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are expecting favorable results for fiscal 2016, consistent with prior year results. The fiscal 2017 adopted budget is balanced and represents a 10% decrease from the 2016 budget, reflecting an increase in the tax base, no millage rate increase, new positions, and various capital improvements and technology upgrades. Spring Training Bonds Demonstrate Solid Resilience Fiscal 2015 pledged revenues totaled $8.5 million, including about $7.5 million of the county's local government half -cent sales tax, $566,774 in TDT revenue, and $500,004 from the state's allocation. Coverage of MADS was a strong 9.7x. The half -cent sales tax and TDT revenues continued to perform well, with annual sales tax and TDT tax collections 'up around 6% and 19% in fiscal 2015, from the prior year. Sales tax collections through the first 11 months of fiscal 2016 are 3% higher than the prior comparable Period. TDT tax collections through the first 10 months are 7% higher. The state payment represents a'fixed amount payable to the county pursuant to Florida Statute 288.1162 and the county's certification by the state as a retained spring training franchise. Following the release of the half cent -sales tax and TDT pledge, bondholders will be solely secured by the state payments in 2021. MADS will decline to $499,750 resulting in MADS coverage just over lx. Based on the pledged revenue history, Fitch's Analytical Sensitivity Tool (FAST) generates a 3.8% revenue decline in a moderate downturn scenario. The largest decline in historical revenues was equal to a steep 20% from fiscal 2005 to fiscal 2010, reflecting the significant impact of the great recession on the Florida economy. Pledged revenues have since notably improved. Fitch expects revenue growth to continue at a pace that exceeds historic trends, to at least track the rate of inflation going forward. This is supported by the county's continued growth in population, continued improvement in home values, tax base expansion and economic development. Given current solid coverage levels, the structure could tolerate a 90% decline in pledged revenues before MADS coverage reaches l .Ox. This level of tolerance is equivalent to about 24x times the FAST result and 5x the largest actual revenue decline. Fitch considers these results to be equivalent to a'aaa resilience assessment. The county has indicated that it does not expect to issue additional debt. Contact: Primary Analyst Grace Wong Director +1-212-908-0652 Fitch Ratings, Inc. 33 Whiteball Street New York, NY 10004 Secondary Analyst Kevin Dolan Director +1-212-908-0538 Committee Chairperson Laura Porter Managing Director +1-212-908-0575 9