Georgetown County Capital Improvement Plan Revenue Projections 2018 Update (October 9, 2018)

Transcription

1 Revenue Projections Revenue Sources Current Funds Available for CIP Projects 2003 Bond Funds (for Facilities) $ - $ - $ - $ - $ - $ - $ - $ - $ 11,206,726 Grants for Campbell Marine Complex ,605,757 BAN Earmarked for Airport Terminal ,400,000 Grants for Georgetown Airport Terminal ,000 County Funds Earmaked for Spec Building Construction ,000 County Funds Earmarked for Rural Highway Paving ,588,050 Debt Service Fund Balance as of 6/30/ ,316,441 Debt Service Fund Tax Revenues, Fees & Interest - Excluding DSR (1) (2) 4,543,270 4,606,468 4,732,507 4,808,905 4,920,953 4,427,000 4,516,000 4,787,000 73,193,898 CIP O&M Revenue from Mills (1) (2) 4,054,000 4,097,294 4,222,882 4,272,224 4,253,650 4,321,333 4,980,000 5,080,000 49,943,382 Interest Earnings on Bond Proceeds 31,119 30, ,000 20,000 10, ,764 Interest Earnings on Debt Service Reserve Funds 72,315 (38,617) 3,574 17,476 63,300 70,000 25, ,439 Additional Fees Generated from New Services 64,000 66,000 68,000 70,000 72,000 75,000 78, ,500 1,520,500 Transportation Impact Fees (3) 419, , , , , , , ,000 3,220,387 Library Impact Fees (3) 151, , , , , , , ,000 2,021,828 Law Enforcement Impact Fees (3) 241, , , , , , , ,000 2,550,507 Receation and Leisure Impact Fees (3) 366, , , , , , , ,000 5,164,529 Vehicle Road Fees (3) 1,763,820 1,787,130 1,764,660 1,844,070 1,854,570 2,436,000 2,602,000 2,654,000 26,801,070 Local Hospitality and Accommodations Tax (3) 1,604,250 1,715,000 1,750,500 1,801,000 1,852,500 1,908,500 2,002,000 2,132,000 23,630,750 State Accommodations Tax (3) ,066 State DSS Funding Subsidy of New DSS Building ,000 11,000 22,000 Proceeds from Sale of Pad Ready Sites - Industrial Park , , ,315 Proceeds from Sale of Spec Building , ,082,634 2,400,000 5,425,865 Economic Development School District Agreement (FILOT) 36, , ,002 1,221,045 1,274, , , ,000 8,508,741 Grant for Murrells Inlet Community Center ,000 Grant for Parkersville Recreational Center ,781 Other Grant Revenue for CIP Projects 1,898, , , , ,310 1,025, , ,000 12,496, Installment Purchase Revenue (IPR) Bond (4) ,697, A Installment Purchase Revenue (IPR) Bond - Refunding (4) ,305, B Installment Purchase Revenue (IPR) Bond - New Money (4) ,523,791 Page 1 of 22

2 Revenue Projections Revenue Sources 2019 IPR Refunding Bonds (2009 IPRB) ,015,000-28,015,000 Bond Proceeds Reserved for Debt Service Reserve Funds ,699,994 FY2011 General Obligation Bonds - Refunding ,996,288 FY2017 General Obligation Bonds - Refunding (2013) ,353, ,353,886 General Obligation Bond Anticipation Note (net proceeds) ,900, ,900,000 General Obligation Bonds (net proceeds) (4) ,600,000-33,617,554 Capital Projects Sales Tax ,059,960 9,975,382 10,941,998 11,489, ,467,250 P&R Capital Projects - Residual Funds ,971 Visions I Capital Projects - Residual Balance ,949 Landbank - Residual Funds ,621 Admissions Tax - County 86, ,705 Admissions Tax - State 520, ,196 Sunday Sales - County 67,413 72,639 70,000 70,000 70,000 70,000 70,000 70,000 1,125,052 Proceeds from Sale of Old Waccamaw Library , ,453 Trade-In Allowance on Equipment - 62, ,353 Transfer from Other County Funds - 107, , ,499 Contributions - 100, , , , ,000 TOTAL $ 15,920,201 $ 14,286,716 $ 25,941,097 $ 26,410,789 $ 47,256,344 $ 30,653,931 $ 60,068,949 $ 20,263,500 $ 460,506,816 (1) (2) (3) (4) Assessed Values have been projected to increase 2.0% in FY19 and FY20, and 6.0% in FY21. Millage is not rolled back at time of reassessment for Debt Service, but it is for O&M. Collection rate is assumed to be 98%. Must be matched to eligible expenditures in that various restrictions apply. Impact fees do not include fire impact fees. Projected net of issuance costs and debt service reserve fund requirements when applicable. Page 2 of 22

3 Transportation Projects Revenue Sources General Obligation Bonds $ - $ - $ - $ - $ - $ - $ 2,800,000 $ - $ 5,987, IPR Bond - New Money ,573,120 BAN for Airport Terminal ,400,000 Grants for G'town Airport Terminal ,000 Other Grants 1,898, , , , , , , ,000 10,050,067 Transfer from other County Funds - 32, ,500 1,478, ,803,681 County Funds Earmarked for Rural Highway Paving ,588,050 Vehicle Road Fees 1,475,191 1,689,461 1,558,010 1,601,358 1,650,674 2,100,000 2,157,000 2,098,000 23,781,510 Total Revenue Sources $ 3,373,216 $ 2,204,053 $ 2,576,425 $ 3,265,346 $ 1,965,984 $ 2,450,000 $ 5,257,000 $ 2,398,000 $ 48,733,982 Capital Expenditures Highway Improvements Rural Highway Paving $ 894,456 $ 1,254,499 $ 868,003 $ 792,598 $ 932,996 $ 9,375,481 $ 2,157,000 $ 2,098,000 $ 25,369,560 Petigru Extension to Aspen Loop - 74,831 92,888 39,724 21, , ,000 Brick Chimney Road - Paving , ,862 5,000,000-5,800,000 Alston Road & Highway 17 - Intersection Imp/Alignment (Complete) - 50, ,000 Willbrook Traffic Circle (Dropped) - 24,420 20, ,895 Parkersville Extension - Baskerville to Gilman (Est: $1,310,000) ,575 Subtotal Highway Improvements 894,456 1,403, , ,322 1,073,334 10,731,025 7,157,000 2,098,000 32,225,030 Airport Improvements Airport Terminal (complete) ,882,545 Georgetown Airport T-Hangars (complete) - 32, , ,592 Andrews Airport T-Hangars (complete) ,928 74, ,799 Georgetown Corporate Hangars - - 5, , ,544 4, ,014,613 Airport Improvements (airside) , , , ,000 Airport Miscellaneous 1,898, , , , , ,100,067 Subtotal Airport Improvements 1,898, ,592 1,461, ,145 1,198, , , ,000 14,285,616 Page 3 of 22

4 Transportation Projects Other Improvements Bikeways , , ,000 1,000,000 Coast RTA Capital Needs , ,000 Corridor Companion Study , ,000 TBD , ,336 Subtotal Other Improvements ,100, , ,336 2,223,336 Total Capital Expenditures $ 2,792,481 $ 1,918,342 $ 2,443,301 $ 1,214,467 $ 2,272,188 $ 11,985,127 $ 7,607,000 $ 3,071,336 $ 48,733,982 Annual Excess/(Shortage) $ 580,735 $ 285,711 $ 133,124 $ 2,050,879 $ (306,204) $ (9,535,127) $ (2,350,000) $ (673,336) Cumulative Excess/(Shortage) $ 10,394,953 $ 10,680,664 $ 10,813,788 $ 12,864,667 $ 12,558,463 $ 3,023,336 $ 673,336 $ - Page 4 of 22

5 Recreation & Leisure Projects Revenue Sources General Obligation Bonds $ - $ - $ - $ - $ - $ - $ - $ - $ 12,019,972 General Obligation Bond Anticipation Note ,900, ,900, B IPR Bond - New Money ,685, IPR Bond ,956,167 Local Hospitality and Accommodations Tax 1,346,000 1,439,000 1,467,000 1,511,000 1,556,000 1,603,000 1,651,000 1,701,000 20,891,000 State Accommodations Tax ,066 Grants for Campbell Marine ,605,757 Grant for Murrells Inlet Community Center ,000 Parkersville Community Center Grant ,781 Other Grants ,841 P&R Capital Projects - Residual Funds ,971 Visions I Capital Projects - Residual Balance ,949 Landbank - Residual Funds ,621 Admissions Tax - County 86, ,705 Admissions Tax - State 520, ,196 Sunday Sales - County 67,413 72,639 70,000 70,000 70,000 70,000 70,000 70,000 1,125,052 Total Revenue Sources $ 2,020,314 $ 1,511,639 $ 1,537,000 $ 1,581,000 $ 1,626,000 $ 4,573,000 $ 1,721,000 $ 1,771,000 $ 75,222,181 Capital Expenditures Campbell Marine Complex (complete) $ - $ - $ - $ - $ - $ - $ - $ - $ 5,971,044 Land Acquisition (complete) ,764,705 Community Parks 1,375 40,389 8, ,652 31, , ,678,809 Boating, Water & Beach (complete) ,062 Dredging (complete) ,045 Master/Site Planning (complete) ,756 Trails & Camping , , ,000 Subtotal 1,375 40,389 8, ,652 31, , ,000-20,868,421 Page 5 of 22

6 Recreation & Leisure Projects Andrews Region Andrews Recreation Complex Phase I Projects (Project is Complete) (50,170) ,395,253 Tennis Courts (6) Multi-Purpose Field Sitework Other Projects Recreation Center ,127 3,000,000 2,672,873-5,800,000 Olive Park Phase I Projects (Project is Complete) 1,520,056 77,067 16,434 38, ,042,621 Baseball Complex (5 fields) Sitework Catclaw Park Tee Ball / Coach Pitch Facility (postponed) Other Facilities & Renovation Projects Tennis Courts (2) - Lambertown (complete) ,580 Multi-Purpose Field - Olive Park , , ,000 Demolition (complete) ,710 Subtotal Andrews Region 1,469,886 77,067 16,434 38, ,455 3,297,991 2,672,873-12,024,483 Page 6 of 22

7 Recreation & Leisure Projects Northwest Region Choppee Park Phase I Projects (Project is Complete) 28, ,532,237 Tennis Courts (2) Multi-Sport Courts (2) Multi-Purpose Fields (2) Outdoor Basketball Sitework Other Projects Demolition (complete) ,000 Virtual Golf , ,000 Recreation Center (complete) - 72, ,251 4,480, , ,610,814 Pleasant Hill Park Phase I Projects (Project is Complete) 3,481 13, ,487,866 Tennis Courts (2) Baseball Complex (4 Fields) Sitework Subtotal Northwest Region 31,967 85, ,251 4,480, , , ,775,917 Page 7 of 22

8 Recreation & Leisure Projects Georgetown Region Eight Oaks Park Phase I Projects (Project is Complete) 25, ,798,966 Baseball Complex (8 fields) Sitework Other Projects Completion of 2 Originally Designed Ball Fields (postponed) , ,987 South Island Park South Island Complex (complete) ,448 Other Facilities & Renovation Projects Tennis Courts (6) - East Bay Park , , , ,659 Renovate Howard Gym & Auditorium (complete) 309, ,832 1,389,493 78,256 1, ,021,897 Renovate Beck (complete) ,379 Multi-Purpose Field - Beck ,360, ,361,000 Aquatic Center , ,000 Subtotal Georgetown Region 335, ,832 1,389,493 98, ,914 1,663, ,577,336 Page 8 of 22

9 Recreation & Leisure Projects Waccamaw Region Stables Park Phase I Projects (Project is Complete) 2, ,320,492 Tennis Facility (10 courts) Multi-Purpose Fields (4) Sitework Parkersville Park Phase I Projects (Project is Complete) 3, ,478,556 Recreational Center Sitework Retreat Park Phase I Projects (Project is Complete) 3, ,037,577 Baseball Complex (3 fields) Other Facilities & Renovation Projects Murrells Inlet Community Center (Project is Complete) 1,281,136 44, ,432,609 Basketball Courts (2) , ,500 Wachesaw Park Upgrade 31,510 1, , ,000 Ballfields at Waccamaw Elementary School Site ,160,550 2,199,400-3,360,550 Subtotal Waccamaw Region 1,321,951 46, ,229,319 2,199,400-16,742,284 Capital Expenditures for Projects Identified 3,160, ,987 1,926,401 4,826, ,748 6,846,439 5,022,273-74,988,441 Contingency , ,740 Total Capital Expenditures $ 3,160,302 $ 467,987 $ 1,926,401 $ 4,826,629 $ 984,748 $ 6,846,439 $ 5,022,273 $ 233,740 $ 75,222,181 Annual Excess/(Shortage) $ (1,139,988) $ 1,043,652 $ (389,401) $ (3,245,629) $ 641,252 $ (2,273,439) $ (3,301,273) $ 1,537,260 Cumulative Excess/(Shortage) $ 5,987,578 $ 7,031,230 $ 6,641,829 $ 3,396,200 $ 4,037,452 $ 1,764,013 $ (1,537,260) $ - Page 9 of 22

10 Economic Development Projects Revenue Sources Funds Earmaked for Spec Bldg Const $ - $ - $ - $ - $ - $ - $ - $ - $ 677,000 Proceeds from Sale of Pad Ready Sites , , ,315 Proceeds from Sale of Spec Buildings , ,082,634 2,400,000 5,425,865 School Agreement - FILOT 36, , ,002 1,221,045 1,274, , , ,000 8,508,741 Grants , ,000 Contributions - 100, , , , ,000 Total Revenue Sources $ 36,054 $ 231,035 $ 1,541,233 $ 1,471,045 $ 1,374,740 $ 1,325,000 $ 2,560,949 $ 2,900,000 $ 16,384,921 Capital Expenditures Commerce Center, Pad Ready Site $ - $ - $ - $ - $ - $ - $ 150,000 $ - $ 328,315 Spec Building # ,694,528 Spec Building # ,650 1,173, , ,082,634 Spec Building # ,200,000 1,200,000 2,400,000 Park Beautification , ,000 Land & Park Development - 73, ,500 4,016, ,710,000 Development Assistance - 35, , ,000 TBD ,509,444 3,509,444 Total Capital Expenditures $ - $ 108,939 $ 125,000 $ 168,650 $ 1,208,928 $ 4,757,243 $ 1,850,000 $ 4,709,444 $ 16,384,921 Annual Excess/(Shortage) $ 36,054 $ 122,096 $ 1,416,233 $ 1,302,395 $ 165,812 $ (3,432,243) $ 710,949 $ (1,809,444) Cumulative Excess/(Shortage) $ 1,524,202 $ 1,646,298 $ 3,062,531 $ 4,364,926 $ 4,530,738 $ 1,098,495 $ 1,809,444 $ - Page 10 of 22

11 Community Enhancement Projects Revenue Sources General Obligation Bonds $ - $ - $ - $ - $ - $ - $ 2,400,000 $ - $ 5,635, B IPR Bond - New Money ,396,923 State Accommodations Tax ,000 Grants ,000 Total Revenue Sources $ - $ - $ - $ - $ - $ - $ 2,400,000 $ - $ 7,924,923 Capital Expenditures Andrews Library (complete) $ - $ - $ - $ - $ - $ - $ - $ - $ 1,563,114 Georgetown Library Replace Roof on Current Buillding (complete) ,304 Subtotal Georgetown Library ,304 Sampit Library ,621-13,145 1,146,234 1,000,000-2,171,000 Waccamaw Library Replace Roof on Current Buillding (complete) ,132 New Library (complete) 808,766 2,306,885 39, , ,604,727 Subtotal Waccamaw Library 808,766 2,306,885 39, , ,620,859 Historic Preservation Winyah Auditorium Restoration (complete) ,000 Heritage Center at Georgetown Library (complete) ,373 Subtotal Historic Preservation ,373 Page 11 of 22

12 Community Enhancement Projects Beautification - Gateway Sign Project , ,000 Capital Expenditures for Projects Identified 808,766 2,306,885 50,803-13,145 1,371,234 1,000,000-7,798,650 Contingency , ,273 Total Capital Expenditures $ 808,766 $ 2,306,885 $ 50,803 $ - $ 13,145 $ 1,371,234 $ 1,000,000 $ 126,273 $ 7,924,923 Annual Excess/(Shortage) $ (808,766) $ (2,306,885) $ (50,803) $ - $ (13,145) $ (1,371,234) $ 1,400,000 $ (126,273) Cumulative Excess/(Shortage) $ 2,468,340 $ 161,455 $ 110,652 $ 110,652 $ 97,507 $ (1,273,727) $ 126,273 $ - Page 12 of 22

13 Facilities Projects Revenue Sources 2009B IPR Bond - New Money $ - $ - $ - $ - $ - $ - $ - $ - $ 2,868,645 Interest Earnings on Bond Proceeds 31,119 30, ,000 20,000 10, , General Obligation Bonds ,206,726 Grants ,678 State DSS Funding Subsidy of New DSS Building ,000 11,000 22, IPR Bond ,741,283 Other General Obligation Bonds ,400,000-9,975,028 Proceed from Sale of Old Waccamaw Library , ,453 Trade-In Allowance on Equipment - 62, ,353 Transfer from other County Funds - 75, ,499 Total Revenue before Transfers $ 31,119 $ 167,764 $ 521,453 $ - $ - $ 30,000 $ 8,431,000 $ 21,000 $ 37,285,429 Add: Excess Revenue from O&M Millage 1,600,000 1,053,000 1,011, , , ,000 1,058, ,692 12,561,766 Total Revenue Sources $ 1,631,119 $ 1,220,764 $ 1,532,953 $ 871,000 $ 803,000 $ 403,000 $ 9,489,400 $ 742,692 $ 49,847,195 Capital Expenditures DSN Relocation (complete) $ - $ - $ - $ - $ - $ - $ - $ - $ 1,404,825 Judicial Center (complete) ,915,376 Courthouse Renovation (complete) 96,814 10,445 8,706 7,473 1, ,739, /EOC Expansion (complete) ,262 Detention Center ,539 81,572 50, ,000 6,000, ,658 7,857,775 Law Enforcement Mobile Command Center (complete) 142, ,225 Law Enforcement ,474-52,500 9, ,686 Magistrate's Court (Sheriff Satelite) 598, ,642 30,586 20,287 6,585 12, ,150,000 Clemson Extension Roof Repair (complete) ,550 DSS Relocation ,043-10,200 11, ,000 1,852,132-2,400,000 Alcohol & Drug Expansion , ,800 Facilities Misc (Fleet Maintenance Facility) (complete) 483, ,603 80,315 98,347 8, ,474 Fire/EMS Facilities & Equipment 952, ,634 7, , ,373 1,052, ,266 1,020,000 6,034,762 Technology - Software and Hardware Upgrades 44,006 51, , ,000 52,000 2,713,925 Document Management Facilities (complete) , ,006 Major Facilities Repairs (roofs, HVAC systems, etc.) ,508 1,186, ,200-1,800,000 Page 13 of 22

14 Facilities Projects Capital Expenditures for Projects Identified $ 2,175,467 $ 1,281,706 $ 1,251,786 $ 474,416 $ 580,897 $ 4,003,445 $ 8,798,598 $ 1,682,658 $ 49,288,946 Contingency , ,249 Total Capital Expenditures $ 2,175,467 $ 1,281,706 $ 1,251,786 $ 474,416 $ 580,897 $ 4,003,445 $ 8,798,598 $ 2,240,907 $ 49,847,195 Annual Excess/(Shortage) $ (544,348) $ (60,942) $ 281,167 $ 396,584 $ 222,103 $ (3,600,445) $ 690,802 $ (1,498,215) Cumulative Excess/(Shortage) $ 3,568,947 $ 3,508,005 $ 3,789,172 $ 4,185,755 $ 4,407,858 $ 807,413 $ 1,498,215 $ 0 Page 14 of 22

15 Capital Projects Sales Tax Projects Revenue Sources Capital Projects Sales Tax $ - $ 812 $ 9,059,960 $ 9,975,382 $ 10,941,998 $ 11,489,098 $ - $ - $ 41,467,250 Total Revenue Sources $ - $ 812 $ 9,059,960 $ 9,975,382 $ 10,941,998 $ 11,489,098 $ - $ - $ 41,467,250 Capital Expenditures Winyah Bay Dredging $ - $ - $ - $ - $ - $ - $ - $ - $ - Murrells Inlet Dredging (complete) - 26, ,942 8,579,775 16, ,052,906 Andrews Fire/Police Complex ,500, ,500,000 Fire Stations - Big Dam Swamp ,985 30,676 71,405 1,011, ,150,000 Fire Stations - Other Rural Stations - 1, , ,181 60, , ,000 Road Resurfacing Projects - - 4,289,281 5,536, ,826,225 TBD ,088,119-19,088,119 Total Capital Expenditures $ - $ 28,355 $ 4,971,075 $ 14,332,576 $ 148,662 $ 2,898,463 $ 19,088,119 $ - $ 41,467,250 Annual Excess/(Shortage) $ - $ (27,543) $ 4,088,885 $ (4,357,194) $ 10,793,336 $ 8,590,635 $ (19,088,119) $ - Cumulative Excess/(Shortage) $ - $ (27,543) $ 4,061,342 $ (295,852) $ 10,497,484 $ 19,088,119 $ - $ - Page 15 of 22

16 Operating & Maintenance Costs Revenue Sources CIP O&M Revenue from Mills (1a) (2) $ 4,054,000 $ 4,097,294 $ 4,222,882 $ 4,272,224 $ 4,253,650 $ 4,321,333 $ 4,980,000 $ 5,080,000 $ 49,943,382 Vehicle Road Fees 288,629 97, , , , , , ,000 3,019,560 Fees from New Services - R&L 64,000 66,000 68,000 70,000 72,000 75,000 78,000 81, ,000 Fees from New Services - Prisoner Fees , ,500 Local Hospitality and Accommodations Tax 258, , , , , , , ,000 2,739,750 Total Revenue Sources $ 4,664,879 $ 4,536,963 $ 4,781,032 $ 4,874,936 $ 4,826,046 $ 5,037,833 $ 5,854,000 $ 7,060,500 $ 57,223,192 Expenditures Recreation & Leisure Services h/a Campbell Marine Complex 42,000 45,000 46,000 47,000 48,000 $ 49,000 $ 50,000 $ 52,000 $ 553,850 Increased Maintenance on Existing Property & Facilities 90,000 90,000 90,000 90,000 90, , , ,000 1,145,000 Community Parks 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15, ,000 Bikeways ,000 3,000 6,000 Trails & Camping ,000 5,000 10,000 Beach Maintenance , , , ,908 Andrews Region Andrews Recreation Complex - Phase I 16,500 16,500 17,000 17,500 18,000 19,000 20,000 21, ,500 Olive Park - Phase I 31,500 63,200 65,000 66,000 67,000 68,000 70,000 72, ,700 Catclaw Park - Tee Ball/Coach Pitch ,000 26,000 51,000 Other Facilities Tennis Courts - Lambertown 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 9,000 Recreation Center - Andrews ,000 96, ,000 Multi-Purpose Field ,000 10,000 15,000 Subtotal Andrews Region 49,000 80,700 83,000 84,500 86,000 88, , , ,200 Page 16 of 22

17 Operating & Maintenance Costs Northwest Region Choppee Park - Phase I 18,500 19,500 20,000 20,500 21,000 22,000 23,000 24, ,000 Pleasant Hill Park - Phase I 11,000 11,000 15,000 15,500 16,000 17,000 18,000 19, ,500 Other Facilities Virtual Golf ,000 2,000 2,000 6,000 Recreation Center , , , , ,000 Subtotal Northwest Region 29,500 30,500 35,000 36, , , , , ,500 Georgetown Region h/a Eight Oaks Park - Phase I 165, , , , , , , ,000 1,641,000 h/a Additional 2 (originally designed) Ball Fields ,000 78, ,000 Other Facilities h/a Multipurpose Field - Beck ,000 22,000 33,000 Tennis Courts - East Bay Park ,000 3,000 3,000 9,000 Beck Gym 40,000 40,000 41,000 42,000 42,000 43,000 44,000 45, ,000 Howard Auditorium and Gym ,000 88,000 90,000 93,000 96,000 99, ,000 Subtotal Georgetown Region 205, , , , , , , ,000 2,689,000 Waccamaw Region h/a Stables Park - Phase I 173, , , , , , , ,000 1,664,500 Parkersville Park - Phase I 78, , , , , , , ,000 1,291,000 h/a Retreat Park - Phase I 33,000 46,000 50,000 52,000 54,000 57,000 59,000 61, ,000 Other Facilities Murrells Inlet Community Center 13,500 40,000 42,000 44,000 46,000 47,000 48,000 49, ,500 h/a Ballfields at Waccamaw Elementary School Site , , ,000 Basketball Courts (2) ,000 5,000 10,000 Subtotal Waccamaw Region 298, , , , , , , ,000 3,857,000 Total Recreation & Leisure 728, , ,000 1,033,500 1,143,000 1,372,000 1,575,600 1,808,308 10,560,458 Page 17 of 22

18 Operating & Maintenance Costs Transportation Public Transit System 220, , , , , ,230,000 Rural Road Paving 288,629 97, , , , , , ,000 3,019,560 Airport Terminal 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13, ,000 Bikeways ,000 6,000 9,000 18,000 Total Transportation 521, , , , , , , ,000 5,423,560 Community Enhancement Beautification 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 16,000 Andrews Library 46,000 47,000 48,000 49,000 50,000 52,000 54,000 56, ,710 Waccamaw Library - 280, , , , , , ,000 3,076,000 h/a Heritage Center at Georgetown Library 103, , , , , , , ,000 1,215,220 Sampit Library , , ,000 Total Community Enhancement 151, , , , , , , ,000 5,022,930 Facilities Judicial Center 1,317,000 1,357,000 1,398,000 1,440,000 1,483,000 1,535,000 1,589,000 1,645,000 17,331, Expansion 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 90,000 Detention Center , ,500 Magistrates Court/Sheriff Satelite - 10,000 30,000 30,000 30,000 31,000 32,000 33, ,000 Facilities Misc. (Fleet Maintenance) ,000 18,000 19,000 20,000 21,000 84,000 EMS (Other O&M TBD Fire - EMS Study) 5,000 5,000 10,000 25,000 30,000 45,000 60,000 98, ,000 Total Facilities 1,332,000 1,382,000 1,448,000 1,511,000 1,571,000 1,640,000 1,711,000 2,719,500 18,891,500 Administration Fire EMS Master Plan Study ,325 Transportation Master Plan Study ,550 Finance Personnel 72,000 75,000 78,000 81,000 84,000 87,000 90,000 94, ,000 Administrative Personnel 53,000 55,000 57,000 59,000 61,000 63,000 66,000 69, ,000 Purchasing Personnel 53,000 55,000 57,000 59,000 61,000 63,000 66,000 69, ,000 Total Administration 178, , , , , , , ,000 2,333,875 Page 18 of 22

19 Operating & Maintenance Costs Technology Tax Software ,000 74,000 Other Miscellaneous 20,000 20,000 20,000 20,000 20,000 40,000 80,000 82, ,500 Total Technology 20,000 20,000 20,000 20,000 20,000 40,000 80, , ,500 Contingency 133, , , ,724 8, ,833 25,000 25,000 2,034,603 Total Expenditures - All Categories $ 3,064,879 $ 3,483,963 $ 3,769,532 $ 4,003,936 $ 4,023,046 $ 4,664,833 $ 4,795,600 $ 6,338,808 $ 44,661,426 Annual Excess Available/(Shortage) before Transfer $ 1,600,000 $ 1,053,000 $ 1,011,500 $ 871,000 $ 803,000 $ 373,000 $ 1,058,400 $ 721,692 $ 12,561,766 Transfer of Excess O&M Revenue to Capital Projects (1,600,000) (1,053,000) (1,011,500) (871,000) (803,000) (373,000) (1,058,400) (721,692) (12,561,766) Annual Excess Available/(Shortage) $ - $ - $ - $ - $ - $ - $ - $ - Cumulative Excess/(Shortage) $ - $ - $ - $ - $ - $ - $ - $ - Page 19 of 22

20 Debt Service Costs Revenue Sources Debt Service Fund Balance as of 6/30/2007 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,316,441 Debt Service Fund Tax Revenues, Fees & Interest 4,543,270 4,606,468 4,732,507 4,808,905 4,920,953 4,427,000 4,516,000 4,787,000 73,193,898 Revenue from 2009 IPR Bonds - Refunding ,305,422 Revenue from 2019 IPR Refunding Bonds (2009 IPRB) ,015,000-28,015,000 Revenue from 2011 G.O. Bonds - Refunding ,996,288 Revenue from 2017 G.O. Bonds - Refunding (2013) ,353, ,353,886 Debt Service Reserve Fund Proceeds ,699,994 Interest Earnings on Debt Service Reserve Funds 72,315 (38,617) 3,574 17,476 63,300 70,000 25, ,439 Transportation Impact Fees 419, , , , , , , ,000 3,220,387 Library Impact Fees 151, , , , , , , ,000 2,021,828 Law Enforcement Impact Fees (Judicial Ctr/Detention Ctr) 241, , , , , , , ,000 2,550,507 Recreation and Leisure Impact Fees 366, , , , , , , ,000 5,164,529 Transfer to Hangar Project Fund (1,478,681) (1,478,681) Total Revenue Sources $ 5,794,619 $ 5,634,450 $ 5,923,994 $ 5,243,080 $ 26,521,576 $ 5,749,000 $ 33,845,000 $ 6,113,000 $ 176,264,938 Debt Service Payments on GO Bonds Existing General Obligation Debt $ 1,324,900 $ 1,325,100 $ 1,319,900 $ 1,329,400 $ 1,327,750 $ 1,325,200 $ 1,331,750 $ 1,332,100 $ 32,802,057 FY08 Bond Anticipation Note ,425,506 FY M 20YR 4.0% General Obligation Bond 674, , , ,650 20,657, ,850 94, ,250 24,552,780 FY M 16YR 2.77% Gen Obligation Refunding (2013) Bond , , , ,850 3,092,874 FY M 2.0% Bond Anticipation Note ,000, ,000,000 FY M 20YR 5.0% General Obligation Bond , ,000 1,035,000 Total GO Bond Debt Service Payments $ 1,999,793 $ 2,304,250 $ 2,295,400 $ 2,297,050 $ 22,661,361 $ 5,229,900 $ 2,581,800 $ 2,927,200 $ 66,908,217 Page 20 of 22

21 Debt Service Costs Debt Service Payments on Revenue Bonds FY M 20YR 4.29% IPR Bond (refunded in FY2010) $ - $ - $ - $ - $ - $ - $ - $ - $ 27,786,286 FY M 20YR 3.95% IPR Bond 4,002,538 4,006,593 4,004,433 4,006,012 4,008,044 4,009,619 35,605,358-72,668,812 FY M 9YR 3.40% IPR Refunding Bond (2019 IPRB) ,433 3,633,091 4,468,524 Total Revenue Bond Debt Service Payments $ 4,002,538 $ 4,006,593 $ 4,004,433 $ 4,006,012 $ 4,008,044 $ 4,009,619 $ 36,440,791 $ 3,633,091 $ 104,923,622 Total Debt Service Payments $ 6,002,331 $ 6,310,843 $ 6,299,833 $ 6,303,062 $ 26,669,405 $ 9,239,519 $ 39,022,591 $ 6,560,291 $ 171,831,839 Annual Excess/(Shortage) $ (207,712) $ (676,393) $ (375,839) $ (1,059,982) $ (147,829) $ (3,490,519) $ (5,177,591) $ (447,291) Cumulative Excess/(Shortage) $ 15,808,543 $ 15,132,150 $ 14,756,311 $ 13,696,329 $ 13,548,500 $ 10,057,981 $ 4,880,390 $ 4,433,099 Page 21 of 22

22 Cash Flow Summary Total Revenue Sources $ 15,920,201 $ 14,286,716 $ 25,941,097 $ 26,410,789 $ 47,256,344 $ 30,653,931 $ 60,068,949 $ 20,263,500 $ 460,506,816 Expenditures Capital Transportation $ 2,792,481 $ 1,918,342 $ 2,443,301 $ 1,214,467 $ 2,272,188 $ 11,985,127 $ 7,607,000 $ 3,071,336 $ 48,733,982 Recreation & Leisure Services 3,160, ,987 1,926,401 4,826, ,748 6,846,439 5,022,273-74,988,441 Economic Development - 108, , ,650 1,208,928 4,757,243 1,850,000 4,709,444 16,384,921 Community Enhancement 808,766 2,306,885 50,803-13,145 1,371,234 1,000,000-7,798,650 Facilities 2,175,467 1,281,706 1,251, , ,897 4,003,445 8,798,598 1,682,658 49,288,946 Capital Projects Sales Tax Projects - 28,355 4,971,075 14,332, ,662 2,898,463 19,088,119-41,467,250 Total for Projects Identified 8,937,016 6,112,214 10,768,366 21,016,738 5,208,568 31,861,951 43,365,990 9,463, ,662,190 Contingency (R&L, Community Enhancement, Facilities) , ,262 Total Capital Expenditures 8,937,016 6,112,214 10,768,366 21,016,738 5,208,568 31,861,951 43,365,990 10,381, ,580,452 Operations and Maintenance 3,064,879 3,483,963 3,769,532 4,003,936 4,023,046 4,664,833 4,795,600 6,338,808 44,661,426 Debt Service 6,002,331 6,310,843 6,299,833 6,303,062 26,669,405 9,239,519 39,022,591 6,560, ,831,839 Total Expenditures $ 18,004,226 $ 15,907,020 $ 20,837,731 $ 31,323,736 $ 35,901,019 $ 45,766,303 $ 87,184,181 $ 23,280,799 $ 456,073,717 Revenues Over (Under) Expenditures $ (2,084,025) $ (1,620,304) $ 5,103,366 $ (4,912,947) $ 11,355,325 $ (15,112,372) $ (27,115,232) $ (3,017,299) Cumulative Excess/(Shortage) $ 39,752,563 $ 38,132,259 $ 43,235,625 $ 38,322,677 $ 49,678,002 $ 34,565,630 $ 7,450,398 $ 4,433,099 Page 22 of 22