FY 24 APPROVED OPERATING BUDGET

BUSINESS PLAN DEBT BURDEN ANALYSIS Fiscal Years 2022-2029

Original Budget

Approved Budget

Actual

Projection Projection Projection Projection Projection

2022

2023

2024

2025

2026

2027

2028

2029

General Obligation Outstanding July 1

460,567,556 489,794,585 496,659,313 513,356,079 527,856,711 540,320,233 551,283,254 563,226,680

Additions

90,293,395

48,500,000

60,000,000

60,000,000

60,000,000

60,000,000

60,000,000

60,000,000

Less Principal Repayments & Reductions 61,066,366

41,635,272

43,303,234

45,499,368

47,536,478

49,036,979

51,353,380

54,353,380

General Obligation Outstanding June 30

$489,794,585 $496,659,313 $513,356,079 $527,856,711 $540,320,233 $551,283,254 $559,929,874 $568,873,300

Population (4) 262,977

265,607

268,263

270,945

273,655

276,391

279,155

281,947

Per Capita Income

71,717

72,434

73,159

73,890

74,629

75,375

76,129

76,890

Taxable Property Value (5) Taxable

Assessed Valuation (000 omitted) $31,388,655 $32,958,088 $34,605,992 $36,336,292 $38,153,106 $40,060,762 $42,063,800 $44,166,990

Debt Ratios General Obligation

Debt Service as % of Expenditures

8.1 % 7.5 % 8.3 % 8.2 % 8.2 % 8.2 % 8.3 % 8.3 %

General Obligation Debt Per Capita

$1,875

$1,882

$1,926

$1,960

$1,987

$2,007

$2,018

$2,018

General Obligation Debt as % of Assessed Valuation

1.6 % 1.5 % 1.5 % 1.5 % 1.4 % 1.4 % 1.3 % 1.3 %

Policy Ratios

Expenditures

10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 %

General Obligation Debt Per Capita

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

General Obligation Debt as % of Assessed Valuation

2.3 % 2.3 % 2.3 % 2.3 % 2.3 % 2.3 % 2.3 % 2.3 %

(1) Growth for departments is 3% for all years beyond that. (2) These expenditures include General & Highway Funds only. (3) Includes principal and interest (4) Estimated at the compound annual growth rate of 1% for future periods (5) Estimated at the compound annual growth rate of 2% for all years beyond that.

123