Program Category FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 Total Local Parks & Recreation 24,738 19,701 15,654 15,797 21,474 19,002 17,293 20,802 24,036 44,684 223,181 Transportation Initiatives 1 153,478 204,790 191,201 148,474 132,080 137,532 83,958 91,763 88,245 94,816 1,326,337 Metro 27,400 27,000 27,600 28,200 28,800 29,400 30,100 30,800 31,500 32,200 293,000 Community Conserv/Economic Develop. 10,000 8,550 9,700 5,550 4,500 4,700 4,500 5,080 6,500 10,905 69,985 Public / Government Facilities 27,637 31,870 16,210 10,520 10,200 11,550 13,200 21,200 25,685 28,961 197,033 Information Technology & Public Safety 14,970 18,509 7,124 18,291 9,261 12,137 13,063 16,117 7,205 10,629 127,306 Regional Partnerships 1,682 1,432 1,472 1,513 1,557 1,602 1,649 1,698 1,748 1,802 16,155 Water & Sewer Infrastructure 28,915 35,390 42,555 46,155 45,880 55,280 102,030 58,180 31,720 53,070 499,175 Stormwater Management 2 9,270 4,093 5,833 2,011 2,000 2,000 2,000 2,000 2,000 2,000 33,207 Total County Capital 298,090 351,335 317,349 276,511 255,752 273,203 267,793 247,640 218,639 279,067 2,785,379 Schools Capital 5 265,060 42,350 37,050 28,800 42,000 68,600 18,700 16,600 40,400 54,000 613,560 Total Program Cost 563,150 393,685 354,399 305,311 297,752 341,803 286,493 264,240 259,039 333,067 3,398,939 Arlington County, Virginia Adopted CIP Program Summary The Adopted FY 2019 - 2028 CIP includes typical capital projects such as maintenance capital, parks, transportation, metro, community conservation, government facilities, information technology and regionals. Similar to the last CIP, this 10 year CIP includes funding that has been previously approved in prior CIPs to show the full expenditure by fiscal year of each capital project. 10 Year Capital Program Costs Summary (000s) (1) Transportation Capital Fund is supported by a commercial real estate tax of $0.125 per $100 of assessed value and 30% of revenues from a regional sales tax collected at the Northern Virginia Transportation Authority (NVTA). The Transportation Capital Fund is supplemented by County PAYG as well as state and federal revenues. (2) Stormwater Management Fund is funded from the Sanitary District Tax, Watershed Management Fund, State Grants and project cost sharing with US Army Corps of Engineers. The sanitary district tax was increased from $0.01 to $0.013 per $100 of assessed value by the County Board on April 24, 2010. (3) Local and Regional funding for transportation projects from the Northern Virginia Transportation Authority (NVTA) were approved by the General Assembly in 2013. (4) Other previously approved funds: Any funds other than GO Bonds that were approved as part of prior CIPs that are to be spent during the FY19-FY28 CIP. (5) Schools CIP reflects the School Board's adopted capital projects and related cashflows. B - 1
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Arlington County, Virginia Adopted CIP Program …...Capital Funding Sources FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 Total Pay-As-You-Go (PAYG) 5,545 13,306 13,166
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Total Program Cost 563,150 393,685 354,399 305,311 297,752 341,803 286,493 264,240 259,039 333,067 3,398,939
Arlington County, Virginia
Adopted CIP Program SummaryThe Adopted FY 2019 - 2028 CIP includes typical capital projects such as maintenance capital, parks, transportation, metro, community conservation,
government facilities, information technology and regionals. Similar to the last CIP, this 10 year CIP includes funding that has been previously approved in prior CIPs to show the full expenditure by fiscal year of each capital project.
10 Year Capital Program Costs Summary (000s)
(1) Transportation Capital Fund is supported by a commercial real estate tax of $0.125 per $100 of assessed value and 30% of revenues from a regional sales tax collected at the Northern VirginiaTransportation Authority (NVTA). The Transportation Capital Fund is supplemented by County PAYG as well as state and federal revenues.(2) Stormwater Management Fund is funded from the Sanitary District Tax, Watershed Management Fund, State Grants and project cost sharing with US Army Corps of Engineers. The sanitarydistrict tax was increased from $0.01 to $0.013 per $100 of assessed value by the County Board on April 24, 2010.(3) Local and Regional funding for transportation projects from the Northern Virginia Transportation Authority (NVTA) were approved by the General Assembly in 2013.(4) Other previously approved funds: Any funds other than GO Bonds that were approved as part of prior CIPs that are to be spent during the FY19-FY28 CIP.(5) Schools CIP reflects the School Board's adopted capital projects and related cashflows.
B - 1
Capital Funding Sources FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 TotalPay-As-You-Go (PAYG) 5,545 13,306 13,166 13,139 11,122 11,235 11,344 11,469 11,587 11,713 113,626 Short Term Financing 11,388 12,566 5,417 5,782 4,704 10,624 13,718 11,802 9,139 6,641 91,781 General Fund GO Bond Issue 69,120 65,795 64,625 57,260 58,900 66,005 67,160 81,045 87,725 91,225 708,860
Subtotal County Capital 2,342,036 2,252,997 (89,039) -3.8%Water and Sewer Infrastructure 420,504 499,175 78,671 18.7%Stormwater Management 53,693 33,207 (20,486) -38.2%Total County CIP 2,816,233 2,785,379 (30,854) -1.1%Schools Capital 510,290 613,560 103,270 20.2%Total CIP Program 3,326,523 3,398,939 72,416 2.2%
Arlington County, Virginia
CIP Comparison by Program Category
Parks and Recreation
6%
Transportation39%
Metro8%
Public/Government Facilities8%
Information Technology & Public
Safety4%
Regional Partnerships & Contingencies
1%
Joint County & Schools1%
Community Conservation & Economic Development
3%
Water and Sewer Infrastructure
13%
Stormwater Management
2%
Schools Capital15%
FY17-26 CIP
Parks and Recreation
6%
Transportation39%
Metro9%
Public/Government Facilities
6%
Information Technology & Public
Safety4%
Regional Partnerships & Contingencies
0%
Community Conservation &
Economic Development
2%
Water and Sewer Infrastructure
15%
Stormwater Management
1%
Schools Capital18%
FY19-28 CIP
B - 3
FY17-26 FY19-28 $ Change % ChangeNew FundingState/Federal Funding 316,746 199,639 (117,107) -37%Developer Contributions 110,390 126,251 15,861 14%General Fund GO Bond 657,325 708,860 51,535 8%Schools GO Bond 435,980 411,630 (24,350) -6%Revenue Bond 65,500 11,150 (54,350) -Utilities GO Bond 146,237 217,555 71,318 49%PAYG 388,110 264,494 (123,616) -32%Short Term Financing 86,265 91,781 5,516 6%Sanitary District Tax 28,679 32,707 4,028 14%Other Funding 86,786 113,826 27,040 31%Transportation Capital Fund (TCF)-C&I 174,808 275,305 100,497 57%TCF - HB2313 Local 99,585 81,683 (17,902) -18%TCF - HB2313 Regional 237,812 237,194 (618) 0%TCF Bonds - - - -Tax Increment Financing (TIF) 57,997 59,760 1,763 3%TIF Bonds - - - -Subtotal New Funding 2,892,220 2,831,835 (60,385) -2%Previously Approved Funding - Authorized but Unissued Bonds 53,331 27,969 (25,362) -48%Issued but Unspent Bonds 29,043 149,111 120,068 413%Other Previously Approved Funds 277,619 390,024 112,405 40%Subtotal Previously Approved Funding 359,993 567,104 207,111 58%Total Funding Sources 3,252,213 3,398,939 146,726 5%
Arlington County, Virginia
CIP Comparison by Funding Category
State/Federal Funding
6%
Developer Contributions
4%
General Fund GO Bond21%
Schools GO Bond12%
Revenue Bond0%
Utilities GO Bond6%
PAYG… Short Term Financing
3%
Sanitary District Tax
1%Other Funding
3%
Transportation Capital Fund (TCF)‐C&I
8%
TCF ‐ HB2313 Local2%
TCF Bonds0%
TIF Bonds0%
Authorized but Unissued Bonds
1%Issued but
Unspent Bonds4%
Other Previously Approved Funds11%
FY19-28 CIP
State/Federal Funding10%
Developer Contributions
3%
General Fund GO Bond20%
Schools GO Bond13%
Revenue Bond2%
Utilities GO Bond4%
PAYG12%
Short Term Financing
3%Sanitary District
Tax1%
Other Funding3%
Transportation Capital Fund (TCF)‐
C&I5%
TCF ‐ HB2313 Local3%
TCF …
TIF Bonds0%
Authorized but Unissued Bonds2%Issued but Unspent
Bonds1%
Other Previously Approved Funds9%
FY17-26 CIP
B - 4
TotalFY 19-28
LOCAL PARKS & RECREATIONParks Maintenance Capital (pg. C-12) 63,220 Arlington Boathouse (pg. C-17) 2,745Four Mile Run Near-Stream Improvements (pg. C-24) 6,325Three Urban Parks in Ballston-Virginia Square (pg. C-427) 750Jennie Dean Park (pg. C-30) 16,180Synthetic Fields (pg. C-45) 5,285Long Bridge Park (pg. C-30) 2,375Trail Modernization (pg. C-49) 6,305Rosslyn Highlands Park + (pg. C-38) 7,685 Shirlington Park (pg. C-40) 3,030Gateway Park (pg. C-26) 20,915Mosaic Park - Phase II (pg. C-33) 5,680Drew Park (pg. C-22) 1,280Parks Land Acquisition and Open Space (pg. C-48) 4,875Sub-total 146,650
2020 20242022Bond and Master Lease Funding Planning
6,325 500 2,245
3,135
4,235
23,400 25,420 23,230
41,305 47,980 43,520 45,935
Arlington County, Virginia
Adopted FY 2019 - FY 2028 CIP Debt Summary(000s)
12,500
1,185
500
13,500
Adopted2018
8,585
16,180
1,115
29,330
3,450
21,360
3,340 380
430
2,435
1,255
14,000
1,335
3,030
1,280
2,150
22,030
580
1,000
110 330
3,915
1,750 2,395 610
650
215 225
255 325
350 50 200
23,750
1,000
650 1,050 1,210 805
1,740
245
345
295
850 360
2,125
1,135
33,970 34,290
1,075 120 355
135 385
360
2026
31,050 32,590 36,095
260 275
385
210 245 245 285 315
565
B - 5
TotalFY 19-282020 20242022Bond and Master Lease Funding Planning
Arlington County, Virginia
Adopted FY 2019 - FY 2028 CIP Debt Summary(000s)
Adopted2018 2026
COMMUNITY CONSERVATIONNeighborhood Conservation (pg. C-55) 37,000 Penrose Square (pg. C-57) 4,985 Nauck Town Square (pg. C-60) 1,200 Sub-total 43,185
PUBLIC / GOVERNMENT FACILITIESFacilities Maintenance Capital (pg. C-69) 56,500 Buck Property Redevelopment (pg. C-87) 2,995 Fire Station #8 (pg. C-93) 14,000 Re-envisioning Quincy Park and Central Library (pg. C-36) 15,200 Fire Stations Replacements & Additions (pg. C-98) 22,115 Facility Condition Assessments & Planning Studies (C-76) 1,350 Columbia Pike Library Replacement (C-91) 2,810 1212 S Irving Street Replacement (C-83) 3,320 Carlin Springs Site (C-90) 1,500 Land Acquisition (C-100) 3,710 Sub-total 123,500
TotalFY 19-28
County General Obligation Bond Referenda 708,860
TotalFY 19-28
Fire Department Portable Radios (pg. D-126) 3,610 Public Safety Portable Radios (pg. D-16) 2,850 Public Safety Radio Base Stations / System (pg. D-16) 1,750 Police Mobile Data Computer Infrastructure (pg. D-11) 2,940 Total Subject-to-Appropriation Revenue Bonds 11,150
Planning
2,810
12,000 4,405
14,000 13,000 9,500
4,000 8,000 5,000 8,000
4,680
13,210 47,515
0
3,710
PlanningTotal County Bond Referenda
1,780
2,940 6,470
1,830 2,850
Subject-to-Appropriation Revenue Bonds
1,000 350 22,115
14,000
8,000 2,995
12,000
580
4,000 8,580 1,200
0 0 0
6,200 8,000 16,405
30,815 15,150 16,810
Adopted2018 2020 2022 2024 2026
140,915 115,885 124,905 163,785
2,800 12,400
1,750
163,370
2026202420222020Adopted
2018
3,320 1,500
B - 6
TotalFY 19-282020 20242022Bond and Master Lease Funding Planning
Arlington County, Virginia
Adopted FY 2019 - FY 2028 CIP Debt Summary(000s)
Adopted2018 2026
TotalFY 19-28
Synthetic Turf Program (pg. C-45) 1,567 773 757 1,837 1,155 1,357 2,434 2,751 12,631 Technology Maintenance Capital (pg. D-3) 3,985 3,299 2,974 2,955 4,454 4,820 4,517 4,385 2,194 3,740 37,323 Public Safety IT & Equipment Refreshment (pg. D-10 ) 7,403 7,700 1,370 2,070 250 3,467 7,796 6,060 4,511 150 40,777 Citizen Services & Engagement (pg. D-7) 300 300 Emergency Communications (pg. D-9) 500 250 750 Total General Fund Master Lease Funding 11,388 12,566 5,417 5,782 4,704 10,624 13,718 11,802 9,139 6,641 91,781 Auto Fund Master Lease - Fire Vehicle Apparatus (pg. D-11) 4,925 4,373 2,227 5,172 6,239 22,936
TotalFY 19-28
Source Water Reliability & Interconnections (pg. F-5) 34,560 Spout Run (pg. F-8) 1,235 Potomac Interceptor Phase II (pg. F-8) 3,090 Gravity Transmission Mains - B2 & B3 (pg. F-5) 6,375 Secondary Clarifiers (pg. F-22) 12,560 Edison Street / Carlin Springs Road (pg. F-6) 2,060 Primary Clarifier Upgrades (pg. F-25) 3,845 Solids Master Plan Phase II (pg. F-27) 3,320 Solids Master Plan Phase III (pg. F-28) 115,160 Washington Aqueduct Capital (pg. F-14) 35,350 Total Utility Fund GO Bond Referenda 217,555
TOTAL County GO Bond Referenda 176,945 125,095 113,205 108,655 133,430 657,330 140,915 115,885 124,905 163,785 163,370 708,860
B - 10
Arlington County, Virginia
Debt Capacity Analysis
In developing the CIP, the County establishes its long-range plan for pay-as-you-go (PAYG) and bond/lease purchase financing of its ten-year capital program. In determining the level of capital projects to finance and the method of financing, the County considers its financial ability to undertake these projects. This analysis includes a review of debt capacity factors and the impact of the adopted CIP on these debt capacity factors.
In April 2008, the County Board approved financial and debt management policies that affirmed the County’s existing debt capacity factors. The policies also included guidance on bond term and amortization, specifically that bond-funded projects will typically have a useful life at least as long as the period over which the bonds will be repaid (the average life of County bonds is 11-12 years and final maturity is generally twenty years; however, longer terms may be considered on very long useful life projects). Finally, the Board’s policies provided guidance on the use of variable rate debt and derivatives. The Board has periodically adopted revisions to the financial and debt management policies, most recently as part of the Adopted FY 2018 Operating Budget. These policies serve as the financial framework for the CIP, and a full copy of the adopted policies is included in the Financial & Debt Management Policies section.
The bond rating agencies that rate the County’s debt for potential investors use these debt ratios, coupled with other County and community economic factors. The three major bond rating agencies, Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings currently rate the County Aaa/AAA /AAA (the highest possible). Arlington is one of a select national group of counties that currently hold these coveted Aaa/AAA/AAA ratings from the three major rating agencies. The County's bond ratings were reaffirmed in May 2018 and historical County bond trading in the secondary market confirm that Arlington belongs within the very top group of municipal credits in the national bond market. The funding levels contained in this CIP would maintain this status.
While there is no legal limit in Virginia on the level of debt issued by Virginia counties, Arlington has issued and plans to issue its debt prudently. Arlington will remain within the acceptable range of debt capacity factors with the CIP based on conservative assumptions, as illustrated on the following pages.
B - 11
Underlying Assumptions
The projected ratios shown in the following tables are based on the County’s Adopted FY 2019 – FY 2028 CIP. It is important to note that the County’s financial and debt management policies view debt capacity on a combined basis (i.e., County and Schools) as do the bond rating agencies.
The projected debt ratios are based on conservative revenue growth assumptions: 1.2% growth in FY 2020, slowly escalating to 3% in
FY 2027 and thereafter. Similarly conservative assumptions have been used for projected growth in market value of the County’s tax base (identical to revenue growth assumptions) and per capita income growth of 2 percent annually.
It should be noted that these debt ratios include only general obligation and other tax-supported debt, including bonds issued through
the Industrial Development Authority (IDA) or other conduit issuers for County projects where debt service is paid for from the General Fund. For example, these ratios include the subject-to-appropriation Series 2017 IDA revenue bonds issued in October 2017 for the acquisition of the Buck property, and for acquisition, design, and construction of the Head Start facility at 2920 South Glebe Road. The ratios do not include bonds where the County has provided a moral obligation pledge as credit support to a project (e.g., the Kettler Iceplex facility or the Gates of Ballston project). In charts C and D of this section, the customary general obligation debt to the tax base ratio chart has been amended to also show the effect of moral obligation or “subject-to-appropriation” backed capital financing. The ratios do not include debt that is supported by user fees from enterprise funds, including debt included for the Utilities Fund. Projected Debt Ratios Ratio of Debt Service to General Expenditures No Greater Than 10% -- Over the ten-year planning period, this ratio will range from 9.0% to 9.9%, peaking in FY 2027. Outstanding Debt as Percentage of Market Valuation of Tax Base No Greater than 3% -- The amount of debt that the County carries is moderate when compared to its tax base. This ratio is projected to range from 1.4% to 1.6% over the ten-year planning period. Ratio of Debt per Capita to Per Capita Income No Greater than 6% -- The County estimates that the Debt to Income ratio will range from 4.8% to 5.8%, assuming 2.2% growth in per capita income. Growth in Debt Service over the Ten-Year Planning Period No Greater than Ten-Year Historical Growth in Revenues – Average annual growth in debt service is estimated at 3.4% compared to historical average ten-year revenue growth of 3.5%.
NET TAX-SUPPORTED GENERAL OBLIGATIONBONDS AT END OF FISCAL YEAR (2) 1,072,697,462 1,142,943,963 1,165,661,678 1,168,222,584 1,182,234,928 1,225,464,012 1,217,900,150 1,216,278,100 1,240,050,223 1,277,554,800
NET TAX-SUPPORTED BONDS AT END OF FISCAL YEAR (3) 1,195,803,159 1,261,579,660 1,278,507,376 1,283,523,281 1,290,439,911 1,329,373,280 1,314,186,562 1,306,021,655 1,323,165,920 1,353,957,641
SCHOOLS DEBT SERVICE 58,494,132 59,160,556 61,364,583 61,392,716 61,649,178 63,822,853 68,998,645 66,785,778 69,135,119 66,095,032 COUNTY DEBT SERVICE (4) 69,462,282 72,785,510 77,893,709 83,976,703 88,928,003 92,174,731 91,749,019 98,411,071 101,099,257 108,824,819 TOTAL TAX SUPPORTED DEBT SERVICE 127,956,414 131,946,066 139,258,292 145,369,419 150,577,181 155,997,585 160,747,664 165,196,849 170,234,376 174,919,850
% GROWTH IN TAX-SUPPORTED DEBT SERVICE 7.5% 4.8% 7.0% 7.8% 5.9% 3.7% -0.5% 7.3% 2.7% 7.6%COUNTY ONLY 5.1%
% GROWTH IN TAX-SUPPORTED DEBT SERVICE 11.5% 3.1% 5.5% 4.4% 3.6% 3.6% 3.0% 2.8% 3.0% 2.8%COUNTY / SCHOOLS 3.5%Proposed CIP General Government Expenditures (2.6% less $7 1,345,341,851 1,385,702,107 1,427,273,170 1,470,091,365 1,514,194,106 1,559,619,929
INCOME PER CAPITA (8) $91,900 $93,922 $95,988 $98,100 $100,258 $102,464 $104,718 $107,022 $109,376 $111,782Consistent with FY2016 Adopted Budget 2.20% 2.20% 2.20% 2.20% 2.20% 2.20% 2.20% 2.20%
NET TAX-SUPPORTED GENERAL OBLIGATION DEBT TO INCOME (NOT TO EXCEED 6%) 5.5% 5.8% 5.7% 5.5% 5.4% 5.4% 5.1% 4.9% 4.9% 4.8%
6.00% 6.00% 6.00% 6.00%(1) Updated for 2018 GO Bond Issuance. 5% interest rate assumed on all other bond issuance(2) Excludes GO bonds issued for the Utilities Fund(3) Excludes credit support commitments on revenue bonds or lease-backed bond financings, includes IDA Bonds supported by the County's General Fund. For Subject to Appropriation debts, see Chart C.(4) Includes both General Obligation and Subject to Appropriation debt. Excludes Utilities Fund, Transportation Capital Fund Debt Service, and Other debt costs(5) Includes expenditures of General Fund and certain Special Revenue Funds of the County and School Board. Assumes 1.2% growth in FY 2020, ramping up to 3.0% in FY2027 and beyond(6) Includes real, personal property, and Public Property. Assumes 1.2% growth in FY 2020, ramping up to 3.0% in FY2027 and beyond(7) Population as of July 1, 2017 from the US Census with growth as estimated by MWCOG Round 8.4 Forecasts. (8) Source: Bureau of Economic Analysis 2016 estimates, with growth of 2.2% consistent with PCPI annual growth in Virginia from 2006 - 2016
Adopted FY 2019 - FY 2028 Capital Improvement PlanDebt Ratio Forecast
Total Tax-Supported General Obligation (GO) & ALL STA Financings 1,243,118,945 1,308,933,719 1,324,980,780 1,317,897,324 1,300,592,526 1,334,506,851 1,323,645,036 1,321,254,852 1,339,654,825 1,367,951,679
Total Tax-Supported GO and Tax-Supported STA Financings 1,198,173,945 1,265,193,719 1,282,500,780 1,276,742,324 1,283,832,526 1,319,216,851 1,309,905,036 1,309,154,852 1,329,289,825 1,359,426,679
Total Project-Supported STA Financings 44,945,000 43,740,000 42,480,000 41,155,000 16,760,000 15,290,000 13,740,000 12,100,000 10,365,000 8,525,000
Market Value of Taxable Property 78,062,546,865 78,999,297,427 80,737,281,971 82,594,239,456 84,576,501,203 86,606,337,232 88,858,102,000 91,168,412,652 93,903,465,031 96,720,568,982
Total Tax-Supported GO & ALL STA Financings as Percent of Market Value (Not to Exceed 4%) 1.59% 1.66% 1.64% 1.60% 1.54% 1.54% 1.49% 1.45% 1.43% 1.41%
Total Tax-Supported GO & Tax-Supported STA Financingsas Percent of Market Value 1.53% 1.60% 1.59% 1.55% 1.52% 1.52% 1.47% 1.44% 1.42% 1.41%
Total Project-Supported STA Financings (Credit Enhancement)as Percent of Market Value (2) 0.06% 0.06% 0.05% 0.05% 0.02% 0.02% 0.02% 0.01% 0.01% 0.01%
(1) Excludes Self-supporting debt in the Utility Fund(2) Includes existing and planned capital equipment short term financing in the General Fund, Auto Fund, Utilities Fund and Schools Fund(3) Includes the Series 2011, 2013, and 2017 IDA Revenue Bonds(4) Debt service on these financings is intended to be repaid by user fees or tenant rental income, not by County General Fund revenues.(5) Includes the bonds issued by the IDA in 2010 to refinance the construction of two ice rinks, the office space, and the training facility on top of the 8th Level at the Ballston Parking Garage.
Adopted FY 2019 ‐ FY 2028 Capital Improvement PlanAs of June 30
Ratio of Outstanding Debt to Market ValueSummary of Tax‐Supported General Obligation Bonds & Subject To Appropriation‐Type Financings (1)