FINAL ADOPTED BUDGET 2020-2021

Highlights Through the 2006, 2008 , and 2009 bond referenda, voters authorized the City to issue $228.4 million in General Obligation bonds. The 2016 referenda authorized the issuance of an additional $126 million in bonds. The City also occasionally utilizes Special Obligation bonds, such as those being used to fund the City s contribution to the Tanger Performing Arts Center. There are over $125 million of authorized bond funding reflected in the CIP, including $68 million for Transportation projects, and over $57 million for three departments Parks & Recreation, Planning, and the Neighborhood Development and a variety of other projects funded by authorized bonds. As directed by City Council, current plans for these bonds are to be issued over the next five years. The increasing debt service costs associated with the debt issuance to fund authorized bond projects is increasing to over $35 million in FY 20 21. The CIP includes approximately $633 million of Unauthorized Bond funded projects. These projects include projected needs to replace aging infrastructure, facilities, and major equipment, targeted programs to support disadvantaged or at risk groups, new facilities based on future demand and growth, and other capital needs identified by departments for planning purposes. Total unauthorized bond projects reflects the identification of the next generation of capital needs across that the City will need to address in the coming fiscal years. 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 approximately $254 million of projects through Enterprise Funds, allowing the department to save on interest expenses and maintain a strong position with bond rating agencies. In addition, Water Resources estimates spending over $388 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 grant funding in the CIP equates to approximately $182 million. Grants include any funding received from the State or Federal Government that often require a local match from the City. During the 10 year planning period, Grants are projected to be available to support a variety of Transportation projects, including sidewalk construction, road projects, and transit improvements. Finally, this CIP includes almost $72 million categorized as Other Revenue. Limited obligation bonds are a major source of Other Revenue in the CIP. This funding source will be used to fund two new downtown parking decks and replacement of two aging Fire Stations.

Adopted 2020-21 Budget

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