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    presentation to Moody's presentation to Moody's Presentation Transcript

    • Hamilton County, Ohio Presentation to May 6, 2008
    • Table of Contents
      • Introduction and Participants
      • Overview
      • Economic and Demographic Conditions
      • Management
      • Financial Performance
        • Near-Term Budget (2008-2009)
        • 2008 Budget – Current Estimate
        • Mid-Term Budget (2010-2012)
        • General Fund Reserve
        • Stadium Deficit
        • Banks Capital Funding
        • Job and Family Service (JFS) Report
      • Economic Development
      • Debt Management and Capital Program
      • Summary
    • I. Introduction and Participants
    • Participants
        • Todd Portune President, Board of County Commissioners
        • Patrick Thompson County Administrator
        • Christian Sigman Assistant County Administrator
        • Eric Stuckey Assistant County Administrator
        • Karen McFarland Debt Manager
        • James Harper Chief Assistant County Prosecutor
        • Ted Ricci Financial Advisor (Public Financial Management, Inc.)
        • John Fischer Bond Counsel (Peck, Shaffer & Williams LLP)
    • II. Overview
    • Overview
      • Hamilton County remains the hub of a strong, growing and economically diverse region.
      • The County has identified and will continue to identify solutions.
        • Budget and Revenue/Expense Management
        • Intergovernmental Initiatives
        • Strategic Management
        • Stadium Fund Management
        • JFS Report
        • Economic Development
      • The County is committed to strong financial management.
    • III. Economic & Demographic Conditions
    • Summary
      • Hamilton County remains the center of a strong and growing economic region.
      • Income levels in the County are among the strongest in the region, the state, and the nation.
      • Population trends show the County and region maintaining population stability with future growth projected.
      • Employment trends in the County reflect better performance than the state due to significant diversification and non-manufacturing jobs.
      • Hamilton County is the home of 5 of the top 25 employers in the state and remains the home of 6 Fortune 500 companies and 10 Fortune 1000 companies.
    • Accessibility: Midwest & East Coast Source: Board of County Commissioners – Request for Master Developer
      • More than half of the nation’s population, manufacturers and purchasing power are located within 600 miles of Greater Cincinnati.
      • The metropolitan area is a growing center for international business with over 1,000 firms engaged in international trade – ranking Greater Cincinnati 21 st in total exports.
    • Accessibility: Local
      • Regionally Hamilton County is the hub of a growing tri-state area.
    • Per Capita Income in Hamilton County is above both the State of Ohio and the U.S. Income Levels Source: U.S. Census Bureau (2006 American Community Survey)
    • Per Capita Income Source: U.S. Census Bureau (2006 American Community Survey)
    • Income Levels Source: ******
      • Personal Income levels in Hamilton County remain among the strongest in the region and the state.
    • Income Levels Source: ******
      • Hamilton County has maintained strong growth in personal income levels (approximately 2X neighboring counties).
    • Population Urban County Comparison (2007) Source: U.S. Census Bureau
    • Population Consolidated Metropolitan Statistical Area (CMSA) Source: U.S. Census Bureau
    • Population Hamilton vs. Cincinnati (1970 – 2007) *2007 Jurisdiction estimate has not been released, 2006 estimate has been substituted Source: U.S. Census Bureau
    • Population Distribution ***Description Here***
    • Percent Population Change
    • Unemployment Hamilton County, State of Ohio & U.S. 2002 – 2007 Comparison
      • County employment trends reflect better performance than the state due to job diversification.
      Source: U.S. Department of Labor (Bureau of Labor Statistics)
    • Employment Hamilton County: Source: U.S. Department of Labor (Bureau of Labor Statistics)
      • Employment trends for the County have stabilized.
    • Total Employment Cincinnati-Middletown, OH-KY-IN Counties (MSA) Source: Hamilton County Regional Planning Commission, BEA, Regional Economic Information System
    • Employment Source: Hamilton County Regional Planning Commission, BEA, Regional Economic Information System Hamilton County Earnings: Percent Share by Sector (2006)
      • The counties employment is reflective of strong job diversification.
    • Employment Nation vs. Cincinnati (1975 – 2006): Source: Ohio Department of Development (Office of Strategic Research) & Cincinnati USA Regional Chamber of Commerce (gccc.com)
    • Ohio’s Top Employers Source: Office of Strategic Research (Ohio Department of Development)
    • Hamilton County: Major Employers in Metropolitan Area Source: Greater Cincinnati Chamber of Commerce
    • Fortune 500 & 1000: Headquarters in Metropolitan Area
      • 400 Fortune 500 Companies have presence in the Metropolitan Area
    • IV. Management
    • Summary
      • The County has a long history of prudent yet proactive management.
      • The County is aware of its near-term and strategic challenges and is acting on a multifaceted program of strategic and financial initiative designed to address systemic weaknesses and build on historic strengths.
    • Source: Office of the Budget and Strategic Initiatives Vision & Mission
      • Vision:
        • To serve the residents of Hamilton County by providing the best and most responsive county government in America.
      • Mission:
        • To reach out to Hamilton County residents to provide efficient service of the highest quality, encourage resident participation in service development and to deliver county services equitably.
    • County Organization Source: Office of the Budget and Strategic Initiatives
    • County Organization – Board of County Commissioners * Liaison Role to Elected Officials which are identified in green Source: Office of the Budget and Strategic Initiatives
      • Budget and Revenue/Expense Management :
        • Planned approach to rebuilding County General Fund Reserve
        • Developing consensus budget policies among elected officials
        • Requiring taxes and fees appropriate for the scope of services provided
        • Implementation of Performance-Based Budgeting
        • Spending caps on select commodities
        • Expedite collection of delinquent taxes
        • Review and sale of County assets
        • Enhanced periodic budget monitoring
      • Intergovernmental Initiatives :
        • Continue shared services efforts with the City of Cincinnati and other local governments
        • Local/Regional Governmental Equalization Initiatives
        • Pursuit of fiscal relief initiatives with the State of Ohio
      2008-2012 Management Initiatives
      • Strategic Management :
        • Executive dash board tied to County Administrator performance
        • Infrastructure strategic analysis
        • Management work plan – monthly performance evaluation
        • In January 2008, the Commissioners empanelled the Cabinet of Economic Advisors (CEA) to develop strategies to grow revenues associated with the sales tax, property tax and investment earnings.
          • Early focus of efforts concern retail sales analysis in the county and developing a tax market basket for comparative jurisdictions.
        • Targeting poverty and unemployment
          • Convening a summit on poverty with the City of Cincinnati and other agencies
          • Implementing worker Readiness Programs and small business contracting
      • Stadium Fund Management:
        • Develop plan to address pending stadium fund deficit
        • Exploration of revenue enhancement for Stadium Fund (naming rights, etc)
      2008-2012 Management Initiatives Cont.
      • JFS Report :
        • Completion of the Job and Family Services Audits
        • Complete reforms at Hamilton County Job and Family Services Dept.
      • Economic Development :
        • Integrated County & City near-term implementation of The Banks development project
        • Replicate unrestricted County Economic Development Fund
        • Restructuring of Cincinnati-Hamilton County Port Authority
        • Pressing for more cost efficient alternatives to the MSD Global Consent Decree
        • Reinstating linked deposit program for home and small business improvement
        • County, City, Local government is collaborating to develop land banks for conversion of distressed real estate to productive use.
        • County transportation improvement district- joint intergovernmental transportation initiatives
      2008-2012 Management Initiatives Cont.
    • Management Qualifications & Experience
      • Board of County Commissioners
        • President of the Board in office since January 2001. Term expires January 2009.
          • 8 years experience Cincinnati city council.
        • Commissioner DeWine in office since January 2005. Term expires January 2009.
          • 5 years experience Cincinnati city council.
        • Commissioner Pepper in office since January 2007. Term expires January 2011.
          • 4 years experience Cincinnati city council.
      • County Administrator
        • Patrick Thompson took office in January 2006
        • Twenty five years local government experience
        • 18 years experience as a county administrator
    • Management Qualifications & Experience Cont.
      • Senior Management
        • Christian Sigman – Assistant County Administrator for Budget/Finance & Public Safety/Judicial since March 2006
        • Eric Stuckey – Assistant County Administrator for Economic Development/Administration since August 2000
        • Jeff Aluotto – Assistant County Administrator for Public Works and Environmental/Infrastructure
        • Moira Weir – Assistant County Administrator for Jobs and Family Services and Social Services
        • Karen McFarland – County Debt Manager since 1993
    • City & County Relationship
      • City/County Initiatives:
        • Banks Development
        • Regional Emergency Operations Center
        • CLEAR Wireless Data Service for law Enforcement
        • Regional GIS System
        • Shared Services Initiative
        • MSD (Metropolitan Sewer District) Global Consent Decree
        • SORTA (Southwest Ohio Regional Transit Authority)
        • Convention Center renovation and expansion
    • V. Financial Performance
    • Summary
      • The County continues to proactively manage its annual budgets and conduct multi-year budget projections.
      • The County has flexibility in an identified range of options to bring the General Fund Reserve to a 15% balance by 2010 and assure balanced near-term budgets in 2008 and 2009, and to address future budgetary performance.
    • Historic Revenue & Expense Trends General Fund Revenue vs. Inflation
      • County fiscal and strategic management initiatives are focused towards addressing recent revenue growth trends below inflation.
      (1.96%) (2.81%) General Fund Revenue vs. Inflation. The chart above compares actual recurring revenue to the level anticipated if they had increased with inflation. Historic trends compared to inflation do not include non-recurring revenue.
    • Historic Revenue & Expense Trends General Fund Expenditures vs. Inflation
      • The County has been very proactive in controlling expenditure growth relative to both inflation and revenues.
      (1.54%) (2.81%) General Fund Revenue vs. Inflation. The chart above compares actual recurring expenditures to the level anticipated if they had increased with inflation. Historic trends compared to inflation do not include non-recurring expenses.
    • Historic Fund Balance General Fund Balance: Revenue/Expenditure Breakdown
    • Revenues & Expenditures 2006-2012 County 5 Year Plan (Current Projection)
    • 5 Year Plan: Revenue & Expense Forecast
    • a) Near-Term Budgets 2008-2009
    • Strategic Approach to Structurally Balanced Operations
      • Local/Regional Cost
      • of Service Initiatives
      • City/County Shared
      • Services Initiatives
      • State Relief
      • CEA
      • Performance-Based
      • Budgeting
      • Spending Caps
      • Restructure Port Authority
      • Banks
      • Industrial Development
      • Job Creation/Retention
      • Retail Development*
      • Commercial Development*
      *Non-city
      • Expenditure Reductions
      • Revenue Enhancements
      • Reserve Replenishment and Maintenance
      • JFS Report Completion
      • Riverfront Stadium Deficit Management
      Intergovernmental Initiatives Economic Development Management Initiatives Fiscal Management Stadium Budget JFS
    • General Fund Revenues: 2008 General Fund Revenues (2008)
    • General Fund Expenses: 2008 General Fund Expenses (2008)
    • Expenditures & Revenues (2008)
      • The 2008 Budget is structurally balanced with ongoing revenue exceeding ongoing expenditures.
      • Expenditure Reductions
        • 111 General Fund positions eliminated
        • No Pay Raises
        • Departments assessed a 5% vacancy assumption
        • Employee Health Insurance Plan Reform: a $3 million savings
        • Capital Maintenance & Equipment*
        • Select Commodity Spending Caps
        • Outside agency funding eliminated / greatly reduced
        • Programs eliminated
      • * During 2008, the County is undergoing a comprehensive inventory and analysis of spending requirements for three key infrastructures: facilities, equipment and information technology.
      Includes one time expenditures totaling ($10M): Additional pay period ($5.6M), Presidential election costs (08 - $2M), employee separation costs ($1.4M), Workers’ Compensation Cost ($650,000), and JFS audit response ($350,000).
    • Employment 2008 Employee Positions: Net Change in Positions since 2004 Source: Office of the Budget and Strategic Initiatives
    • Employment All FTE’s by Function Trends: 6,339.2 6,329.1 6,306.3 6,244.3 6,176.8 Source: Office of the Budget and Strategic Initiatives
    • Employment All General Fund FTE’s Source: Office of the Budget and Strategic Initiatives
    • Expenditures & Revenues (2008) continued
      • Outside Agency Funding Reductions
        • Ohio State Extension Service ($260,000 decrease)
        • Miami Conservancy District ($80,000 decrease)
        • Emergency Management Commission ($255,000 decrease)
        • Regional Planning Commission ($28,000 decrease)
        • Partnership for Greater Cincinnati ($100,000 decrease)
        • Hamilton County Development Company ($9,000 decrease)
      • Program Eliminations/Suspensions
        • Employee Tuition Assistance Programs
        • Home Improvement Loan Program
        • Commuter Reverse Commute Program
    • Expenditures & Revenues (2008) continued
      • Revenue Initiatives: No broad-based tax increase
        • Aging real property tax liens will be sold in 2008 ($325,000)
        • Municipalities will be charged for jail costs for municipal code violations ($250,000)
        • The county will sell excess property ($250,000)
        • Inmate reception fee will be implemented ($150,000)
        • Dog Warden boarding fees increased to reduce general fund subsidy ($45,000)
    • Expenditures & Revenues (2009)
      • Expenditures - $8.3 million increase (3.1% growth – 2008)
      • Major Expenditure Assumptions (Current):
        • 2.5% inflation on goods and services
        • 3.5% Sheriff Uniform Staff salary increases (union)
        • 5% Communication Center General Fund subsidy increase
        • 2.5% salary increases for non-represented employees
        • 7% cap on employee health insurance increase
        • Level funding for capital maintenance and capital equipment
        • Level funding for information technology investments
        • No extraordinary costs associated with election operations
        • 2.0% Sheriff Vacancy Rate ( reduced from 5% in 2008)
    • Expenditures & Revenues (2009) continued
      • Revenues - $1.5 million decrease (0.6% decrease – 2008)
      • Major Revenue Assumptions (Current):
        • Property tax: no growth with mid-term assessment increase offset by residential property value decreases
        • 1.5% growth in sales tax
        • Consistent investment earnings performance
        • No change in Public Defender state reimbursement ratio
        • Level Local Government Fund revenues from the state
        • Housing Market fees reflect return to 2007 levels
      • Preliminary Budget Estimate shows negative $12.1 million Budget Gap.
    • Short-Term Balancing Options (2009)
      • Expenditures
        • Limit Raises - up to $2.5 million 1
        • Additional employee health insurance benefits changes 1
        • Local/Regional Governmental Cost Sharing Initiatives
          • Transfer Storm Water Maintenance out of General Fund - $1.2 million 1
          • Revise Township Patrol Agreements - $500,000-$4.0 million (2009), total $12.0-13.0 million 1
      • Revenues
        • Increase Real Estate Transfer Tax - $4.0 million 2
        • Increase Dog License Fee - $250,000 1
        • Add Cigarette/Alcohol taxes – $5.0 million 1
        • Other Fees - $500,000
          • Jail Reception Fee 1
          • Contractor Registration Fee 1
          • Auto License Plate Reader Program 1
          • Other 1
      1 - BOCC Approval Only 2 - Subject to Voter Referendum
    • b) 2008 Budget – Current Estimate
    • 2008 Budget – Current Year-End Projection
      • Monthly Budget Monitoring
      • First Quarter Preliminary Budget Projections
        • Revenue Reductions
          • Housing Related Fees
          • Investment Earnings
          • Sales Taxes
        • Revenue Increases
          • Juvenile Court
      • Remedial Actions
        • Hiring Freeze (04/30/08)
        • Immediate fee increases
        • Letter to department heads
        • Commodity spending review
      • Expense Increases
        • Personnel Vacancies
        • Final Coroner Settlement Payment
    • c) Mid-Term Budgets (2010-2012)
    • Expenditures (2010-2012)
      • Expenditures Growth: 2.64% annually from 2009
      • Major Assumptions (Current):
        • 2.5% inflation on goods and services
        • 3.5% Sheriff Uniform Staff salary increases (union)
        • 5% Communication Center General Fund subsidy increase
        • 2.5% salary increases for non-represented employees
        • Level funding for capital maintenance and capital equipment *
        • Level funding for information technology investments *
      • * During 2008, the County is undergoing a comprehensive inventory and analysis of spending requirements for three key infrastructures: facilities, equipment and information technology.
    • Revenues (2010-2012)
      • Revenue Growth: 1.7% annually from 2009
      • Major Assumptions (Current):
        • 1.5% annual sales tax growth
        • 0.0% property tax growth 2010-2011, 3.0% 2012
        • 1.5% annual state Local Government Fund growth
        • No change in Public Defender state reimbursement ratio
    • Balancing Options (2010-2012)
      • Expenditures
        • Local/Regional Governmental Cost Sharing Initiatives
          • Transfer Storm Water Maintenance out of General Fund - $1.2 million
          • Revise Township Patrol Agreements - $8.0-12.0 million
          • Zoning
          • Crime Lab
          • Public Defender
          • Other
      • Revenues
        • Increase Real Estate Transfer Tax - $4.0 million*
        • Add Cigarette/Alcohol taxes
        • Other fees
      • Potential Impacts of Management Initiatives
        • Managed Competition
        • CEA Task Force
        • Banks Development
        • State Relief Initiatives
        • Delinquent Tax Collection
      *Subject to Voter Referendum
        • Restructured Cincinnati-Hamilton County Port Authority
        • Performance-Based Budgeting
        • Commodities Spending Caps
    • d) General Fund Reserve
    • County General Fund Reserve Policy
    • Strategic Reserve Improvement Plan
      • Issuance of Coroner's Judgment Debt ($8 million)
      • Internal loan pending sale of the Drake Hospital*
      • Target Drake Hospital sale to General Fund Reserve (2010)
      • Adhere to reserve policy approved in 2007
      • Maintain structurally balanced budgets
      • Sale of County assets (Sale/Development of County fairgrounds, other)
      • * Requires Statutory Change
    • Strategic Reserve Improvement Plan cont.
      • The County owns the Drake Hospital that is valued at approximately $50 million.
      • During 2006, the County entered into a lease with the Health Alliance of Greater Cincinnati that provides 30 year lease payments of approximately $1 million in an annual inflationary increase.
      • Lease also includes purchase option beginning 1/1/2010
      • Lease agreement includes incentives to purchase in 2010. Purchase price (2010) is approximately $28,500,000
      • The lease revenue is not included in the general fund budget, but directed to carrying costs at the 15 acre Kahn’s site.
    • Strategic Reserve Improvement Plan cont.
      • The County has identified a number of actions to:
        • 1) balance the near-term budgets (2008 & 2009)
        • 2) structurally balance long-term budgets (2010-2012)
        • 3) replenish the general fund reserve.
      • In totality, general fund budgets will be structurally balanced and the general fund reserves will be at 15% by the end of 2010.
    • e) Stadium Deficit
    • Present & Projected Annual Stadium Fund
      • Aggregate Deficit (2008-2012): $0
        • 1% sales tax growth
        • Final State grant payment
      • Action Taken to Date:
        • Restructuring of Cincinnati School District Pilot Payments – September 2006
          • Restructured to provide cash flow relief with no payments from 2007-2010; payments resume 2011
        • Sales Tax Revenue Bond Refunding – November 2006
          • $26.5 million present value savings – taken 2007-2012 to provide cash flow relief
      • Deficits Post 2012
        • Sales Tax Growth
          • 1% - deficit begins 2013
          • 2% - deficit begins 2013
          • 3% - deficit begins 2014
    • Present & Projected Annual Stadium Fund Cont.
      • Potential Balancing Options
        • Add Cigarette/Liquor Tax*($5M annually)
        • Property Tax Rebate Reductions – No voter approval
        • Debt Restructuring – Facility Useful Life Limitations
        • Explore Naming rights and formation of entertainment district to optimize leveraging of stadium assets.
    • Sales Tax Fund Summary 2008-2012
    • f) Banks Capital Funding
    • Phase I Construction
      • Contractual Obligation
        • $20 million (2008-2009)
      • Plan of Finance
        • Restructure Current Parking Revenue Bonds
        • Incremental Parking Revenue Bonds
    • g) JFS Report
    • JFS Report Status
    • VI. Economic Development
    • Summary
      • The County continues to prioritize and pursue broad based multi-jurisdictional and public/private economic development initiatives.
      • The County’s economic development successes are evidenced by numerous large and small commercial, retail, industrial and housing projects both in the city and local areas of the county.
    • Residential Building Permits Total Units: Number of Private Housing units Authorized by Building Permit Total Valuation (000): Value of Private Housing Units Authorized by Building Permit Source: Ohio Department of Development (Office of Strategic Research)
    • Housing Growth Source: U.S. Census Bureau
    • Source: Ohio Department of Development (Office of Strategic Research) Offices
    • Economic Development ***Description Here*** Source: 2006 County Report Card
    • The Banks Development
      • The City of Cincinnati and Hamilton County working with the lead developer team of Carter & Associates and The Dawson Company will construct The Banks, a mixed use development that extend downtown Cincinnati to the riverfront between Paul Brown Stadium and Great American Ball Park. The Banks development creates a destination where people will want to live, work and play.
      • The City of Cincinnati and Hamilton County are jointly leveraging $180 million in public infrastructure investment into more than $600 million and bringing more than 3,000 residents to the area while creating a new office, retail and entertainment center along the Cincinnati riverfront.
      • Once completed, The Banks will be Cincinnati's largest single, mixed-use development and be comprised of a dynamic blend of residential, office and retail components. The total project will be a 2.8 million square foot development on 18 acres along Cincinnati's downtown riverfront.
    • The Banks Development Cont.
      • The mixed-use development will include up to 1 million square feet of office, approximately 300,000 square feet of retail and the balance in a variety of residential products. The plan capitalizes on the new urbanism trend by providing a place for people to move back to the urban core to be near work, entertainment and cultural amenities.
      • The groundbreaking for the project took place on April 2, 2008 with Phase 1-A to be completed in early 2010.
      • The development will include a 40-acre $80 million riverfront park. This "front door" of the development will include playgrounds, walking/biking paths, gardens, green space, fountains/water activities, venues for community events (festivals, concert, etc.). Groundbreaking for the park is scheduled for September of 2008.
    • Office Development
      • Queen City Square, Downtown Cincinnati
        • Total class A space: 825,000 SF
        • 25,000 SF of retail and 1,400 parking spaces
      • Keystone Park, I-71 and Dana Avenue
        • Total Class A space: 460,000 SF
        • A four story parking structure with space for full service restaurant and other convenience retailers
      • Linden Pointe, S.R. 562 and Montgomery Road
        • Total Class A space: 600,000 SF
        • 24,000 SF of retail establishments and walkable campus environment
      • Kenwood Towne Place, Galbraith Road in Scyamore Township with direct access to I-71
        • Total Class A space: 270,000 SF
        • Numerous Amenities (i.e. on-site restaurants, retail and covered parking, etc)
      • Redstone, Montgomery Road in Sycamore Township with direct access to I-71
        • Total Class A space: 160,647 SF
        • Free parking on site, including a covered parking garage
    • Housing Development Projects
      • Parker Flats & One River Plaza Projects
      • Cincinnati Center City Dev. Corp.
        • Purchased 100 vacant building and lots to be converted into homeownership opportunities
      • City West
        • $151.8 million revitalization program, brought 1,022 newly constructed townhomes to Cincinnati’s West End
      • Park Place at Lytle
      • River Center
      • Great Traditions Vintage Club
        • Estate Homes $1.4 – 2.6 million average cost; Courtyard Homes $850,000 average cost; Clubhouse Homes $1 million average
        • Total new units 113
      • Fort Scott
        • 404 New single family homes, 500 condo units
      • Erickson Retirement Community
        • A $175 million retirement community with 1,200 living units planned
    • Commercial Development
      • Vacancy factor declined to 5.86% in 2006
      • 10.3 million square feet of gross absorption due to new speculative developments and expansion to larger facilities
      • New industrial construction for the year totaled 5.1 million square
      • Sharonville Convention Center
    • Commercial/Industrial Development Highlights
      • Ford Motor Company
        • $240 million investment in Sharonville plant
      • Procter and Gamble
        • Acquired Gillette
        • Investing $51 million in it’s St. Bernard plant
      • Hamilton County Macy’s Inc.
        • Fourth largest general merchandise retailer
      • Citigroup
        • Construction of a new facility in Blue Ash, which will staff 1,000 employees
      • General Electric
        • Air Force tanker project will potentially bring 200-300 new jobs in the county
    • Retail Development
      • Red Bank Village
        • 35 acre project with 230,000 square feet of retail and 75,00 square feet of office space
      • Kenwood Towne Place
        • High-end retail, restaurants, and office space
      • Kenwood Mall
        • The mall has had a number of façade improvements, which includes the opening of several new stores
      • Stone Creek Towne
        • 65 acre development with 440,000 square feet of retail space (coupled with Kenwood, expected to generate more than $100 million in new investment)
      • Legacy Place
        • 106 acre site with 550,000 square feet of new retail space
      • Tri-county Mall
        • A 1.3 million square foot regional mall will be redeveloped with an estimated total investment of $220 million
      • Anderson Towne Center
        • A proposed expansion to the Towne Center could see over $30 million of new investment, which will include a new theater by American Screen Works
    • VII. Debt Management & Capital Program
    • Summary
      • Outstanding General Obligation un-voted debt:
        • $106.3 million
      • New issues anticipated:
        • $10.5 million
    • Current Outstanding Debt (As of 4/1/08) VOTED GENERAL OBLIGATION BONDS UNVOTED GENERAL OBLIGATION BONDS
    • Current Outstanding Debt (As of 4/1/08) SEWER REVENUE BONDS 133.08
    • Current Outstanding Debt (As of 4/1/08) OTHER REVENUE BONDS SPECIAL ASSESSMENT BONDS
    • Current Outstanding Debt (As of 4/1/08) SALES TAX BONDS OHIO WATER DEVELOPMENT AUTHORITY *+
    • Current Outstanding Debt (As of 4/1/08) OHIO PUBLIC WORKS COMMISSION*
    • Current Outstanding Debt (As of 4/1/08) WATER POLLUTION CONTROL LOAN FUND – LOANS* +
    • Prospective Debt
      • Spring 2008
      • $8.0M Coroner's judgment
      • Summer 2008
      • $1.7M Voice tone alerting Fire and EMS
      • $0.8M Communication Center HVAC system
    • VIII. Summary
    • Summary
      • The County is the center of a strong economic region and continues to prioritize prudent proactive and strategic management.
      • The County recognizes the key factors and challenges facing it both strategically and financially.
      • The County has instituted a broad-based multi-phase program of near-term and mid to long-term initiatives to address its challenges and build on its strengths.
      • The County has instituted significant budget adjustments in 2008 and is monitoring and proactively addressing projected budget performance.
      • The County is proactively addressing its 2009 budget under prudent assumptions and with a range of expenditure and revenue options.
      • The County has flexibility in an identified range of options to bring the General Fund Reserve to a 15% balance by 2010 and address future budgetary performance.
      • The County is currently implementing and identifying a range of management, strategic, governmental and economic development initiatives and developing additional initiatives to fundamentally improve the systemic programmatic, operational and financial performance of the County going forward.