Adopted Budget 2015-2016

Capital Improvements Program

Funding Overview

funding received from the State or Federal Government. State Powell Bill funding is one example. During the 10 year planning period, it is estimated that Grants will be used to fund $10 million in Street Maintenance, $2.75 million in Community Development projects, and $183 million in Transportation projects. Finally this CIP includes $34.7 million categorized as Other Revenue. Examples of Other Revenue include private donations and financing through Certificates of Participation. One major project funded partially through Other Revenue will be the planned performing arts center.

The Capital Improvements Program relies on a variety of funding sources to accomplish its many efforts. These include debt financing; enterprise funding; general fund revenues; state shared revenues; and grants from the state government, federal government, or private sources.

Highlights

Through the 2006, 2008 and 2009 bond referenda, the City was authorized to issue 228.4 million in bonds. To date, $129.4 million of the authorized funding has been issued, $51 million of which was issued in FY 13-14. The remaining $99 million of authorized but unissued debt is allocated $87.3 million for Street Improvements, $3.5 million for Public Safety projects, $3.2 million for Parks and Recreation projects, and $5 million for the Greensboro Science Center. As directed by City Council, current plans are for these bonds to be issued over the next six years. Currently, additional revenue to pay the increasing debt service costs associated with the planned debt issuance and project timeline will require a 1 cent increase to the property tax rate in FY 16-17. Given the current debt issuance plan, there are no immediate plans for a future referendum. Therefore, most of the project requests for Unauthorized Bonds are found in the final five year period of the document (FY 20-25). This document includes approximately $523 million in Unauthorized Bonds requests. Over the next ten years, the City will continue its efforts to fund a significant portion of Water Resources projects using Pay-As-You-Go funding (using Enterprise Funds). Water Resources expects to fund $298 million of projects through Enterprise Funds, allowing the department to save on interest expenses and improve its position with bond rating agencies. In addition, Water Resources estimates spending $257 million in Revenue bonds over the next 10 years. The City continues to seek grant funding to provide additional funding for CIP projects as opportunities allow. Total Grants funding in the CIP equates to $232 million. Grants are defined to include any

Funding Sources

Other,2.3%

Revenue Bonds, 17.4%

Enterprise Funds, 20.1%

Grants, 15.7%

Unauthorized Bonds, 35.3%

Authorized Bonds, 9.1%

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