Bonds - Stormwater Fund Debt Service The Stormwater Fund Debt Service for FY 2020 will be 183,506, reflecting an a minor decrease of 2,100 or 1.1% from prior year debt service. Stormwater Fund debt service is supported by stormwater utility fees. FY 2020 Stormwater Fund debt issue payments are as follows: Amount Pay Off Year Series ,506 FY 2037 Year Principal Interest Total Year Principal Interest Total FY ,000 78, ,506 FY ,000 31, ,106 FY ,000 76, ,406 FY ,000 27, ,306 FY ,000 72, ,606 FY ,000 24, ,156 FY ,000 66, ,981 FY ,000 20, ,906 FY ,000 61, ,106 FY ,000 17, ,503 FY ,000 54, ,856 FY ,000 13, ,838 FY ,000 48, ,231 FY ,000 9, ,956 FY ,000 41, ,356 FY ,000 6, ,019 FY ,000 35, ,606 FY ,000 2, ,025 1,110, ,654 1,645,654 1,495, ,815 1,647,815 Total 2,605, ,469 3,293, ,000 Stormwater Fund Debt Service Principal Interest 150, ,000 50,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 123

20 Debt Service Airport Bonds - Airport Fund Debt Service The Airport Fund Debt Service for FY 2020 will be 450,010, reflecting a minor decrease of 3,400 or 0.7% from prior year debt service. Airport Fund debt services is supported by Airport rentals and leases. FY 2020 Airport Fund debt issue payments are as follows: Amount Pay Off Year Series 2004 VRA 103,256 FY 2024 Series 2014 D - Refunding 202,701 FY 2026 Series 2016 VRA 144,053 FY 2032 Year Principal Interest Total Year Principal Interest Total FY ,907 70, ,010 FY ,960 10, ,053 FY ,324 62, ,341 FY ,023 8, ,053 FY ,843 53, ,122 FY ,118 5, ,053 FY ,466 43, ,444 FY ,246 3, ,053 FY ,967 34, ,029 FY ,956 1, ,053 FY ,955 25, ,203 FY FY ,926 17, ,128 FY FY ,928 12, ,054 FY FY FY ,777, ,015 3,095, ,303 28, ,265 Total 3,468, ,977 3,815, ,000 Airport Fund Debt Service Principal Interest 400, , , ,000 FY 20 FY 22 FY 24 FY 26 FY 28 FY 30 FY 32 FY 34 FY 36 Page 124

21 Bond Descriptions BOND SERIES 2004 VRA - RATE: 5.00%; ISSUED: 1,401,714 Taxable General Obligation Bonds - the proceeds were issued to finance improvements to the City s Airport, including without limitation the design and construction of new pavements, utilities, lighting and drainage for the north east hangar sites BOND SERIES 2009 VRA REFUNDING - RATE: %; ISSUED: 1,850,000 General Obligation Bonds - the proceeds were issued to refund the Bond Series 2002 VRA obligations of the City BOND SERIES 2010 VML/VACO - RATE: %; ISSUED: 5,115,000 General Obligation Recovery Zone Economic Development Bonds - the proceeds were issued to finance transportation projects including the VRE Parking Garage and Wellington Road; General Obligation Build America Bonds - the proceeds were issued to finance improvements to the Water Treatment Plant; General Obligation Bonds - the proceeds were issued to finance improvements to the Water Treatment Plant BOND SERIES 2010 D & D REFUNDING - RATE: %; ISSUED: 21,545,000 General Obligation Bonds the proceeds were issued to finance improvements of roads, public safety, and the City s Water System and to refund the Bond Series 2004 obligations of the City BOND SERIES 2014 A - RATE: %; ISSUED: 13,525,000 General Obligation Bonds the proceeds were issued to finance capital improvements for the City including transportation and drainage projects, School capital improvements, and Electric capital improvements including expansion of the Airport substation. BOND SERIES 2014 C & C REFUNDING - RATE: %; ISSUED: 46,895,000 General Obligation Bonds the proceeds were issued to finance the construction of a new elementary school and to refund a portion of the Bond Series 2005 B, 2007 VML/VACO, and 2010 D obligations of the City. BOND SERIES 2014 D REFUNDING - RATE: %; ISSUED: 1,700,000 Taxable General Obligation Bonds the proceeds were issued to refund a portion of the Bond Series 2005 C obligations of the City. BOND SERIES 2016 & REFUNDING - RATE: %; ISSUED: 29,495,000 General Obligation Bonds the proceeds were issued to finance the acquisition, construction, extension, renovation and equipping of public school, public safety, utility and general governmental improvements and to refund a portion of the Bond Series 2014 A and 2014 B. BOND SERIES 2016 VRA - RATE: %; ISSUED: 2,010,000 General Obligation Bonds the proceeds were issued to finance improvements at the City s Airport Page 125

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