Title
Receive and approve proposed changes to the Capital Improvement Financing Plan for Major Facilities.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Receive and approve proposed changes to the Capital Improvement Financing Plan for Major Facilities.
SUMMARY/DISCUSSION:
In January 2013, the Board of Supervisors approved a "Five-Year Capital Improvement Plan financing plan for Capital Projects Fund 404" (2013 Plan) as summarized in Attachment 1. The purpose of the 2013 Plan was to detail how the Fund 404 fund balance and proposed debt financing would be used to deliver major facility improvements.
Since adoption of the 2013 Plan, a number of changes have occurred including the completion of projects, addition/deletion of projects, and the significant expansion of project scopes. These changes require that the 2013 Plan be updated to accurately reflect the five year program. In addition, an update is needed to refocus the plan from Fund-specific to a project type as reflected in the revised title for the plan - Capital Improvement Financing Plan for Major Facilities (Proposed Plan) as summarized in Attachment 2.
The changes can be categorized as follows:
* Total Project Expenditures will increase from $147,736,092 to $197,804,575 as a result of the Jail Housing Project scope change that increased the bed count from 268 to 576 and the increased cost of the East-West Wing Project.
* Debt Financing will decrease from $54,438,088 to $47,916,052 due to the need provide an all cash match for the New Juvenile Hall Project which reduced financing needs by $16 million. This is offset in part by the need to increase financing for the East-West Wing Project by $9.5 million.
* Four (4) projects have been or will be completed by June 30, 2014
o 20 E. Alisal Tennant Improvements for Probation
o Laurel/Natividad Master Plan
o Harris Road Overlay
o District Attorney Modular 3 Tenant Improvements
* Three (3) projec...
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