Jason Wong, Acting Director of Finance
Greg Mediati, Director of Parks and RecreationJake Gilchrist, Director of Capital ProjectsPhilip Vitale, Deputy Director of Capital ProjectsApril 26, 2022Presentation to Budget Standing Committee Overview of Measure W
Voters approved Measure W ½ cent Sales Tax in 2015 Measure W revenues and expenditures outside of General Fund 2 Fiscal Year Ended 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 3/1/2022REVENUES $1,493,425 $8,886,653 $11,162,238 $12,644,947 $11,704,090 $13,379,292 7,435,054EXPENDITURES Civic Campus 211,992 382,776 4,925,872 8,793,377 10,255,536 16,440,209 1,819,341 EV Charging Stations 31,284
Street Paving Program ‐ 495,162 4,122,270 1,189,851 127,882 949,678 Debt Service ‐‐ ‐ ‐ 407,156 2,767,200 2,476,908
Payroll ‐ ‐‐ ‐ ‐ 267,867 173,107
TOTAL EXPENDITURES $211,992 $877,938 $9,048,241 $9,983,229 $10,790,573 $20,424,954 $4,500,640Revenues Less Expenditures $1,281,433 $8,008,716 $2,113,996 $2,661,719 $913,518 ‐$7,045,662 $2,934,414 FUND BALANCE $1,281,433 $9,290,149 $11,404,145 $14,065,864 $14,979,381 $7,933,719 $10,868,133 $-
$2,500,000 $5,000,000 $7,500,000
$10,000,000 $12,500,000 $15,000,000 $17,500,000 $20,000,000 $22,500,000 $25,000,000 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 FY19 Measure W Receipts = $12.6 millionFY20 Measure W Receipts = $11.7 millionFY21 Measure W Receipts = $13.4 million Civic Campus Cash
Expenditures
SERIES 2020A – Police Station Debt Service
SERIES 2021A – Library, Parks and Recreation Debt Service Measure W Cashflow (Revenue less Expenditure)
Measure W Projected
Revenues
3 Proposed Capital Projects (Series 2022A Bonds)
Orange Memorial Park Ballfield
– Projected Cost = $14 million
o $12.3 million (Bond)o $1.7 million (Caltrans Grant)
– Project Completion Summer 2023
Orange Memorial Aquatic Center
– Projected Cost = $49 million
o $49 million (Bond)
– Project Completion Early 2025
4 OMP Colma Creek Bridge Replacement
– Projected Cost = $3 million
o $1.5 million (Bond)o $1.5 million (Park Fees FY 22-
23)
– Project Completion 2024
OMP Playground Replacement
– Projected Cost = $6 million
o $2.2 million (Bond)o $3.8 million (Park Fees FY 22-
24)
– Project Completion Late 2025
Sports Field Project
5 Synthetic Turf Baseball, Softball and Soccer Fields Concession Building Construction Contract Awarded February 2022
Construction Starting May 2022
Orange Memorial Park Aquatic Center
6 Construct a new 28,500SF facility Two pools: lap and warm water Rentable multi-use/party room Swimmer's lounge Design Finalized Summer 2022 Main Playground Replacement
7 Originally installed early 2012 Surfacing and equipment replacement
Replace with inclusive elements
for all-abilities
Colma Creek Bridge Project
8 Replace existing pedestrian
bridges at Colma Creek
Provide accessible path of travel
connecting north and south portions of Orange Park
$-
$2,500,000 $5,000,000 $7,500,000
$10,000,000 $12,500,000 $15,000,000 $17,500,000 $20,000,000 $22,500,000 $25,000,000 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 FY19 Measure W Receipts = $12.6 millionFY20 Measure W Receipts = $11.7 millionFY21 Measure W Receipts = $13.4 million Civic Campus Cash
Expenditures PROPOSED SERIES 2022A Bonds – Estimated Debt Service SERIES 2020A – Police Station Debt Service
SERIES 2021A – Library, Parks and Recreation Debt Service Measure W Cashflow (Revenue less Expenditure)
Measure W Projected
Revenues
9 Projected Cashflow Detail
Date Estimated Sales
Tax Receipts
(Measure W)1
Series 2020A:
Debt Service
(Police Station)
Series 2021A:
Debt Service
(LPR, Street
Paving, Solar
Roofs)
PROPOSED
Series 2022A:
Debt Service
(Pool and
Sports Field)2
Remaining
Measure W
Funds
Debt Service
Coverage Ratio
6/30/22 $13,379,292 $2,765,450 $5,522,383 $5,091,459 1.61x 6/30/23 13,379,292 2,766,450 5,523,000 5,089,842 1.61x 6/30/24 13,379,292 2,764,950 5,521,800 5,092,542 1.61x 6/30/25 13,780,671 2,765,950 5,522,200 4,265,382 1,227,139 1.10x 6/30/26 14,194,091 2,764,200 5,524,000 4,602,850 1,303,041 1.10x 6/30/27 14,619,914 2,764,700 5,522,000 4,607,100 1,726,114 1.13x 6/30/28 15,058,512 2,762,200 5,526,200 4,606,850 2,163,262 1.17x 6/30/29 15,510,267 2,764,800 5,521,200 4,607,100 2,617,167 1.20x 6/30/30 15,975,575 2,765,200 5,519,200 4,607,600 3,083,575 1.24x 6/30/31 16,454,842 2,763,400 5,523,800 4,603,100 3,564,542 1.28x 1 Assumes no growth in sales tax receipts from FY 2022 – 2024 and 3.00% CAGR thereafter 2 Assumes all-in true interest cost of 3.73%. 10 Bond Sale Statistics
Description
Phase I
(Police Station)
Phase II
(LPR + Streets)
(PROPOSED)
Phase III
(Pool + Sports Field)
Delivery Date 3/11/2020 6/16/2021 6/2/2022Bond Proceeds $ 53,800,000 $ 104,000,000 $ 65,000,000Total Interest Cost 2.27% 2.29% 3.69%Average Annual Debt Service $2,756,755 $5,531,499 $4,469,201Total Debt Service $72,288,256 $138,056,983 $107,248,401 11 LPR Project $76 MStreets Project $24 MSolar Project $ 4 M Aquatic Center $49.0 M Sports Field $12.3 M Playground $2.2 M Bridge $1.5 M
QUESTIONS
12