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introduction FY2014
Investment Projects to pursue funding in future budgets.
FY2014 Capital Budget or debt service does activate
funding for a previously approved 2004 GO Bond RTP
Park Capital Investment Project. Additionally, because of
the 2012 Bond Referendum the LRFM plans for three
newly activated Capital Investment Projects:
$14.3M in Street Improvement Bonds;
Completing the McCrimmon Parkway
Extension from NC54 to Evans Road
$5.7M in Parks & Recreation Bonds;
Renovating the Morrisville Aquatics & Fitness
Center and completing Phase II of the
Morrisville Community Park
On November 6, 2012, the voters approved the 2 Bond
Referendums authorizing the issurance of up to $20M in
general obligation bonds. A total of 80% (6,228 votes)
voted for the Street Improvement Bonds and 74% (5,757
votes) voted for the Parks and Recreational Bonds. These
projects are now considered Activated Projects as a
Funding Source has been identified. Staff has begun
planning for the execution and future construction of these
projects with the FY2014 Annual Budget.
The LRFM assumes a 2 year span from Project Year (design) to the first year of Debt Service. The timing of construction bids,
Bond Sale (Issuance) and construction may vary depending on the progression of each step between fiscal years. The
following represents an assumed timeline for the purposes of planning and evaluation.
NOTE: Council and Staff will evaluate the feasibility of shifting the 2012 bond park projects forward.
2004 RTP Parks
•FY2014 Sale $4M Bonds - Debt Service Begins
•FY2014 Begin Construction
2012 NC54 Bypass
•FY2014 General Fund Transfers $1.2M Design &
Easement Cost
•FY2014 Two Cent Tax Rate Increase
•FY2015 Construction Bids
•FY2016 Sale $14.3M Bonds - Debt Service Begins
•FY2016 Reimburse General Fund 1/2 Design Cost $600M
2012 Parks
•FY2016 General Fund Fronts $612K Design Cost
•FY2016 Another Two Cent Tax Rate Increase
•FY2017 Construction Bids
•FY2018 Sale $5.7M Bonds - Debt Service Begins
•FY2018 Reimburse General Fund 1/2 Design Cost $306K
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