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Last modified
2/18/2025 3:49:48 PM
Creation date
12/7/2018 11:36:20 AM
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Ordinances
Ordinance Number
2018-025
Adopted Date
12/07/2018
Agenda Item Number
10.A.1.
Ordinance Type
Comprehensive Plan Amendment
State Filed Date
12\07\2018
Entity Name
Capital Improvements Program (CIP)
Subject
5 Year CIP Schedule
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Comprehensive Plan Capital Improvements Element <br />As shown in table 6.5, expenditures from that category totaled $6,755,050 in FY 2016/17. Between <br />fiscal years 2015/16 and2016/17, Court Related expenditures increased by 2.26%. Court Related <br />costs represented 2.81% of all county expenses in FY2016/17. <br />Debt Service <br />Debt service consists of interest and payments made by the county on its debt. That figure includes <br />principal retirement, interest and other miscellaneous debt service. As table 6.5 indicates, total <br />County debt service expenditures were $5,230,520 in FY2016/17. Since FY2011/12, debt service <br />expenditures have decreased by 50.12%. Debt service expenses represented 2.17% of all County <br />expenses in FY2016/17. <br />Existing Outstanding Debt <br />At the end of FY2016/17, Indian River County's outstanding debt, comprised of revenue bonds and <br />general obligation bonds, stood at $39,037,000. That is shown in table 6.6. Currently, Enterprise <br />Funds comprise 45.39% of the overall debt (Utility Dept), leaving $21,318,000 in bonds paid from <br />general governmental funds. In November 2001, Indian River County issued the remaining <br />$11,000,000 of the $26,000,000 Environmentally Sensitive Land Acquisition general obligation <br />bonds originally approved by voters in 1992. Also in 2001, the County issued $16,810,000 in Spring <br />Training Facility Bonds to finance the acquisition and expansion of the Dodgertown spring training <br />facility (now known as Historic Dodgertown). <br />In 2004, Indian River County voters approved the issuance of up to an additional $50,000,000 in <br />Environmentally Sensitive Land Acquisition general obligation bonds. As a result, Indian River <br />County issued $48,600,000 in Environmentally Sensitive Land Acquisition general obligation bonds <br />in 2006. While the county refinanced its 1996 Series Water and Sewer Bonds in 2005 and the <br />majority of its 1993 Series A Water and Sewer Bonds in 2009, the County retained a portion of the <br />1993 Series A Water and Sewer Bonds with a maturity of 2011 because it was more cost efficient <br />than rolling the entire amount into the 2009 Water and Sewer Bonds. That portion of the water and <br />sewer bond has since been paid off. <br />More recently, in 2015 the 2005 Series Water and Sewer Revenue Bonds and the 2006 Series <br />Environmental Lands Acquisition Bonds were refinanced. Those bonds were refinanced to take <br />advantage of better interest rates. This has substantially decreased the County's total bond debt. <br />Community Development Department Indian River County <br />Adopted December 4, 2018, Ordinance 2018-025 22 <br />
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