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Funding Overview
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 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.
Capital Improvements Program
Enterprise Funds,
20.1%
Grants, 15.7%
Authorized
Bonds, 9.1%
Unauthorized
Bonds, 35.3%
Revenue Bonds,
17.4%
Other,2.3%
Funding Sources