2021 Annual Comprehensive Financial Report

The City adopted the FY 2022-2031 Capital Improvements Program (CIP) totaling $1,497,827,560 for projects as outlined below:

Table C-2 CIP Expenditures – 10 Year Plan

CIP Expenditure Category by Service Area

% of Total CIP

Infrastructure

79.3% 18.4% 2.3% 100.0%

Community Services

Public Safety

Table C-3 CIP Funding Sources – 10 Year Plan

CIP Funding Source General Funds Authorized Bonds Revenue Bonds Enterprise Funds

% of Total CIP

0.4% 5.7% 24.3%

19.9% 18.4%

Grants/Other

Unauthorized Bonds 31.3% 100.0% Additional information on the City’s capital assets can be found in Note I.D.5 and IV.C of this report. B. Long-Term Debt As of June 30, 2021, the City had total bonded debt outstanding (at par) of $749,026,545 with $276,585,000 backed by the full faith, credit and taxing power of the City, $50,635,000 backed by Hotel/Motel occupancy tax of the City, $42,170,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the county, $65,465,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $12,115,000 backed by property tax revenue, $302,056,545 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system).

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