Tax-Supported Debt
Existing Tax-Supported Debt
Principal
Interest
Total
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$22,017,652
21,732,102
22,108,841
20,356,073
19,533,594
18,101,459
17,913,973
17,856,000
17,392,000
15,518,000
15,456,000
15,465,000
15,886,000
9,296,000
8,274,000
6,896,000
4,265,000
1,610,000
1,020,000
460,000
480,000
$11,441,159
10,551,022
9,654,956
8,763,590
7,967,035
7,167,902
6,415,082
5,652,004
4,899,418
4,157,519
3,494,604
2,842,131
2,187,819
1,353,587
980,653
623,306
338,450
147,340
84,390
42,600
14,400
$33,458,811
32,283,124
31,763,797
29,119,663
27,500,629
25,269,361
24,329,055
23,508,003
22,291,418
19,675,519
18,950,604
18,307,131
18,073,819
10,649,587
9,254,653
7,519,306
4,603,450
1,757,340
1,104,390
502,600
494,400
Total
$271,637,693
$88,778,966
$360,416,659
Payout Ratio
8.11%
16.11%
24.25%
31.74%
38.93%
45.59%
52.19%
58.76%
65.16%
70.88%
76.57%
82.26%
88.11%
91.53%
94.58%
97.12%
98.69%
99.28%
99.65%
99.82%
100.00%
M illions
FY
$40
$35
$30
$25
$20
$15
$10
$5
$0
Principal
Interest
Note: Existing debt service does not include GO bonds issued for the Massaponax & Harrison Crossing special service districts, as the debt service is fully paid by special tax assessment.
Does not account for subsidies on Build America Bonds, Qualified Energy Conservation Bonds and Qualified School Construction Bonds.
Spotsylvania County, Virginia
Series 2014 Credit Rating Presentation
60
Adopted Capital Improvement Plan – Uses of Funds
Adopted Capital Improvement Plan - Uses of Funds
2015
General Capital Projects
General Gov't Facilities
Solid Waste
Parks & Recreation
Fire/Rescue Services
Transportation
Total General Capital Projects
S chools Capital Projects
Total Projects
2016
2017
2018
2019
$9,706,967
$6,999,655
$16,773,666
$2,839,186
$2,614,702
1,164,200
4,071,000
1,010,500
1,796,500
2,148,000
238,000
1,041,000
935,928
1,021,000
3,545,000
5,261,416
4,408,337
2,074,124
4,652,546
2,684,686
5,259,734
6,479,800
14,420,000
20,000
20,000
$21,630,317 $22,999,792 $35,214,218 $10,329,232 $11,012,388
Total
$38,934,176
10,190,200
6,780,928
19,081,109
26,199,534
$101,185,947
$7,739,145
$10,360,855
$19,940,313
$14,898,284
$12,854,134
$65,792,731
$29,369,462
$33,360,647
$55,154,531
$25,227,516
$23,866,522
$166,978,678
General Gov't
Facilities
23%
Transportation
16%
Fire/Rescue
Services
12%
Solid Waste
6%
Schools
39%
Spotsylvania County, Virginia
Parks &
Recreation
4%
Series 2014 Credit Rating Presentation
61
Adopted Capital Improvement Plan – Sources of Funds
Adopted Capital Improvement Plan - Sources of Funds
2015
General Capital Projects
Long Term Bond/Lease Issues
Short Term Lease Issues
General Fund Revenues
Other Sources*
Use of (Transfer to) Capital Fund Balance
Total General Capital Projects
S chools Capital Projects
Long Term Bond/Lease Issues
Short Term Bond/Lease Issues
Other Sources
Total S chools Capital Projects
Total Projects
2016
2017
2018
2019
Total
$10,979,843
$9,545,110
$24,558,364
$0
$0
1,212,750
7,335,082
2,590,482
500,000
500,000
8,121,139
6,766,648
7,485,119
8,242,236
9,037,801
479,895
597,777
437,165
1,180,004
330,000
836,690
(1,244,825)
143,088
406,992
1,144,587
$21,630,317 $22,999,792 $35,214,218 $10,329,232 $11,012,388
$45,083,317
12,138,314
39,652,943
3,024,841
1,286,532
$101,185,947
$4,838,751
$5,068,796
$7,717,800
$7,282,400
$7,064,475
2,826,078
5,234,460
12,222,513
7,615,884
5,789,659
74,316
57,599
0
0
0
$7,739,145 $10,360,855 $19,940,313 $14,898,284 $12,854,134
$31,972,222
33,688,594
131,915
$65,792,731
$29,369,462
Short Term
Debt
27%
$33,360,647
$55,154,531
$25,227,516
$23,866,522
$166,978,678
General Fund
24%
Other Sources
2%
Long Term
Debt
46%
Capital Fund
Balance
1%
*Note: Includes transfers from other funds, State and Federal transportation funding, proffers and payments from other jurisdictions
juris
for their share of joint projects.
Spotsylvania County, Virginia
Series 2014 Credit Rating Presentation
62
Debt vs. Assessed Value
Debt vs. Assessed Value
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Existing Debt
2014 Issuance
County Target
County Maximum
Future CIP Debt
Assessed Values Assumptions
2015: 1.6%
2016: 2.0%
2017: 2.0%
2018: 2.5%
2019: 2.5%
Note: Does not include potential refinancings.
Spotsylvania County, Virginia
Series 2014 Credit Rating Presentation
63
Debt Service vs. Expenditures
Debt Service vs. Expenditures
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
Existing Debt Service
2014 Issuance
Future CIP Debt Service
County Target
County Maximum
Expenditures Assumptions
2015: 3.2%
2016: 1.7%
2017: 1.5%
2018: 1.9%
2019: 2.0%
Note: Does not include potential refinancings.
Spotsylvania County, Virginia
Series 2014 Credit Rating Presentation
64
November 2014 Bond Referendum
November 2014 Bond Ref erendum S ummary:
Project
Amount
Transportation
$63,308,950
Environmental/Solid Waste
11,291,478
Public Safety
36,388,641
General Government
21,454,929
Schools
141,724,876
Total
$274,168,873
Spotsylvania County, Virginia
Series 2014 Credit Rating Presentation
65
November 2014 Bond Referendum (Continued)
Transportation
Improvements to/in area of Exit 126
Improvements to/in area of Exit 118
Safety/operating improvements to Rt 1, Rt 2 & Rt 208 corridors
Harrison Rd. widening - Old Plank to Gordon
Relocation of Elys Ford & Rt 3 intersection
Grand Brooks Road resurfacing
Issuance Costs at 3%
Total
Net Potential Tax Rate Impact
General Government
$31,250,000
10,300,000
11,915,000
3,000,000
3,000,000
2,000,000
1,843,950
$63,308,950
$0.05
Environmental/Solid Waste
Livingston Landfill Development
Issuance Costs at 3%
Total
Net Potential Tax Rate Impact
$10,962,600
328,878
$11,291,478
$0.01
Schools
Technology Upgrades & Replacements
$35,463,494
Capital Maintenance
72,623,877
New & Replacement Buses
29,509,597
Issuance Costs at 3%
4,127,909
Total
$141,724,876
Net Potential Tax Rate Impact
$0.05
Spotsylvania County, Virginia
Judicial Center Renovations
$10,071,204
Former Sheriff's Office Renovations
1,253,918
Holbert Building Renovation or Merchant Square Reconfiguration
3,484,906
Technology Upgrades & Replacements
6,020,000
Issuance Costs at 3%
624,901
Total
$21,454,929
Net Potential Tax Rate Impact
$0.01
Public Safety
Animal Shelter
Computer Aided Dispatch System
Public Safety Intersection Triggers
Fire Equipment Replacements
EMS Equipment Replacements
Fire Training Center
Issuance Costs at 3%
Total
$3,790,000
4,950,000
1,000,000
19,804,471
4,284,306
1,500,000
1,059,863
$36,388,641
Net Potential Tax Rate Impact
$0.03
Series 2014 Credit Rating Presentation
66
General Obligation Bond Authorizations
General Obligation Bonds
Type of Project
Public Safety & General Government
Transportation
Transportation
Transportation
Transportation
Schools
Schools
Schools
Total
Project Description
Judicial Center Renovation (design)
Improvements to Exits 118 & 126
Intersection improvements
Paving of currently unpaved roads
Jones Powell Road improvements
Capital maintenance on existing facilities
Bus replacements
Technology upgrades and replacements
Am ortiz ation
20 Years
20 Years
20 Years
20 Years
20 Years
20 Years
12 Years
7 Years
Am ount
$629,709
1,650,000
1,480,884
1,288,800
558,660
4,838,751
1,337,958
1,488,120
$ 1 3 ,2 7 2 ,8 8 2
Am ortiz ation
20 Years
12 Years
Am ount
$5,371,790
1,212,750
$ 6 ,5 8 4 ,5 4 0
Lease Revenue Bonds
Type of Project
Equipment/Towers
Equipment
Total
Project Description
Public Safety radio system replacement
Replacement fire trucks
General Obligation Bond Authorizations
Pro ject
Public Safety & General Government
Parks & Libraries
Transportation
Schools
Schools
To tal
Referendum
Y ear
2005
2005
2005
2005
2006
Spotsylvania County, Virginia
Referendum
Approval %
60%
52%
61%
63%
67%
Referendum
Previously
Est. 2 0 1 4
Balance
Am ount
Issued
Sale
Unissued
$81,642,853
$48,045,000
$629,709
$32,968,144
10,407,540
9,510,000
0
897,540
144,046,859
43,652,284
4,978,344
95,416,231
41,600,000
41,600,000
0
0
46,163,671
7,664,829
10,518,195
64,346,695
$ 3 4 2 ,0 4 3 ,9 4 7 $ 1 8 8 ,9 7 0 ,9 5 5 $ 1 3 ,2 7 2 ,8 8 2 $ 1 3 9 ,8 0 0 ,1 1 0
Series 2014 Credit Rating Presentation
68
Existing & Proposed Debt Service
Total Existing General Obligation Debt
Fiscal
Year
Principal
Interest
Less Refunded Debt
Total
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$22,017,652
21,732,102
22,108,841
20,356,073
19,533,594
18,101,459
17,913,973
17,856,000
17,392,000
15,518,000
15,456,000
15,465,000
15,886,000
9,296,000
8,274,000
6,896,000
4,265,000
1,610,000
1,020,000
460,000
480,000
$11,441,159
10,551,022
9,654,956
8,763,590
7,967,035
7,167,902
6,415,082
5,652,004
4,899,418
4,157,519
3,494,604
2,842,131
2,187,819
1,353,587
980,653
623,306
338,450
147,340
84,390
42,600
14,400
$33,458,811
32,283,124
31,763,797
29,119,663
27,500,629
25,269,361
24,329,055
23,508,003
22,291,418
19,675,519
18,950,604
18,307,131
18,073,819
10,649,587
9,254,653
7,519,306
4,603,450
1,757,340
1,104,390
502,600
494,400
Total
$271,637,693
$88,778,966
$360,416,659
Principal
$1,565,000
2,780,000
6,120,000
4,605,000
4,815,000
5,040,000
5,280,000
5,525,000
5,780,000
6,055,000
6,370,000
6,670,000
6,985,000
1,930,000
2,015,000
2,110,000
2,220,000
0
0
0
0
Interest
Total
$1,811,348
3,544,444
3,405,444
3,105,419
2,898,194
2,663,994
2,425,644
2,190,319
1,938,944
1,649,944
1,347,194
1,040,381
734,650
399,275
317,250
216,500
111,000
0
0
0
0
$3,376,348
6,324,444
9,525,444
7,710,419
7,713,194
7,703,994
7,705,644
7,715,319
7,718,944
7,704,944
7,717,194
7,710,381
7,719,650
2,329,275
2,332,250
2,326,500
2,331,000
0
0
0
0
$75,865,000 $29,799,942
$105,664,942
Spotsylvania County, Virginia
Total New Debt
Plus Series 2014 New Money/Refund ing Debt
Principal
$2,580,000
4,020,000
7,280,000
5,660,000
5,755,000
5,890,000
6,035,000
6,300,000
6,575,000
6,795,000
7,040,000
7,275,000
7,535,000
2,760,000
2,840,000
2,910,000
3,010,000
945,000
945,000
940,000
0
Interest
Total
Principal
Interest
Total
$1,372,659
3,356,294
3,275,894
3,130,294
3,017,094
2,844,444
2,667,744
2,365,994
2,050,994
1,769,994
1,498,194
1,216,594
925,594
624,194
520,144
412,894
279,300
135,150
94,250
47,000
149,000
$3,952,659
7,376,294
10,555,894
8,790,294
8,772,094
8,734,444
8,702,744
8,665,994
8,625,994
8,564,994
8,538,194
8,491,594
8,460,594
3,384,194
3,360,144
3,322,894
3,289,300
1,080,150
1,039,250
987,000
149,000
$23,032,652
22,972,102
23,268,841
21,411,073
20,473,594
18,951,459
18,668,973
18,631,000
18,187,000
16,258,000
16,126,000
16,070,000
16,436,000
10,126,000
9,099,000
7,696,000
5,055,000
2,555,000
1,965,000
1,400,000
480,000
$11,002,469
10,362,872
9,525,406
8,788,465
8,085,935
7,348,352
6,657,182
5,827,679
5,011,468
4,277,569
3,645,604
3,018,344
2,378,763
1,578,506
1,183,547
819,700
506,750
282,490
178,640
89,600
163,400
$34,035,121
33,334,974
32,794,247
30,199,538
28,559,529
26,299,811
25,326,155
24,458,678
23,198,468
20,535,569
19,771,604
19,088,344
18,814,763
11,704,506
10,282,547
8,515,700
5,561,750
2,837,490
2,143,640
1,489,600
643,400
$93,090,000 $31,753,715
$124,843,715
$288,862,693
$90,732,739
$379,595,432
Series 2014 Credit Rating Presentation
P ay o u t
Ratio
7.97%
15.93%
23.98%
31.39%
38.48%
45.04%
51.50%
57.95%
64.25%
69.88%
75.46%
81.02%
86.71%
90.22%
93.37%
96.03%
97.78%
98.67%
99.35%
99.83%
100.00%
69