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CPA Fund - Projected Revenues and Expenditures
<br />Projected Revenue
<br />Open Space
<br />Historic Resources
<br />Community Housing
<br />Other Projects
<br />Unbudgeted Reserves
<br />or resources on nand to tuna
<br />oric resources, community
<br />sing and recreation projects at $
<br />4 ATM
<br />$
<br />Administrative Expenses: i Balance ($1,875,731),
<br />. Unbudgeted Reserve
<br />Marrett Rd. Construction - Phase IA :: ($576,991) and Historic
<br />Resources Reserve (47,278)
<br />Estimated
<br />$ 501,800
<br />$ 519,363
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />$ 3,075,245r.
<br />$ -
<br />Resources on
<br />S (519,363)
<br />$ (537,541)
<br />$ (556.355)
<br />$ (575;827)
<br />$ (595,981)
<br />$ 484,831
<br />$ 501,800
<br />Hand at 2014
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />(82,427)
<br />$ (194,905)
<br />$ (501,800)
<br />$ (519,363)
<br />ATM
<br />FY2015
<br />FY2016
<br />FY2017
<br />FY2018
<br />FY2019
<br />FY2020
<br />FY2021
<br />Property Surcharge
<br />;" "' $
<br />3,907,000
<br />$ 4,043,745 $
<br />4,185,276 $
<br />4,331,761 $
<br />4,483,372 $
<br />4,640,290 $
<br />4,802,701
<br />State Match 1
<br />$
<br />E
<br />927,310
<br />$ 959,766 $
<br />993,358 $
<br />1,028,125 $
<br />1,064,110 $
<br />1,101,353 $
<br />1,139,901
<br />Investment Income 2^$
<br />$ 595,981
<br />14,000
<br />$ 14,490 $
<br />14,997 $
<br />15,522 $
<br />16,065 $
<br />16,628 $
<br />17,210
<br />nated Fund Balance
<br />..
<br />$ 2,908,986
<br />$ 3,010,800
<br />$ 3,116,179
<br />$ 3,225,245
<br />$ 3,338,128
<br />$ 3,454,963
<br />$ 3,575,887
<br />Open Space
<br />Historic Resources
<br />Community Housing
<br />Other Projects
<br />Unbudgeted Reserves
<br />or resources on nand to tuna
<br />oric resources, community
<br />sing and recreation projects at $
<br />4 ATM
<br />$
<br />Administrative Expenses: i Balance ($1,875,731),
<br />. Unbudgeted Reserve
<br />Marrett Rd. Construction - Phase IA :: ($576,991) and Historic
<br />Resources Reserve (47,278)
<br />$ (2,500,000)
<br />(12)
<br />$ 484,831
<br />$ 501,800
<br />$ 519,363
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />$ 3,075,245r.
<br />$ -
<br />$ (501,800)
<br />S (519,363)
<br />$ (537,541)
<br />$ (556.355)
<br />$ (575;827)
<br />$ (595,981)
<br />$ 484,831
<br />$ 501,800
<br />$ 519,363
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />(82,427)
<br />$ (194,905)
<br />$ (501,800)
<br />$ (519,363)
<br />$ ;537:541)
<br />$ (556,355)
<br />$ (575,827)
<br />S (595,981)
<br />2012
<br />$ 484,831
<br />$ 501,800
<br />$ 519,363
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />(388455)
<br />$ (484,831)
<br />$ (501,800)
<br />$ (519.363)
<br />$ (537,541)
<br />$ (5561355)
<br />$ (575,827)
<br />$ (595,981)
<br />$ 1,028,100
<br />$ 484,831
<br />$ 501,800
<br />$ 519,363
<br />$ 537,541
<br />$ 556,355
<br />$ 575,827
<br />$ 595,981
<br />(1,149)
<br />$ (483,351)
<br />$ (501:800)
<br />$ (519,363)
<br />$ (537,541)
<br />$ (556,355)
<br />$ (575,827)
<br />$ (595,981)
<br />66,120
<br />$ 2,908,986
<br />$ 3,010,800
<br />$ 3,116,179
<br />$ 3,225,245
<br />$ 3,338,128
<br />$ 3,454,963
<br />$ 3,575,887
<br />(177,266)
<br />$ 1,087,858
<br />$ 1,054,893
<br />1,021,927
<br />988,962
<br />$ (1501000)
<br />$ (150,000)
<br />$ (150,000)
<br />$ (150,000)
<br />$ (150,000)
<br />$ (150,000)
<br />$ (150,000)
<br />$ (2,500,000)
<br />(12)
<br />Contingency)
<br />(17)
<br />r
<br />$ 675,727 2015
<br />2,860,800
<br />$ 2,966,179
<br />$ 3,075,245r.
<br />(19)
<br />Potential Center Track Project 4
<br />$ 2,400,000 2017
<br />Projected Debt Service -10 Year Term @ 4% (Visitor Center - 5 year term)
<br />Amount
<br />ATM Action
<br />(13) Wright Farm (actual debt service)
<br />$
<br />2,950,000
<br />2012
<br />$
<br />434,633
<br />$ 424,800
<br />$ 410,050
<br />$ 395,300
<br />$ 380,550 $
<br />365,800 $
<br />351,050
<br />(14) Marrett Rd. Purchase (actual debt service)'
<br />$
<br />7,390,000
<br />2013)
<br />$
<br />1,089,774
<br />$ 1,065,100
<br />$ 1,028,100
<br />$ 991,100
<br />$ 954,100 $
<br />917,100 $
<br />880,100
<br />(15) Marrett Rd. Construction - Phase IA 3
<br />$
<br />551,000
<br />2014
<br />$
<br />11,250
<br />$ 77,140
<br />$ 74,936
<br />$ 72,732
<br />$ 70,528 $
<br />68,324 $
<br />66,120
<br />Cary Memorial Hall Construction (including
<br />$
<br />8,241,350
<br />2014
<br />$
<br />168,261
<br />$ 1,153,789
<br />$ 1,120,824
<br />$ 1,087,858
<br />$ 1,054,893
<br />1,021,927
<br />988,962
<br />(1s)
<br />Contingency)
<br />(17)
<br />Visitor Center Construction
<br />$ 675,727 2015
<br />(18)
<br />Potential Center Pool
<br />$ 1,200,000 2016
<br />(19)
<br />Potential Center Track Project 4
<br />$ 2,400,000 2017
<br />(20)
<br />(21)
<br />(22)
<br />(23)
<br />15,767 $ 162,174 $ 156,769 $ 151,363 $ 140,551 $ 135,145
<br />$ 168,000 $ 163,200 $ 158,400 $ 153,600
<br />$ 336,000 $ 326,400 $ 316,800
<br />77,495 $ 306,460 $
<br />1 FY15 figure derived from an assumed 25% reimbursement rate.
<br />2 FY15 figure based on historical experience. FY15 to FY21 assumes a 3.5% annual increase based on assumed growth in the CPA surcharge of 3.5% annually.
<br />3 Given that these projects constitute preservation of historic resources, the annual debt service payments could be applied to mitigate or meet the 10% threshold required under the CPA, thus precluding the need
<br />to setaside a portion or all of the amounts shown in row 7 above. Relatedly, debt service for Wright Farm could be applied to mitigate the 10% threshold for open space shown in row 6 above.
<br />4 Current Estimate of total project cost. Recreation Enterprise Fund retained earnings is a potential source to mitigate project costs.
<br />CPA Financial Model
<br />3/7/201411:26 AM
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