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4/24/2018 - Regular
Roanoke County Board of Supervisors INVOCATION: Student Pastor Dan Gifford Fellowship Community Church April 24, 2018 PLEDGE OF ALLEGIANCE TO THE UNITED STATES FLAG Disclaimer: "Any invocation that may be offered before the official start of the Board meeting shall be the voluntary offering of a private citizen, to and for the benefit of the Board. The views or beliefs expressed by the invocation speaker have not been previously reviewed or approved by the Board and do not necessarily represent the religious beliefs or views of the Board in part or as a whole. No member of the community is required to attend or participate in the invocation and such decision will have no impact on their right to actively participate in the business of the Board." Page 1 of 4 Roanoke County Board of Supervisors Agenda April 24, 2018 PLEASE NOTE: THERE IS NO 7:00 P.M. EVENING SESSION AS THERE ARE NO PUBLIC HEARINGS SCHEDULED. Good afternoon and welcome to our meeting for April 24, 2018. Regular meetings are held on the second and fourth Tuesday at 3:00 p.m. Public hearings are held at 7:00 p.m. on the fourth Tuesday of each month. Deviations from this schedule will be announced. The meetings are broadcast live on RVTV, Channel 3, and will be rebroadcast on Thursday at 7:00 p.m. and on Saturday at 4:00 p.m. Board of Supervisors meetings can also be viewed online through Roanoke County's website at www.RoanokeCountvVA.gov. Our meetings are closed -captioned, so it is important for everyone to speak directly into the microphones at the podium. Individuals who require assistance or special arrangements to participate in or attend Board of Supervisors meetings should contact the Clerk to the Board at (540) 772-2005 at least 48 hours in advance. Please turn all cell phones off or place on silent. A. OPENING CEREMONIES 1. Roll Call B. REQUESTS TO POSTPONE, ADD TO OR CHANGE THE ORDER OF AGENDA ITEMS C. PROCLAMATIONS, RESOLUTIONS, RECOGNITIONS AND AWARDS 1. Recognition of Fire and Rescue Department's receipt of the Governor's Award for Excellence in Community Risk Reduction (Stephen G. Simon, Chief of Fire and Rescue) D. BRIEFINGS Page 2 of 4 E. NEW BUSINESS 1. Resolution to approve a Comprehensive Financial Policy for Roanoke County (Rebecca Owens, Director of Finance) 2. Resolution of the Board of Supervisors of the County of Roanoke, Virginia declaring its intention to reimburse itself from the proceeds of a financing for capital projects for public school purposes (Rebecca Owens, Director of Finance) F. FIRST READING OF ORDINANCES 1. Ordinance authorizing the issuance of not to exceed $30,000,000 General Obligation School Bonds of the County of Roanoke, Virginia, to be sold through the Virginia Public School Authority (VPSA) (Rebecca Owens, Director of Finance) G. APPOINTMENTS 1. Budget and Fiscal Affairs (BFAC) (appointed by District) 2. Economic Development Authority (EDA) (appointed by District) 3. Library Board (appointed by District) H. CONSENT AGENDA ALL MATTERS LISTED UNDER THE CONSENT AGENDA ARE CONSIDERED BY THE BOARD TO BE ROUTINE AND WILL BE ENACTED BY ONE RESOLUTION IN THE FORM OR FORMS LISTED BELOW. IF DISCUSSION IS DESIRED, THAT ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND WILL BE CONSIDERED SEPARATELY 1. Approval of minutes — February 27, 2018 2. Request to accept and allocate funds in the amount of $3,671 to the Clerk of Circuit Court from the Commonwealth of Virginia for Technology Trust Funds I. CITIZENS' COMMENTS AND COMMUNICATIONS J. REPORTS 1. Unappropriated, Board Contingency and Capital Reserves 2. Outstanding Debt Report 3. Comparative Statement of Budgeted and Actual Revenues as of March 31, 2018 4. Comparative Statement of Budgeted and Actual Expenditures and Encumbrances as of March 31, 2018 Page 3 of 4 5. Accounts Paid - March 31, 2018 6. Statement of Treasurer's Accountability per Investment and Portfolio Policy as of February 28, 2018 7. Proclamation signed by the Chairman - GBS Awareness Month K. REPORTS AND INQUIRIES OF BOARD MEMBERS 1. P. Jason Peters 2. George G. Assaid 3. Phil C. North 4. Joseph P. McNamara 5. Martha B. Hooker L. WORK SESSIONS 1. Work session to review with the Board of Supervisors the County Administrator's Proposed Fiscal Year 2018-2019 Operating Budget and Fiscal Year 2019-2028 Capital Improvement Program (Thomas C. Gates, County Administrator; Rebecca E. Owens, Director of Finance; Christopher R. Bever, Director, Management and Budget) M. ADJOURNMENT Page 4 of 4 ACTION NO. ITEM NO. C.1 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: April 24, 2018 Recognition of Fire and Rescue Department's receipt of the Governor's Award for Excellence in Community Risk Reduction SUBMITTED BY: Stephen G. Simon Chief of Fire and Rescue APPROVED BY: Thomas C. Gates County Administrator ISSUE: Roanoke County Fire & Rescue was awarded the Governor's Fire Service Award for Excellence in Community Risk Reduction at the Virginia Fire Chiefs Conference for the implementation of a fire safety campaign to reduce fire -related deaths. BACKGROUND: After three residential structure fires claimed the lives of four in early 2016, Roanoke County Fire & Rescue launched a comprehensive fire safety campaign to reduce fire - related deaths. This campaign involved a fire safety video, printed fire prevention materials and increased efforts to visit schools, preschools, daycares, churches and businesses. Finally, the Department launched a social media campaign and challenged all Roanoke County residents to develop a fire escape plan, practice it, and post a picture to social media. The campaign is bittersweet. We are sad for the loss of life, but pleased something positive can come from something tragic. Thanks go to each and every career and volunteer member of the department who teach/preach fire safety and survival tips; thanks to the Fire Marshal's office and RVTV for producing the educational video showing how to develop and practice a fire escape plan; and special thanks to Lindsey Hughes McKinnon and Tom McKinnon for their courage in sharing their devastating loss so that others will have a fighting chance at surviving a fire. Page 1 of 2 STAFF RECOMMENDATION: Recognition of Fire and Rescue Department's receipt of the Governor's Award for Excellence in Community Risk Reduction. Page 2 of 2 Roanoke County Fire & Rescue Department Governor's Fire Service Award Excellence in Community Risk Reduction EXECUTIVE SUMMARY At the beginning of 2016, Roanoke County Fire & Rescue Department officials became alarmed when three residential fires occurred and four lives were tragically lost. "It was a heart -wrenching tragedy for everyone involved," said Chief Stephen Simon. "We needed to do something; we don't want to lose another life to a house fire." Fire Marshal Brian Simmons looked at the numbers from the past decade. He found that nine lives were lost in residential dwelling fires from 2006-2015 in Roanoke County, then 2016 came, and four lives were lost in the first four months. Simmons says, "These are alarming numbers; we want to ramp up our public education efforts and remind our citizens of the fire safety basics that can save lives." To reduce these fire -related deaths, Roanoke County Fire & Rescue Department launched a fire safety campaign. The campaign involved a fire safety video; campaign materials; ramped up efforts to visit schools, preschools, daycares, churches, and businesses; and finally, the department issued a challenge to the community. First, a four -minute, fire -safety video was produced by Community Outreach Coordinator Brian Clingenpeel along with RVTV. The video regularly airs on RVTV, is seen on the RCFRD website (htlp://www.roanokecountyva.gov/index.aspx?NID=1189), and is posted to Department social media sites including facebook and twitter. The video highlights five basic fire safety principles. 1. Do not hide from fire! 2. Stay low & go! 3. Get out & stay out! 4. Have a fire escape plan & practice! 5. Check smoke detectors regularly! These five basic fire safety tips were printed on all materials gi including a small safety reminder card that all employees have icaUy Lo give out when visiting with citizens. Ivo° ci Finally, the Department issued the Fire Safety Challenge, where � � 5• Pte` � Department officials challenged every family or residence toF complete a fire escape plan and practice it, then post a picture to FIRE SAFETY FIV$; social media using #FireSafetyChallenge. Don't hide from firefighters) $tay low & go to safety! GET OUT & STAY OOTI Have a fire escape plan & practice' "Many fires are preventable, and these five safety tips will give you the Check smoke 6etectors regularlyj fighting chance you need to escape a home fire," urged Chief Simon. Following the Fire Safety Challenge campaign launch in July 2016, the Department ramped up community presence by participating in countless events including the Anthem GO Outside Festival. This one -of -a -kind community event attracts 35,000 visitors each year. The Department collaborated with a Roanoke County couple who survived a deadly house fire that ravaged their Roanoke County home on March 19, 2016. Tragically, the fire claimed the lives of their two young boys, Logan (10) and Patrick (5). Lindsay and Tom McKinnon eagerly attended a number of events alongside Roanoke County prevention specialists to share the importance of practicing fire survival tips. Tom and Lindsay McKinnon survived a house fire on March 19, 2016. Sadly, their boys, Patrick and Logan, perished in the fire. During the Sound the Alarm Summit in 2016a l r conference for public educators held right here in the Roanoke Valley—Lindsay McKinnon served as the guest speaker. The room was awestruck by the firsthand account of this amazing mother sharing her tragic experience with fire. She motivated everyone in that room to work even harder to save lives from fire. Additionally, our Community Outreach Specialist asked Lindsay McKinnon to attend a meeting with Roanoke County School principals to tell her story and help campaign for mandated fire safety education. Since last year, we have been able to increase our presence in our public schools and in 2017 the department had its first invitation to speak with the Cave Spring Middle School Prevention Club. We hope this will lead to a strong working partnership where firefighters discuss the importance of practicing fire safety similar to ongoing safety campaigns about seat belts, drug safety, and stranger danger. Just last month, during Fire Prevention Month, Lindsay McKinnon agreed to tell her story on camera. She told her heartbreaking story of the losing her two boys to a house fire and the importance of practicing fire safety plans. The video is posted on social media sites and has now been viewed over 6,200 times. We hope her inspiring story will alert others to take a few moments to discuss and practice fire safety strategies in the home. Watch the video here: htips://www.facebook.com/pg/roanokevalleytelevision/videos/?ref=page internal We feel these combined efforts over the last two years have not only strengthened fire safety efforts in Roanoke County but also throughout the Roanoke Valley and beyond. ACTION NO. ITEM NO. E.1 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: APPROVED BY: ISSUE: April 24, 2018 Resolution to approve a Comprehensive Financial Policy for Roanoke County Rebecca Owens Director of Finance Thomas C. Gates County Administrator Approval of a Comprehensive Financial Policy for the County of Roanoke BACKGROUND: One of the measures of a fiscally well managed local government is the adoption of formal fiscal policies. Roanoke County has recognized the need to develop financial management policies that reflect longstanding principles and practices that have enabled the County to maintain its sound financial position. DISCUSSION: On January 9, 2018, staff reviewed a draft of a new Comprehensive Financial Policy, which incorporated a number of stand-alone existing policies, updates to existing policies and new policy additions. Over the last several months, the Board of Supervisors have provided feedback and input related to the draft Comprehensive Financial Policy. Attached is the draft policy that reflects the Board revisions reviewed during work session on April 10, 2018. FISCAL IMPACT: There is no impact to the current fiscal year budget related to the new County of Roanoke comprehensive financial policy, as staff is recommending the application of Page 1 of 2 the policy beginning July 1, 2018. STAFF RECOMMENDATION: Staff recommends approval of the resolution to approve the Comprehensive Financial Policy effective July 1, 2018. Page 2 of 2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, APRIL 24, 2018 RESOLUTION ADOPTING A COMPREHENSIVE FINANCIAL POLICY WHEREAS, one of the measures of a fiscally well managed locality is the adoption of formal financial policies; and WHEREAS, these policies should be reviewed and amended periodically; and WHEREAS, the County previously adopted financial policies and now wishes to amend, restate, and combine all financial policies and agreements into one comprehensive financial policy. NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of Roanoke County, Virginia, as follows: 1. That Resolutions 122104-2 and 061411-6.f adopting a General Fund Unappropriated Balance Policy are rescinded; and 2. That Resolution 122104-5 adopting a policy for Use of General Fund Revenues in Excess of Budget is rescinded; and 3. That Resolutions 122104-4 and 111213-12.e adopting a policy for Use of Unexpended appropriations at the end of the fiscal year are rescinded; and 4. That Resolutions 122104-3 and 111213-12.f adopting a policy on the establishment of Capital Reserves are rescinded; and 5. That Resolution 120704-2 adopting a Debt Policy is rescinded, and 6. That the Memorandum of Understanding between Roanoke County School Board and County Board of Supervisors regarding the Revenue Sharing Formula approved February 25, 2014, is rescinded; and Page 1 of 2 7. That Ordinances 111610-3 and 052510-7 adopting a policy for the use of appropriations from the School Board year-end balance are rescinded, and 8. That this Comprehensive Financial Policy is in effect beginning July 1, 2018, and subsequent fiscal years unless otherwise amended by the Board of Supervisors. Page 2 of 2 COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Section 1 — Overview Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 1 OF 16 Background Fiscal integrity is a top priority for the County of Roanoke. The County's financial policies establish the framework for financial planning and management and provide guidelines against which budgetary performance can be measured and proposals for future funding can be evaluated. The policies further ensure that the County continues to be a model for excellence in government by providing direction in the areas of revenues, operating expenditures, Capital Improvement Program, reserves and debt management. 2. Purpose The primary objective of financial management policies is for the Board of Supervisors to create the framework for making sound financial decisions. The County Administrator is responsible for the daily administration of the Board's policies and general County operations. The County Administrator may designate other County officials to assist in the administration of these policies. These financial management policies are a statement of the guidelines and goals that influence and guide the financial management practices of the County of Roanoke. Financial management policies that are adopted, adhered to, and regularly reviewed are recognized as the cornerstone of sound financial management. 3. Objectives A. To contribute significantly to the County's ability to insulate itself from fiscal crises and economic disruption in order to ensure continuous delivery of public services. B. To provide sound principles to guide the important decisions of the Board and of management which have significant fiscal impact. C. To assist sound management of County government by providing accurate and timely information on financial condition. D. To promote long-term financial planning in regards to both day-to-day operations and capital improvements. E. To set forth operational principles which minimize the cost of government, to the extent consistent with services desired by the public, and which minimize financial risk. F. To ensure the legal use of all County funds through a good system of financial security and internal controls. G. To employ policies which prevent undue or unbalanced reliance on certain revenues, which distribute the costs of county government services as fairly as possible, and which provide adequate funds to operate desired programs. H. To provide essential public facilities and prevent deterioration of the County's public facilities and its capital plan. I. To enhance access to short-term and long-term markets by helping to achieve the highest credit and bond ratings possible. J. To protect and enhance the County's credit rating and prevent default on any debts. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Section 2 — Financial Reporting Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 2 OF 16 The County's accounting and financial reporting will comply with: A. Generally Accepted Accounting Principles of the United States of America (GAAP) B. Government Accounting Standards (GAS), issued by the Comptroller General of the United States C. The Uniform Financial Reporting Manual, issued by the Auditor of Public Accounts of the Commonwealth of Virginia D. Specifications for Audits of Counties, Cities and Towns, issued by the Auditor of Public Accounts of the Commonwealth of Virginia E. Circular A-133 Audits of States, Local Governments, and Non -Profit Organizations, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and the Compliance Supplement, issued by the U.S. Office of Management and Budget F. The Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting and Distinguished Budget Presentation Award Programs G. The Code of Virginia, and other legal and regulatory bodies' requirements, as applicable 2. The County will establish and maintain an internal control structure designed to protect the County from loss, theft and misuse. The structure will be designed to provide reasonable assurance of that objective; the concept of reasonable assurance recognizes that: A. The cost of a control should not exceed the benefits likely to be derived B. The valuation of costs and benefits requires estimates and judgments made by management 3. The County will also maintain a complete inventory of capital assets meeting its capitalization thresholds, in accordance with Generally Accepted Accounting Principles of the United States of America. 4. A comprehensive, annual financial audit, including an audit of federal grants, will be conducted by an independent public accounting firm, and the results of that audit will be presented publicly to the Board of Supervisors by December 31, following the end of the previous fiscal year. Section 3 — Annual Budget Budget Ordinances A. The County's Annual Budget Ordinances will be balanced, adopted and administered in accordance with the Local Government Budget and Fiscal Control Act (N. C. G. S 159- 8{a}). This Act states that a budget ordinance is balanced when the sum of estimated net revenues and appropriated fund balances is equal to appropriations. B. The General Fund, Special Revenue Funds, Debt Service Funds, Capital Project Funds, Schools and Internal Service Funds shall have legally adopted budgets through the annual budget ordinances. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 3 OF 16 C. County staff shall provide for approval by the Board five ordinances providing appropriations for County and Schools operating, capital, and transfers. These ordinances will include: 1. An ordinance appropriating funds for the County's fiscal year operations budget. 2. An ordinance appropriating funds for the County's fiscal year capital budget. 3. An ordinance appropriating funds for the County's transfers to, and on behalf of, the Schools. 4. An ordinance appropriating funds for the Schools' fiscal year operations budget. 5. An ordinance appropriating funds for the Schools' fiscal year capital budget. D. The Board does not legally adopt budgets in instances where the County acts as fiscal agent for trust and agency funds. 2. Budgeting Process A. County staff shall provide to the Board a calendar of significant dates and legal requirements associated with the next fiscal year budget no later than October of each year. B. The County Administrator shall submit to the Board a balanced Capital Budget in January and a balanced Operating Budget in March for the next fiscal year. C. After a series of work sessions and public hearings on the budget, the Board of Supervisors shall adopt the annual operating and capital budgets for both the County and the Schools in May for appropriations effective July 1 of the next fiscal year. 3. Budgeting Philosophy The budget will provide for current expenditures balanced with current revenues. It will address the adequate maintenance and orderly replacement of capital assets, and the adequate funding of all retirement systems and other post -employment benefits (OPEB). Funding shall be identified for incremental operating costs associated with capital projects in the operating budget after being identified and approved in the Capital Improvement Program. 4. Budget Monitoring The County will maintain a budget control system and staff will monitor and evaluate expenditures and revenues as compared to budget and/or prior year-to-date reports. The County Administrator will propose recommendations to the Board for adjustments as needed. Section 4 — Revenues and Expenditures 1. Revenues A. The County will strive to maintain a diversified and stable revenue system to shelter the organization from fluctuations in any single revenue source and ensure its ability to provide ongoing service. B. The County's annual revenue streams consist of local, state, federal and other financing sources. It is the County's policy for one-time revenues to be used to fund capital projects or other non-recurring expenditures. County staff will provide revenue estimates for the COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 4 OF 16 next fiscal year by using historical data, current economic conditions, and future economic projections. C. Revenue estimates are monitored on a regular basis to identify any potential trends that would significantly impact the revenue sources. In January of each year, County staff will provide for information to the Board a mid -year update of current year revenues as relates to the adopted budget. In September of each year, or soon thereafter as preliminary year- end revenue estimates are available, County staff will provide for information to the Board a year-end comparison of budgeted to actual revenues for the previous fiscal year. 2. Revenue Team A. A Revenue Team composed of County staff and appropriate Constitutional Officers meets to review current construction trends, the number of authorized building permits, housing sales, mortgage rates, and other economic data which impact Real Estate Tax revenue collections. B. In addition, the Revenue Team uses statistical models to estimate revenue categories including but not limited to: the Personal Property Tax; Local Sales Tax; Business, Professional, and Occupational License Tax; Consumer Utility Tax; Hotel and Motel Tax; Meals Tax; and Recordation Tax. 3. Fees and Charges A. Roanoke County, where possible, institutes user fees and charges for providing specialized programs and services. Established rates recover operational costs, indirect costs, and capital or debt service costs. The County will regularly review user fee charges and related expenditures to determine if it is meeting pre -established recovery goals. B. As part of the budget development process, County staff shall produce an annual Fee Compendium to be adopted by the Board of Supervisors at the same time as adoption of the Annual Budget Ordinances. The Fee Compendium will list all fees and charges imposed by the County for providing specialized programs and services. The Fee Compendium will provide details on the type of fee, authority to levy the fee, current fees, and proposed changes to the current fees. 4. Revenue Sharing Formula with Schools The Revenue Sharing formula establishes a mechanism to share County revenue with the Schools through the application of a formula. The formula accounts for the shifting dynamic between the level of student enrollment and the overall population of the County to determine a revenue sharing ratio that provides both organizations an equitable amount of resources relative to need. The allocation formula includes the following calculations: A. Calculate Three -Year Average: Establish a three year rolling average index for the changes in county population and student enrollment. Using a rolling average eliminates significant fluctuations from year to year while recognizing that these trends affect the provision of services. The statistics used for this index will be derived from publicly available sources as follows: 1. County population - Population numbers published in the statistical section of the Roanoke County Comprehensive Annual Financial Report (County CAFR). COUNTY OF ROANOKE Policy Number PAGE 5 OF 16 Roanoke, Virginia COMPREHENSIVE EFFECTIVE DATE FINANCIAL POLICY JULY 1, 2018 2. Student enrollment - Average Daily Membership (ADM) published in the statistical section of the Roanoke County Schools Comprehensive Annual Financial Report (School CAFR) and the Budget and Salary Scales (adopted budget). B. Calculate Net Allocation Change: 1. Calculate a payroll factor using the percentage of school personnel budget to total personnel budget for the County and the Schools for the current year. 2. The payroll factor should be applied to the change in the three year rolling average index and then applied to the current year index to arrive at a net tax allocation change for the new budget year. C. Calculate Increase/(Decrease) in School Transfer: 1. Apply the net tax allocation change to the allocation percent calculated in the prior year to arrive at the new percent of adopted budget net taxes. This percent is then applied to the projected County revenues for total general property taxes and total other local taxes as published in the Roanoke County Annual Financial Plan (General Fund Summary of Revenue). 2. The amount budgeted to Visit Virginia's Blue Ridge (previously committed by Board of Supervisors action) will be subtracted from the General Property and Local Tax projection. 3. New economic development incentives will be subtracted from the General Property and Local Tax projection and added back when each incentive arrangement expires. 4. Increases in the amount budgeted for Comprehensive Services Act (CPMT) will be subtracted from the General Property and Local Tax projection (since this provides benefits to and satisfies obligations of both the school and general population). 5. The increase or decrease in the school transfer is then added to or deducted from the transfer to schools for the previous year to arrive at the total transfer to schools for the next budget. D. The Schools Revenue Sharing formula calculation shall be included in the County's annual financial plan. E. Other: 1. During each annual budget preparation cycle, County staff and School staff shall work collaboratively to determine the increase or decrease in the operating allocation to the schools from the County. 2. The allocation of revenues are subject to annual appropriations by the Board of Supervisors. 5. Expenditures The County's expenditure budget is divided into functional areas (departments), transfers, non -departmental, and capital fund expenditures. In coordination with departments, Budget staff will monitor expenditures throughout the fiscal year to ensure compliance with legal requirements and accounting standards. Expenditure estimates are monitored on a regular basis to identify any potential trends that would significantly impact the approved budgeted expenditure levels. In January of each year, County staff will provide for information to the Board a mid -year update of current year COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 6 OF 16 expenditures as relates to the adopted budget. In September of each year, or soon thereafter as preliminary year-end expenditure estimates are available, County staff will provide for information to the Board a year-end comparison of budgeted to actual expenditures for the previous fiscal year. 6. Board of Supervisors Contingency Expenditure Budget The Board of Supervisors generally appropriates a Contingency budget to provide for unanticipated expenditures that arise during the year. This budget is recommended to be established at a minimum of $50,000, though the Board has the discretion to alter that amount through the budget appropriation process. The use of these funds require approval of the Board of Supervisors. 7. Expenditure Budget Transfers Language is included in the annual Operating and Capital Budget Ordinances providing the County Administrator, or his/her designee, the authority to transfer funds within and between appropriation functions. Amendments impacting the level of budget authority established by fund through the Annual Operating and Capital Budget Ordinances must be approved by the Board as a supplemental budget appropriation. Language governing expenditure budget transfers will be reviewed by staff and approved by the Board on an annual basis. 8. Revenue and Expenditure Forecasting A forecast of General Fund expenditures and revenues is developed as part of each year's budget process and is periodically updated. Individual and aggregate revenue categories, as well as expenditures, are projected by revenue and/or expenditure type. Historical growth rates, economic assumptions and County expenditure priorities are all used in developing the forecast. This tool is used as a planning document for developing the budget guidelines and for evaluating the future impact of current year decisions. Forecasts of revenues and expenditures are also developed for the County's Capital Improvement Program. Information regarding those forecasts can be found in the section entitled "Capital Improvement Planning" 9. Fiscal Impact Review It is County policy that all items having potential fiscal impact be presented to the Board of Supervisors for review. This review can be part of the annual operating or capital budgets, or as part of the "Fiscal Impact" section of a Board Report Form, which accompanies all Board agenda items. Effective management dictates that the Board of Supervisors and County citizens be presented with the direct and indirect costs of all items as part of the decision making process. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Section 5 — Capital Improvement Planning Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 7 OF 16 Ten -Year Capital Improvement Program (CIP) The County Administrator annually will submit to the Board for its consideration a ten-year Capital Improvement Program (CIP) pursuant to the timeline established in the annual budget preparation schedule. For inclusion in the Capital Improvement Program, a project or collection of projects generally must have an estimated useful life that exceeds five years with a total project cost of at least $100,000. The Capital Improvement Program shall include the following elements: A. A statement of the objectives of the Capital Improvement Program and its relationship to the County's Strategic Plans, as applicable; B. An estimate of the cost and anticipated sources of funds for each project included in the Capital Improvement Program. Each year of the ten-year program must be balanced in that all capital expenditures included in the plan must have an identified funding source. C. A summary of capital projects considered, but not included in the balanced ten-year program. D. An estimate of the fiscal impact of the project, including additional operating costs or revenues impacting the County's Operating Budget associated with the project. E. Adherence to all policies related to debt and debt service as described in the section entitled "Debt Management". 2. Capital Year Budget The first year of the Capital Improvement Program, also known as the Capital Year Budget, will be appropriated by the Board as part of the adoption of the annual Capital Budget Ordinance. The annual Capital Budget Ordinance shall set forth specific provisions regarding funds remaining at project completion and the ability of the County Administrator to transfer funds to facilitate the completion of an existing project. 3. Facilities Assessment The County and Schools shall obtain an independent, professional, and comprehensive facilities assessment to ascertain the present condition of each facility, and to assist the County and the Schools in forecasting capital funding requirements to address deficiencies. The assessment shall also be used to establish priorities for the maintenance, repair, enhancement, or replacement of facilities and their component systems, and to be used in the development of the Capital Maintenance Program and Capital Improvement Program. Further, the analysis as presented in the assessment shall be useful when identifying and justifying needs to support a future bond issue. This evaluation shall be reviewed internally by staff on an annual basis and updated by an independent professional every 7-10 years after the initial evaluation. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 8 OF 16 4. Capital Project Status Reports On a bi-annual basis, County staff shall provide the Board with a summary status of all active capital projects. The summary shall include status of the project, financial information, and other relevant information as determined by staff. Section 6 — "Pay-as-you-go" Financing 1. A number of options are available for financing the Capital Improvement Program, including bond proceeds and other non -County funding sources (e.g. grants and private capital contributions). The County generally looks to maximize the use of current revenue, or "pay-as- you-go" financing. Financing capital projects from current revenues indicates the County's intent to show purposeful restraint in incurring long-term debt. 2. The decision for using current revenues to fund a capital project is based on the merits of the particular project in relation to an agreed upon set of criteria, including balancing capital needs versus operating needs. In determining the merits of "pay-as-you-go" financing, non-recurring revenues should not be used for recurring expenditures. Section 7 — Debt Management 1. Legal Requirements The County shall comply with all requirements of the Code of Virginia and other legal and regulatory bodies' requirements regarding the issuance of bonds and other financing sources for the County or its debt issuing authorities. The County shall comply with the U.S. Internal Revenue Service arbitrage rebate requirements for bonded indebtedness. In addition, the County will institute a control structure to monitor and ensure compliance with bond covenants. 2. Purposes for Debt Issuance The County may issue debt for the purpose of acquiring or constructing Capital Projects, including buildings, machinery, equipment, furniture and fixtures. This includes debt issued on behalf of the Schools for the same purposes. When feasible, debt issuances will be pooled together to minimize issuance costs. The Capital Improvements Program will identify all debt - related projects and the debt service impact upon operations identified. 3. Guidelines for Issuing Debt The County recognizes that the essential components of a debt policy are the limitations and guidelines set by the locality. The following guidelines reflect the County's philosophy concerning indebtedness: A. Debt issuances are limited to $10 million annually with one year designated for County capital projects and two years designated for School Capital projects included in the adopted Capital Improvement Program (CIP). Bond funding shall be allocated to the County in FY 2020, FY 2023, and FY 2026; to the Schools FY 2019, FY 2021, FY 2022, FY 2024, FY 2025, FY 2027, and FY 2028. Effective with capital projects appropriated on or after July COUNTY OF ROANOKE Policy Number PAGE 9 OF 16 Roanoke, Virginia COMPREHENSIVE EFFECTIVE DATE FINANCIAL POLICY JULY 1, 2018 1, 2018 (FY 2019), bond funding may be "banked" for purposes of accumulating bonding capacity where project costs exceed the $10 million limit. B. The County will not use short-term borrowing to finance operating needs, except in instances as described under "Revenue Anticipation Notes". C. Long-term debt will be used in compliance with all aspects of the debt policy. D. The maturity of any debt will not exceed the expected useful life of the project for which the debt is issued. No bonds greater than twenty (20) years will be issued. E. Each project proposed for financing through debt issuance will have a multi-year analysis performed for review of the debt service impact on the County's General Government Operating Budget and an analysis on the County's approved Debt Ratios as indicated in the section entitled "Debt Limits". F. At a minimum, all issuances of Debt require approval and appropriation of the proceeds by the Board of Supervisors with additional approvals, if applicable, indicated in the section entitled "Types of Debt/Structural Features". 4. Funding Sources for the Debt Payment Reserve Fund A. Annual contributions to the Debt Payment Reserve Fund shall total $8.2 million from the following sources: $4.2 million from County sources, $2.2 million from School sources, and $1.8 million from expired Economic Development incentives. Additionally, changes in debt service payments beneficial to the fund shall be retained by the Fund. Contributions will be accounted for in the Debt Payment Reserve Fund. B. The Debt Payment Reserve Fund will use a benchmark interest rate assumption of six percent (6%). Contribution levels to support the capital financing plan will be reviewed annually and changed upon mutual agreement of the Board of Supervisors and School Board. C. Funding in the amount of $1 million from the County and $1 million from the Schools will continue for the Capital Maintenance Programs and be included in the Capital Improvement Program. Section 8 — Debt Limits 1. The County does not have any Constitutional or Statutory Debt Limits. The County does abide by the following self-imposed debt targets: A. Net Outstanding and Projected Debt as a Percentage of Total Taxable Assessed Value will not exceed three percent (3%) in the current fiscal year or subsequent fiscal years as detailed in the County's Capital Improvement Program. B. General Obligation Current and Projected Debt Service as a Percentage of General Government Expenditures will not exceed ten percent (10%) in the current fiscal year or subsequent fiscal years as detailed in the County's Capital Improvement Program. General Government expenditures include the Governmental Fund expenditures, the School Board component unit expenditures, and County and School transfer to capital projects and Proprietary Funds as outlined in the County's Comprehensive Annual Financial Report (CAFR). COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 10 OF 16 2. All debt ratio calculations shall include debt issued on behalf of the Schools. These ratios will be calculated each year in conjunction with the budget process and the annual audit. Section 9 — Types of Debt/Structural Features Revenue Anticipation Notes A. The County's General Government Fund Balance was designed to provide adequate cash flow to avoid the need for Revenue Anticipation Notes (RANs). B. The County may issue RANs in an extreme emergency beyond the County's control or ability to forecast when the revenue source will be received subsequent to the timing of funds needed. C. The County will issue RANs for a period not to exceed the one year period permitted under the Constitution of Virginia, Article VII section 10. 2. General Obligation Bonds A. The Constitution of Virginia, Article VII section 10, and the Public Finance Act provide the authority for a County to issue General Obligation (GO) Debt with no limit on the amount of GO Debt that a County may issue. The County may issue GO Debt for capital projects or other properly approved projects. B. All debt secured by the general obligation of the County must be approved by the Board of Supervisors and a public referendum, with the exception of Virginia Public School Authority (VPSA) Bonds and State Literary Fund Loans, which do not need approval by referendum. 3. VPSA Bonds and State Literary Fund Loans A. School capital projects may be constructed with debt, either through VPSA Bonds or State Literary Fund Loans, and refunding bonds with preference given to accessibility and interest rates. B. Approval of the School Board is required prior to approval by the Board of Supervisors. 4. Lease/Revenue Bonds A. The County may issue Lease/Revenue bonds to fund enterprise activities or for capital projects that will generate a revenue stream. B. The bonds will include written covenants, which will require that the revenue sources are sufficient to fund the debt service requirements. C. Cost of issuance, debt service reserve funds and capitalized interest may be included in the capital project costs and thus are fully eligible for reimbursement from bond proceeds. 5. Capital Acquisition Notes and Leases The County may issue short-term notes or capital leases to purchase buildings, machinery, equipment, furniture and fixtures. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 11 OF 16 6. Moral Obligation Debt A. The County may enter into leases, contracts, or other agreements with other public bodies, which provide for the payment of debt when revenues of such agencies may prove insufficient to cover debt service. B. Payment of such moral obligation debt service will be done when the best interest of the County is clearly demonstrated. C. While such moral obligation support does not affect the debt limit of the County, the amount of bonds issued with the County's moral obligation should be controlled in order to limit potential demands on the County. There is no legal obligation, but the County is placing its good name and reputation on the line and there is every expectation that the County would make good any deficiencies when a default exists. 7. Credit Objectives The County of Roanoke will strive to maintain or improve its current bond ratings. The County will also maintain relationships with the rating agencies that assign ratings to the County's various debt obligations. The rating agencies will be kept abreast of the County's financial condition by providing them with the County's Comprehensive Annual Financial Report (CAFR) and the Operating and Capital Improvement Program Budget. 8. Authorized Methods of Sale The County will select a method of sale that is the most appropriate in light of financial, market, transaction -specific and issuer -related conditions. Debt obligations are generally issued through competitive sale. If the County and its financial advisor determine that a competitive sale would not result in the best outcome for the County, then a negotiated sale, private placement or other method may be chosen. 9. Selecting Outside Finance Professionals The County of Roanoke will retain external finance professionals to be selected through a competitive process. The finance professionals will include, but may not be limited to, the financial advisor, bond counsel and the underwriter. The finance professionals will assist in developing a bond issuance strategy, preparing bond documents and marketing bonds to investors. The length of the contracts will be determined by the County. The selection process will require experience in the following: municipal debt, diverse financial structuring, and pricing municipal securities. 10. Post -Issuance Compliance A. The Director of Finance will oversee post -issuance compliance activities to ensure compliance with federal guidelines and other legal regulatory requirements including: 1. Tracking proceeds of a debt issuance to ensure they are spent on qualified tax-exempt debt purposes 2. Maintaining detailed records of all expenditures and investments related to debt funds 3. Ensuring that projects financed are used in a manner consistent with legal requirements COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 12 OF 16 4. Reporting of necessary disclosure information and other required fillings in a timely manner 5. Monitoring compliance with applicable arbitrage rules and performing required rebate calculations in a timely manner B. The Director of Finance may consult with bond counsel, financial advisors or other professionals as deemed appropriate to meet the post -issuance compliance requirements. Section 10 — Reserves 1. General Government Fund A. The County of Roanoke's General Government Fund (Fund C100) Unassigned Fund Balance will be maintained to provide the County with sufficient working capital and a comfortable margin of safety to address emergencies and unexpected declines in revenue. B. The General Government Fund's Unassigned Fund Balance should not be used to support recurring operating expenditures outside of the current budget year. If a budget variance requires the use of Unassigned Fund Balance, the County will decrease the General Government Fund's expenditures and/or increase the General Government Fund's revenues to prevent using the Unassigned Fund Balance for two consecutive fiscal years to subsidize General Fund operations. C. The General Government Fund's Unassigned Fund Balance will be as follows: Fund Number Fund Name Policy C100 General Government Fund Twelve percent (12%) of budgeted annual General Government expenditures D. In the event that the General Government Fund's Unassigned Fund Balance is used to provide for temporary funding of unforeseen emergency needs, the County shall restore the balance to the twelve percent (12%) minimum, as defined above, within two fiscal years following the fiscal year in which the event occurred. This will provide for full recovery of the targeted General Government Fund Unassigned Fund Balance in a timely manner. E. Funds in excess of the maximum annual requirements outlined above may be considered to supplement "pay-as-you-go" capital expenditures or other nonrecurring expenditures with Board approval. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY 2. Other General Funds A. For the funds listed follows.. Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 13 OF 16 below, an annual Unassigned Fund Balance shall be maintained as B. In the event that any of the Fund's Unassigned Fund Balance is used to provide for temporary funding of unforeseen emergency needs, the County shall restore the balance to the minimum, as defined above, within two fiscal years following the fiscal year in which the event occurred. This will provide for full recovery of the targeted Fund Unassigned Fund Balance in a timely manner. C. Funds in excess of the Unassigned Fund Balance policy outlined above may be considered to supplement "pay-as-you-go" capital expenditures or other nonrecurring expenditures with Board approval. D. All other County Funds structured under the County's General Fund may carry a reserve balance but do not have a specific annual target. These County Funds are not permitted to expend funds in excess of available revenues. 3. Capital Reserve Funds The County will maintain funds for the specific use of providing "pay-as-you-go" funding for capital projects as detailed in the approved Capital Improvement Program. Contributions to the Capital Reserve Fund will primarily be made with year-end expenditure savings and revenue surplus balances. On annual basis, County staff shall present to the Board for consideration the allocation of year-end balances to support the Capital Reserve Fund. There are no minimum fund balance requirements associated with the Capital Reserve Fund. Fund Item Number Fund Name Policy Children's Services Twenty percent (20%) of budgeted annual 1. C111 Act (CSA) expenditures Criminal Justice Ten percent (10%) of budgeted annual 2. C126 Academy expenditures Seven and a half percent (7.5%) of budgeted 3. C130 Fleet Service Center annual expenditures Communications Ten percent (10%) of budgeted annual 4. C142 Shop expenditures Emergency Seven and a half percent (7.5%) of budgeted 5. C144 Communications annual expenditures Center (ECC) Five percent (5%) of budgeted annual 6. C150 Recreation Fee Class expenditures B. In the event that any of the Fund's Unassigned Fund Balance is used to provide for temporary funding of unforeseen emergency needs, the County shall restore the balance to the minimum, as defined above, within two fiscal years following the fiscal year in which the event occurred. This will provide for full recovery of the targeted Fund Unassigned Fund Balance in a timely manner. C. Funds in excess of the Unassigned Fund Balance policy outlined above may be considered to supplement "pay-as-you-go" capital expenditures or other nonrecurring expenditures with Board approval. D. All other County Funds structured under the County's General Fund may carry a reserve balance but do not have a specific annual target. These County Funds are not permitted to expend funds in excess of available revenues. 3. Capital Reserve Funds The County will maintain funds for the specific use of providing "pay-as-you-go" funding for capital projects as detailed in the approved Capital Improvement Program. Contributions to the Capital Reserve Fund will primarily be made with year-end expenditure savings and revenue surplus balances. On annual basis, County staff shall present to the Board for consideration the allocation of year-end balances to support the Capital Reserve Fund. There are no minimum fund balance requirements associated with the Capital Reserve Fund. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY 4. Internal Service Fund Reserves Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 14 OF 16 The County has three funds classified as Internal Services Funds; they include the Health Insurance Fund, Dental Insurance Fund, and Risk Management Fund. A. Health Insurance Fund (Fund C700) 1. So as long as the County continues the current policy of self-insuring health insurance costs, a reserve for healthcare costs shall be maintained as follows: Fund Fund Name Policy Number Fund Name Policy C700 Health Insurance Fund Ten percent (10%) of budgeted healthcare costs plus a reserve equal to the estimated incurred but not reported (IBNR) claims. 2. To the extent the reserve falls below the minimum threshold of 10%, the reserve will be restored to that level within two fiscal years. Funds in excess of the Unassigned Fund Balance policies in all Other Funds outlined in this policy may be transferred to the Health Insurance Fund to restore the Health Insurance Fund Balance policy with Board approval. 3. At no time shall the use of funds in excess of the 10% fund balance plus a reserve equal to the estimated incurred but not reported (IBNR) claims be used to reduce the annual employee contribution to the Health Insurance Fund, except in cases where a temporary rate adjustment has been made to restore minimum Health Insurance Fund Balance levels. Funds in excess of the Unassigned Fund Balance policy outlined above may be considered to supplement "pay-as-you-go" capital expenditures or other nonrecurring expenditures with Board approval. B. Dental Insurance (Fund C705) So as long as the County elects to provide a fully insured Dental plan, no reserve is required. If the County elects to self -insure Dental Insurance costs in the future, a reserve for dental costs will be established by the Board. C. Risk Management (Fund C710) 1. So as long as the County continues the current policy of self-insuring Worker's Compensation costs, a reserve for Risk Management costs shall be maintained as follows: Fund Number Fund Name Policy C710 Risk Management Fund Ten percent (10%) of budgeted risk management costs plus a reserve equal to the estimated incurred but not reported (IBNR) claims. A reserve of $500,000 shall be established for potential auto or property claims. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 15 OF 16 2. To the extent the reserve falls below the established policy, the reserve will be restored to that level within two fiscal years. Funds in excess of the Unassigned Fund Balance policies in all Other Funds outlined in this policy may be transferred to the Risk Management Fund to restore the Risk Management Fund Balance policy with Board approval. 5. Roanoke County Public Schools Reserves and Year End Allocation A. Roanoke County Public Schools will maintain a $2 million unappropriated balance. This balance is available for unexpected revenue shortfalls, unplanned significant expenditures increases, and emergency appropriations. The balance will be reserved for financial emergencies and when appropriations are necessary, the balance will be replenished with the next available year end funds from the School Operations. B. All School Operating Fund appropriations remaining at the end of the year will not lapse but shall be appropriated to the Schools and used for Major Capital projects, Minor Capital projects, Capital Maintenance Program, School Safety and Security, and/or Comprehensive Services Act reserves. Section 11 —Cash Management/Investments 1. Maintaining the safety of the principal of the County's public investment is the highest priority in the County's cash management policy. The secondary and tertiary priorities are the maintenance of liquidity of the investment and optimization of the rate of return within the parameters of the Code of Virginia, respectively. Funds held for future capital projects are invested in accordance with these objectives, and in such a manner so as to ensure compliance with U.S. Treasury arbitrage regulations. The County maintains cash and temporary investments in several investment portfolios. 2. The Treasurer, County of Roanoke (an elected Constitutional Officer) is responsible for maintaining and updating a separate investment policy, which is approved by the Board of Supervisors. Section 12 — Internal Controls 1. A comprehensive system of financial internal controls shall be maintained in order to protect the County's assets and sustain the integrity of the County's financial systems. 2. Managers at all levels shall be responsible for implementing sound controls and for regularly monitoring and measuring their effectiveness. COUNTY OF ROANOKE Roanoke, Virginia COMPREHENSIVE FINANCIAL POLICY Section 13 — Administration and Approvals Policy Number EFFECTIVE DATE JULY 1, 2018 PAGE 16 OF 16 1. Responsible Department The Department of Finance and the Office of Management and Budget are responsible for the administration of this policy. 2. Policy Authority The Board of Supervisors authorizes the use of this policy. 3. Review Date This policy will be reviewed annually and updated as necessary for modifications. W a O N N Y L O co T- o o N s U V- N M T- o>N 0 -0 0) C O m O OO °C 4-- O- U - _. 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E.2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: April 24, 2018 Resolution of the Board of Supervisors of the County of Roanoke, Virginia declaring its intention to reimburse itself from the proceeds of a financing for capital projects for public school purposes Rebecca Owens Director of Finance APPROVED BY: Thomas C. Gates County Administrator ISSUE: Approval of a reimbursement resolution for the Cave Spring High School Renovation Project BACKGROUND: The Cave Spring High School renovation is the next project in the Roanoke County Public Schools Capital Improvement Plan. This project has been in the planning stages for several years. The design work is substantially complete and the project is in the process of being bid with pending award to the low bidder contingent upon the County Board approval of the Ordinance authorizing the bond issue. DISCUSSION: The School Board intends to fund the Cave Spring High School Renovation Project with a combination of cash reserves and scheduled bond issues arising from the Joint School and County Capital Financing Plan. The school allocation under the joint plan allows for school bond issues in fiscal year 2015-2016, fiscal year 2017-2018, and fiscal year 2018-2019. It is the intent of the School Board to combine bond issues into one issue to occur in Fall 2018. The attached resolution will allows the County to reimburse itself for expenditures made Page 1 of 2 in support of the project but before bond proceeds have been received. This resolution does not authorize the project or bond issue; it merely gives the flexibility to include current, project related expenditures in the future bond issuance, if the County chooses to do so. FISCAL IMPACT: This resolution gives the County the option to allow any project costs incurred prior to the bond sale to be reimbursed from a future VPSA bond issue. The Schools adopted a similar resolution on April 12, 2018. STAFF RECOMMENDATION: Staff recommends approving the attached reimbursement resolution for the Cave Spring High School Renovation Project. Page 2 of 2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, APRIL 24, 2018 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF ROANOKE, VIRGINIA, DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS OF A FINANCING FOR CAPITAL PROJETS FOR PUBLIC SCHOOL PURPOSES Whereas, the Board of Supervisors of the County of Roanoke, Virginia (the "County") have determined that it may be necessary or desirable to advance money to pay the costs of certain capital projects for public school purposes, including without limitation the renovation of Cave Spring High School (the "Projects"). NOW THEREFORE, BE IT RESOLVED, BY THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, as follows: 1. The Board of Supervisors adopts this declaration of official intent under Treasury Regulations Section 1.150-2. 2. The Board of Supervisors reasonably expects to reimburse advances made or to be made by the County or the School Board to pay the costs of the Project from the proceeds of the County's debt or other financings. The maximum amount of debt or other financing expected to be issued in one or more series for the Project is $30,000,000. 3. On the date each advance is paid, it will be a capital expenditure (or would be with a proper election) under general federal income tax principles or will otherwise comply with the requirements of Treas. Regs. § 1.150-2(d)(3). 4. The adoption of this Resolution is consistent with the budgetary and financial circumstances of the County Board of Supervisors. 5. This resolution shall take effect immediately upon its adoption. Page 1 of 1 ACTION NO. ITEM NO. F.1 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: April 24, 2018 Ordinance authorizing the issuance of not to exceed $30,000,000 General Obligation School Bonds of the County of Roanoke, Virginia, to be sold through the Virginia Public School Authority (VPSA) Rebecca Owens Director of Finance APPROVED BY: Thomas C. Gates County Administrator ISSUE: Authorize the issuance of General Obligation Schools Bonds through VPSA in an amount not to exceed $30 million. BACKGROUND: The next project on the School Board Capital Improvement Plan is the renovation of Cave Spring High School. Planning and design for the project is underway, and the project is expected to be advertised for bid in May 2018. Project construction is anticipated to begin in the Summer of 2018 with completion tentatively scheduled for Fall of 2020. The Cave Spring High School project includes the complete renovation of the existing school facility, an addition for new science classrooms and labs, an addition of new administrative offices and guidance offices, renovations and expansions of indoor sports facilities and locker/team rooms, security upgrades, site circulation and safety improvements, high efficiency HVAC retrofit and energy efficient lighting systems. DISCUSSION: The estimated total project costs, including design, construction and soft costs for the renovation of Cave Spring High School is estimated at $37.5 million, with $7.5 million Page 1 of 4 funded with cash and $30 million to be funded with bonds issued through the Virginia Public School Authority. The Virginia Public School Authority (VPSA) was created by the General Assembly to issue revenue bonds and to use these proceeds to purchase or refinance bonds issued by local governments to finance capital project for public schools. VPSA pledges to the payment of its bonds the school bonds it purchases from local governments. Local bonds issued by counties and sold to the VPSA are not subject to the referendum requirement of the Virginia Constitution. As part of the joint capital plan that the County and School have had in place since 2005, the Schools have the opportunity to borrow funds two consecutive years out of every three years. This plan provides a mechanism to pay for debt without adding any tax burden to the taxpayer. The bond funds were planned under the County/Schools 10-10-10 Capital Financing Plan and represent the $10,000,000 in bonds scheduled in fiscal year 2015-2016, fiscal year 2017-2018 and fiscal year 2018-2019. The schools "banked" the scheduled borrowings for fiscal year 2015-2016 and fiscal year 2017-2018 to combine with the scheduled borrowing in fiscal year 2018-2019 for this project. The design work is primarily complete and the project is in the process of being bid with pending award to the low bidder, contingent upon the approval of this bond fund request. VPSA bonds are sold twice a year so the next available bond issuance is in the Fall of 2018. The VPSA application will be submitted in June/July when the VPSA application is released for an amount not to exceed $30,000,000, with the bonds expected to be sold in Fall 2018. The first debt payment on the proposed bond will occur in the 2019-2020 fiscal year. The current interest rate environment is favorable, however this will be dependent on market conditions at the time of the sale and final amortization schedules provided by VPSA in the Fall of 2018. The School Board approved a reimbursement resolution on April 12, 2018, for this project to allow all project costs incurred prior to the bond sale to be reimbursed from a future VPSA bond issue. The County Board of Supervisors will be asked to approve a like resolution at their meeting on April 24, 2018. The School Board has adopted the necessary resolutions, to participate in the Fall 2018 bond sale on April 12, 2018, and school staff will prepare the required VPSA application when it is released. Before the bonds can be sold, the County Board of Supervisors must hold a public hearing and adopt the attached ordinance, which outlines the parameters of the bond sale and the form of the bonds. The VPSA application will be Page 2 of 4 for an amount not to exceed $30,000,000. The public hearing is scheduled for May 8, 2018. School staff will be at the meeting to address any questions that the Board may have regarding the school renovation project. FISCAL IMPACT: The project budget will be funded with existing cash reserves, debt service fund cash and this VPSA bond sale. The project will be funded as follows: VPSA bond sale -Fall 2018 $30,000,000 Major school capital reserves 4,884,376 Debt reserve cash funds 2,452,064 VPSA refunding cash credit 163,560 Total $37,500,000 The ability to subsidize capital projects with cash is made possible by the joint capital financing plan adopted by the School Board and Board of Supervisors in December 2004 and annually funded with the school and county budgets. Funds for this project were previously appropriated during the 2017-2018 budget process with budget ordinance number 052317-9 and prior budget actions. Debt payments for this borrowing will begin in fiscal year 2019-2020 and are factored into the debt capacity for school capital improvements and future County budgets will include the annual debt service to be paid from the funded joint school and county future capital fund. The proposed fiscal year 2018-2019 budget included an interest payment for the bonds in the amount of $622,500, however the proposed bond issue will not require a debt payment until fiscal year 2019-2020. During a work session later today, staff will review a recommended budget adjustment to reduce the School debt service expenditure and the offsetting transfer from the debt fund with the net result on the budget equaling zero. The County's debt policy established parameters for issuing debt and managing outstanding debt. The County does not have any Constitutional or Statutory Debt Limits. The County does abide by self-imposed debt targets. The proposed bond issue in the amount of $30 million will allow the County to stay well within the limits of the County debt policy approved by the Board. Page 3 of 4 STAFF RECOMMENDATION: Staff recommends approval of the first reading of the ordinance and scheduling the second reading and public hearing for May 8, 2018. Page 4 of 4 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER, ON TUESDAY, APRIL 24, 2018 ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $30,000,000 GENERAL OBLIGATION SCHOOL BOND OF THE COUNTY OF ROANOKE, VIRGINIA, TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY AND PROVIDING FOR THE FORM AND DETAILS THEREOF. WHEREAS, the Board of Supervisors (the "Board") of the County of Roanoke, Virginia (the "County"), has determined that it is necessary and expedient to borrow an amount not to exceed $30,000,000 and to issue its general obligation school bond (as more specifically defined below, the "Local School Bond") for the purpose of financing a portion of the costs of the renovation of Cave Spring High School (collectively, the "Project"); WHEREAS, the County held a public hearing, duly noticed, on May 8, 2018, on the issuance of the Local School Bond in accordance with the requirements of Section 15.2-2606, Code of Virginia 1950, as amended (the "Virginia Code"); WHEREAS, the School Board of the County has, by Ordinance, requested the Board to authorize the issuance of the Local School Bond and consented to the issuance of the Local School Bond; WHEREAS, Virginia Public School Authority ("VPSA") has offered to purchase the Local School Bond along with the local school bonds of certain other localities with a portion of the proceeds of certain bonds to be issued by VPSA in the fall of 2018 (the "VPSA Bonds"); Page 1 of 10 WHEREAS, the Bond Sale Agreement (as defined below) shall indicate that $30,000,000 is the amount of proceeds requested (the "Proceeds Requested") from VPSA in connection with the sale of the Local School Bond; WHEREAS, VPSA's objective is to pay the County a purchase price for the Local School Bond which, in VPSA's judgment, reflects the Local School Bond's market value (the "VPSA Purchase Price Objective"), taking into consideration of such factors as the amortization schedule the County has requested for the Local School Bond relative to the amortization schedules requested by other localities, the purchase price to be received by VPSA from the sale of the VPSA Bonds and other market conditions relating to the sale of the VPSA Bonds; WHEREAS, such factors may result in the Local School Bond having a purchase price other than par and consequently (i) the County may have to issue the Local School Bond in a principal amount that is greater than or less than the Proceeds Requested in order to receive an amount of proceeds that is substantially equal to the Proceeds Requested, or (ii) if the maximum authorized principal amount of the Local School Bond set forth in section 1 below does not exceed the Proceeds Requested by at least the amount of any discount, the purchase price to be paid to the County, given the VPSA Purchase Price Objective and market conditions, will be less than the Proceeds Requested; WHEREAS, the first reading of this ordinance was held on April 24, 2018, and the second reading and public hearing of this ordinance was held on May 8, 2018. Page 2 of 10 NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF ROANOKE, VIRGINIA: 1. Authorization of Local School Bond and Use of Proceeds. The Board hereby determines that it is advisable to contract a debt and issue and sell its general obligation school bond in an aggregate principal amount not to exceed $30,000,000 (the "Local School Bond") for the purpose of financing the Project. The Board hereby authorizes the issuance and sale of the Local School Bond in the form and upon the terms established pursuant to this Ordinance. 2. Sale of the Local School Bond. The sale of the Local School Bond, within the parameters set forth in paragraph 4 of this Ordinance, to VPSA is authorized. Given the VPSA Purchase Price Objective and market conditions, the County acknowledges that the limitation on the maximum principal amount of the Local School Bond set forth in paragraph 1 of this Ordinance restricts VPSA's ability to generate the Proceeds Requested, however, the Local School Bond may be sold for a purchase price not lower than 95% of the Proceeds Requested. The Chairman of the Board, the County Administrator, or either of them (each a "Delegate") and such other officer or officers of the County as either may designate are hereby authorized and directed to enter into an agreement with VPSA providing for the sale of the Local School Bond to VPSA (the "Bond Sale Agreement"). The Bond Sale Agreement shall be in a form approved by a Delegate, which approval shall be evidenced by the execution and delivery of the Bond Sale Agreement by the applicable Delegate. Page 3 of 10 3. Details of the Local School Bond. The Local School Bond shall be dated 16 days prior to the date of its issuance and delivery or such other date designated by VPSA; shall be designated "General Obligation School Bond, Series 2018"; shall bear interest from its dated date payable semi-annually on each January 15 and July 15 beginning no earlier than July 15, 2019 (each an "Interest Payment Date"), at the rates established in accordance with paragraph 4 of this Ordinance; and shall mature on July 15 in the years (each a "Principal Payment Date") and in the amounts acceptable to a Delegate (the "Principal Installments"), subject to the provisions of paragraph 4 of this Ordinance. 4. Interest Rates and Principal Installments. Each Delegate is hereby authorized and directed to accept the interest rates on the Local School Bond established by VPSA, provided that each interest rate shall be five one -hundredths of one percent (0.05%) over the interest rate to be paid by VPSA for the corresponding principal payment date of the VPSA Bonds, a portion of the proceeds of which will be used to purchase the Local School Bond, and provided further that the true interest cost of the Local School Bond does not exceed five and fifty one -hundredths percent (5.50%) per annum. The Interest Payment Dates and the Principal Installments are subject to change at the request of VPSA. Each Delegate is hereby authorized and directed to accept changes in the Interest Payment Dates and the Principal Installments at the request of VPSA based on the final term to maturity of the VPSA Bonds, requirements imposed on VPSA by the nationally -recognized rating agencies and the final principal amount of the Local School Bond; provided, however, that the principal amount of the Local School Bond shall not exceed the amount authorized by this Ordinance and the principal components of the Local School Bond shall amortize Page 4 of 10 over no more than 20 years. The execution and delivery of the Local School Bond as described in paragraph 8 hereof shall conclusively evidence the approval and acceptance of all of the details of the Local School Bond by the Delegate as authorized by this Ordinance. 5. Form of the Local School Bond. The Local School Bond shall be initially in the form of a single, temporary typewritten bond substantially in the form attached hereto as Exhibit A. 6. Payment; Paving Agent and Bond Registrar. The following provisions shall apply to the Local School Bond: (a) For as long as VPSA is the registered owner of the Local School Bond, all payments of principal, premium, if any, and interest on the Local School Bond shall be made in immediately available funds to VPSA at, or before 11:00 a.m. on the applicable Interest Payment Date, Principal Payment Date or date fixed for prepayment or redemption, or if such date is not a business day for Virginia banks or for the Commonwealth of Virginia, then at or before 11:00 a.m. on the business day next succeeding such Interest Payment Date, Principal Payment Date or date fixed for prepayment or redemption. (b) All overdue payments of principal and, to the extent permitted by law, interest shall bear interest at the applicable interest rate or rates on the Local School Bond. Page 5 of 10 (c) The County Administrator is hereby authorized and directed to designate a Bond Registrar and Paying Agent for the Local School Bond as required by VPSA. 7. Prepayment or Redemption. Unless required otherwise by VPSA, the Principal Installments of the Local School Bond held by VPSA coming due on or before July 15, 2028, and the definitive bond for which the Local School Bond held by VPSA may be exchanged that mature on or before July 15, 2028, are not subject to prepayment or redemption prior to their stated maturities. The Principal Installments of the Local School Bond held by VPSA coming due on or after July 15, 2029, and the definitive bond(s) for which the Local School Bond held by VPSA may be exchanged that mature on or after July 15, 2029, are subject to prepayment or redemption at the option of the County prior to their stated maturities in whole or in part, on any date on or after July 15, 2028, upon payment of the prepayment or redemption prices (expressed as percentages of Principal Installments to be prepaid or the principal amount of the Local School Bond to be redeemed) set forth below plus accrued interest to the date set for prepayment or redemption: Dates Prices July 15, 2028 through July 14, 2029 101% July 15, 2030 through July 14, 2031 100'/2 July 15, 2032 and thereafter 100 Provided, however, that the Principal Installments of the Local School Bond shall not be subject to prepayment or redemption prior to their stated maturities as described above without first obtaining the written consent of VPSA or other registered owner of Page 6 of 10 the Local School Bond. Notice of any such prepayment or redemption shall be given by the Bond Registrar to VPSA or other registered owner by registered mail not more than ninety (90) and not less than sixty (60) days before the date fixed for prepayment or redemption. If VPSA refunds the VPSA Bonds in the future and such refunding causes the Local School Bond to be deemed refunded, the prepayment or redemption of the Local School Bond will be subject to VPSA approval and subject to similar prepayment or redemption provisions as set forth above that correspond to the call period of the VPSA bonds issued in part to refund the Local School Bond. 8. Execution of the Local School Bond. The Chairman or Vice Chairman and the Clerk or any Deputy Clerk of the Board are authorized and directed to execute and deliver the Local School Bond and to affix the seal of the County thereto. 9. Pledge of Full Faith and Credit. For the prompt payment of the principal of, premium, if any, and the interest on the Local School Bond as the same shall become due, the full faith and credit of the County are hereby irrevocably pledged, and in each year while any portion of the Local School Bond shall be outstanding there shall be levied and collected in accordance with law an annual ad valorem tax upon all taxable property in the County subject to local taxation sufficient in amount to provide for the payment of the principal of and premium, if any, and the interest on the Local School Bond as such principal, premium, if any, and interest shall become due, which tax shall be without limitation as to rate or Page 7 of 10 amount and in addition to all other taxes authorized to be levied in the County to the extent other funds of the County are not lawfully available and appropriated for such purpose. 10. Use of Proceeds Certificate and Tax Compliance Agreement. The Chairman of the Board, the County Administrator and such other officer or officers of the County or the School Board as either may designate are hereby authorized and directed to execute and deliver on behalf of the County a Use of Proceeds Certificate and Tax Compliance Agreement (the "Tax Compliance Agreement") setting forth the expected use and investment of the proceeds of the Local School Bond and containing such covenants as may be necessary in order to show compliance with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable regulations relating to the exclusion from gross income of interest on the VPSA Bonds. The Board covenants on behalf of the County that (i) the proceeds from the issuance and sale of the Local School Bond will be invested and expended as set forth in such Tax Compliance Agreement and that the County shall comply with the other covenants and representations contained therein and (ii) the County shall comply with the provisions of the Code so that interest on the VPSA Bonds will remain excludable from gross income for federal income tax purposes. 11. State Non -Arbitrage Program; Proceeds Agreement. The Board hereby determines that it is in the best interests of the County to authorize and direct the County Director of Finance to participate in the State Non -Arbitrage Program in connection with the Local School Bond. The Chairman of the Board, the County Administrator and such officer or officers of the County as either may designate are hereby authorized and directed to execute and deliver a Proceeds Agreement with respect to the deposit and investment of Page 8 of 10 proceeds of the Local School Bond by and among the County, the other participants in the sale of the VPSA Bonds, VPSA, the investment manager and the depository, substantially in the form submitted to the Board at this meeting, which form is hereby approved. 12. Continuing Disclosure Agreement. The Chairman of the Board, the County Administrator and such other officer or officers of the County as either may designate are hereby authorized and directed to execute a Continuing Disclosure Agreement, as set forth in Appendix D to the Bond Sale Agreement, setting forth the reports and notices to be filed by the County and containing such covenants as may be necessary in order to show compliance with the provisions of the Securities and Exchange Commission Rule 15c2-12, under the Securities Exchange Act of 1934, as amended, and directed to make all filings required by Section 3 of the Bond Sale Agreement should the County be determined by VPSA to be a MOP (as defined in the Bond Sale Agreement). 13. Refunding. The Board hereby acknowledges that VPSA may issue refunding bonds to refund any bonds previously issued by VPSA, including the VPSA Bonds issued to purchase the Local School Bond, and that the purpose of such refunding bonds would be to enable VPSA to pass on annual debt service savings to the local issuers, including the County. Each of the Delegates is authorized to execute and deliver to VPSA such along to the Local School Bond, revised debt service schedule, IRS Form 8038-G or such other documents reasonably deemed necessary by VPSA and VPSA's bond counsel to be necessary to reflect and facilitate the refunding of the Local School Bond and the allocation of the annual debt service savings to the County by VPSA. The Clerk to the Board of Page 9 of 10 Supervisors is authorized to affix the County's seal on any such documents and attest or countersign the same. 14. Filing of Ordinance. The appropriate officers or agents of the County are hereby authorized and directed to cause a certified copy of this Ordinance to be filed with the Circuit Court of the County. 15. Election to Proceed under Public Finance Act. In accordance with Section 15.2-2601 of the Virginia Code, the Board elects to issue the Local School Bond pursuant to the provisions of the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Virginia Code. 16. Further Actions. The members of the Board and all officers, employees and agents of the County are hereby authorized to take such action as they or any one of them may consider necessary or desirable in connection with the issuance and sale of the Local School Bond and otherwise in furtherance of this Ordinance and any such action previously taken is hereby ratified and confirmed. 17. Effective Date. This Ordinance shall take effect immediately. Page 10 of 10 NO. TR -1 EXHIBIT A (FORM OF TEMPORARY BOND) UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA COUNTY OF General Obligation School Bond Series 2019 [**] Dated Date: November_, [16/17 days prior to issuance], 2019 Issue Date: November_, 2019 The COUNTY OF ROANOKE VIRGINIA (the "County"), for value received, hereby acknowledges itself indebted and promises to pay to the VIRGINIA PUBLIC SCHOOL AUTHORITY ("VPSA") the principal amount of DOLLARS ($ ), in annual installments in the amounts set forth on Schedule I attached hereto payable on July 15, 20_ and annually on July 15 thereafter to and including July 15, 20_ (each a "Principal Payment Date"), together with interest from the dated date of this Bond on the unpaid installments, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2019 (each an "Interest Payment Date"; together with any Principal Payment Date, a "Payment Date"), at the rates per annum set forth on Schedule I attached hereto, subject to prepayment or redemption as hereinafter provided. Principal of and interest and premium, if any, on this Bond are payable in lawful money of the United States of America. For as long as VPSA is the registered owner of this Bond, as bond registrar (the "Bond Registrar"), shall make all payments of the principal of and interest and xx Letter designation, if any. A-1 premium, if any, on this Bond, without the presentation or surrender hereof, to VPSA, in immediately available funds at or before 11:00 a.m. on the applicable Payment Date or date fixed for prepayment or redemption. If a Payment Date or date fixed for prepayment or redemption is not a business day for banks in the Commonwealth of Virginia or for the Commonwealth of Virginia, then the payment of the principal of and interest and premium, if any, on this Bond shall be made in immediately available funds at or before 11:00 a.m. on the business day next succeeding the scheduled Payment Date or date fixed for prepayment or redemption. Upon receipt by the registered owner of this Bond of said payments of principal, premium, if any, and interest, written acknowledgment of the receipt thereof shall be given promptly to the Bond Registrar, and the County shall be fully discharged of its obligation on this Bond to the extent of the payment so made. Upon final payment, this Bond shall be surrendered to the Bond Registrar for cancellation. The full faith and credit of the County are irrevocably pledged for the payment of the principal of and the premium, if any, and interest on this Bond. The Ordinance adopted by the Board of Supervisors authorizing the issuance of this Bond provides, and Section 15.2- 2624, Code of Virginia 1950, as amended (the "Virginia Code"), requires, that there shall be levied and collected an annual tax upon all taxable property in the County subject to local taxation sufficient to provide for the payment of the principal of and interest and premium, if any, on this Bond as the same shall become due which tax shall be without limitation as to rate or amount and shall be in addition to all other taxes authorized to be levied in the County to the extent other funds of the County are not lawfully available and appropriated for such purpose. A-2 This Bond is duly authorized and issued in compliance with and pursuant to the Constitution and laws of the Commonwealth of Virginia, including the Public Finance Act of 1991, Chapter 26, Title 15.2 of the Virginia Code, and Ordinances duly adopted by the Board of Supervisors of the County and the School Board of the County to provide funds for capital projects for school purposes. This Bond may be exchanged without cost, on twenty (20) days written notice from the VPSA, at the office of the Bond Registrar on one or more occasions for one or more temporary bonds or definitive bonds in marketable form and, in any case, in fully registered form, in denominations of $5,000 and whole multiples thereof, and having an equal aggregate principal amount, having principal installments or maturities and bearing interest at rates corresponding to the maturities of and the interest rates on the installments of principal of this Bond then unpaid. This Bond is registered in the name of the VPSA on the books of the County kept by the Bond Registrar, and the transfer of this Bond may be effected by the registered owner of this Bond only upon due execution of an assignment by such registered owner. Upon receipt of such assignment and the surrender of this Bond, the Bond Registrar shall exchange this Bond for definitive bonds as hereinabove provided, such definitive bonds to be registered on such registration books in the name of the assignee or assignees named in such assignment. The principal installments of this Bond coming due on or before July 15, 2028 and the definitive bonds for which this Bond may be exchanged that mature on or before July 15, 2029, are not subject to prepayment or redemption prior to their stated maturities. The principal installments of this Bond coming due on or after July 15, 2028, and the definitive bonds for which this Bond may be exchanged that mature on or after July 15, 2029, are A-3 subject to prepayment or redemption at the option of the County prior to their stated maturities in whole or in part, on any date on or after July 15, 2028, upon payment of the prepayment or redemption prices (expressed as percentages of principal installments to be prepaid or the principal amount of this Bond to be redeemed) set forth below plus accrued interest to the date set for prepayment or redemption: Dates Prices July 15, 2028 through July 14, 2029 101% July 15, 2030 through July 14, 2031 100'/2 July 15, 2032 and thereafter 100 Provided, however, that the principal installments of this Bond shall not be subject to prepayment or redemption prior to their stated maturities as described above without the prior written consent of VPSA or other registered owner of this Bond. Notice of any such prepayment or redemption shall be given by the Bond Registrar to VPSA or other registered owner by registered mail not more than ninety (90) and not less than sixty (60) days before the date fixed for prepayment or redemption. If VPSA refunds its bonds issued in part to purchase this Bond in the future and such refunding causes this Bond to be deemed refunded, the prepayment or redemption of this Bond will be subject to VPSA approval and subject to similar prepayment or redemption provisions as set forth above that correspond to the call period of the VPSA bonds issued in part to refund this Bond. All acts, conditions and things required by the Constitution and laws of the Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of this Bond have happened, exist and have been performed in due time, form and manner as so required, and this Bond, together with all other indebtedness of the County, is within every debt and other limit prescribed by the Constitution and laws of the Commonwealth of Virginia. A-5 IN WITNESS WHEREOF, the Board of Supervisors of the County of Roanoke has caused this Bond to be issued in the name of the County of Roanoke, Virginia, to be signed by its Chairman or Vice -Chairman, its seal to be affixed hereto and attested by the signature of its Clerk or any of its Deputy Clerks, and this Bond to be dated November _ [16 days prior to the closing date], 2018. COUNTY OF ROANOKE, VIRGINIA (SEAL) ATTEST: Chief Deputy Clerk, Board of Chairman, Board of Supervisors of the Supervisors of the County of County of Roanoke, Virginia Roanoke, Virginia ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: the within Bond and irrevocably constitutes and appoints attorney to exchange said Bond for definitive bonds in lieu of which this Bond is issued and to register the transfer of such definitive bonds on the books kept for registration thereof, with full power of substitution in the premises. Date: Signature Guaranteed: (NOTICE: Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Bond Registrar which requirements will include Membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Bond Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. A-7 Registered Owner (NOTICE: The signature above must correspond with the name of the Registered Owner as it appears on the front of this Bond in every particular, without alteration or change.) ACTION NO. ITEM NO. G.1 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: APPROVED BY: ISSUE: April 24, 2018 Appointments to Committees, Commissions and Boards Deborah C. Jacks Chief Deputy Clerk to the Board of Supervisors Thomas C. Gates County Administrator All open district appointments BACKGROUND: 1. Budget and Fiscal Affairs Committee (BFAC) (appointed by District) The following District appointments remain open: Cave Spring Magisterial District Vinton Magisterial District 2. Economic Development Authority (EDA) (appointed by District) Billy H. Branch, representing the Cave Spring Magisterial District has resigned. His four-year unexpired term ended September 26, 2017. The following four-year term expired on September 26, 2017: a) Steve Anderson, representing the Cave Spring Magisterial District is eligible for reappointment 3. Library Board (appointed by District) The following four-year term expired on December 31, 2016: Page 1 of 2 a) Heather Lawrence, representing the Vinton Magisterial District FISCAL IMPACT: There is no fiscal impact associated with this agenda item. Page 2 of 2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON TUESDAY, APRIL 24, 2018 RESOLUTION APPROVING AND CONCURRING IN CERTAIN ITEMS SET FORTH ON THE BOARD OF SUPERVISORS AGENDA FOR THIS DATE DESIGNATED AS ITEM H- CONSENT AGENDA BE IT RESOLVED by the Board of Supervisors of Roanoke County, Virginia, as follows: That the certain section of the agenda of the Board of Supervisors for April 24, 2018, designated as Item H - Consent Agenda be, and hereby is, approved and concurred in as to each item separately set forth in said section designated Items 1 through 2 inclusive, as follows: 1. Approval of minutes — February 27, 2018 2. Request to accept and allocate Technology Trust Funds in the amount of $3,671 to the Clerk of the Circuit Court from the Commonwealth of Virginia for fiscal year 2018/2019 Page 1 of 1 ACTION NO. ITEM NO. H.2 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: April 24, 2018 Request to accept and allocate funds in the amount of $3,671 to the Clerk of Circuit Court from the Commonwealth of Virginia for Technology Trust Funds SUBMITTED BY: Jill Camilletti Deputy Clerk IV APPROVED BY: Thomas C. Gates County Administrator ISSUE: Acceptance and allocation of funds in the amount of $3,671 to the Clerk of the Circuit Court from the Commonwealth of Virginia BACKGROUND: Technology Trust Funds represent fees collected by the Roanoke County Circuit Court Clerk's Office, have been received from the State in the amount of $3,671. In accordance with State of Virginia Code Section 17.1-279 stated the Circuit Court Clerk's Office shall assess a $5.00 fee called Technology Trust Fund Fee. Each month, the Clerk's Office can request the fees that were assessed the previous month. The code section further states that four of every five dollar fee shall be allocated by the Compensation Board from the trust fund for the purposes of obtaining and updating office automation and information technology equipment including software and conversion services; preserving, maintaining and enhancing court records, including but not limited to the costs of repairs, maintaining and enhancing court records, consulting services, service contracts, redaction of social security numbers from land records and system replacement or upgrades and improving public access to court records. DISCUSSION: The funds received from the Commonwealth of Virginia have been earmarked for Page 1 of 2 maintenance needs for the Clerk of circuit Court, specifically towards the twice yearly maintenance bill from the Supreme Court for maintaining their records, equipment, etc. FISCAL IMPACT: All funds are provided by the Commonwealth of Virginia. No County matching funds are required. STAFF RECOMMENDATION: Staff recommends accepting and allocating $3,671 to the Clerk of Circuit Court from the Commonwealth of Virginia. Page 2 of 2 Q) .�d 0 c 0 � 0 � � � 0 U Q) � Q) Q) w 3 . v � c m � � Q) to c � 0 U � 0 m � u c m 2 -0 Q) m CL 0 CL CL 2 � 00 0 N P� 0 J_ 2 � MA LL rq rq cm cm o u 0 � A . 7 Ln 00 m cr m 0 ° c� % r- % g M c 0 0 0 C � 7 E / § I m 0 u » )» n 0 . 2 » > k q 2 2 cm q % \ m r- 0 .2U L % e § cm 0 Ln CL ca � c k \ _ / \ u / % / % � q % » % \ \ 0 Ln / » ) kk / ƒ ( } ( 9 E 9 ƒ f 2 & 2 I rq % g < g # 0 \ % u \ to Ln 2% - % / I $ 2 0 7 00 $ r 00 2 0C \ \ ) \ 0 2 \ 0 \ m § \ § 2 » & » u ) / E Liƒ E / _ & § ° % ° 4 a_ a \ / \ / $ N 0 \ N 0 { \ @ & / @ & % / ^ COUNTY OF ROANOKE, VIRGINIA CHANGES IN OUTSTANDING DEBT Changes in outstanding debt for the fiscal year to date were as follows: Audited Outstanding June 30, 2017 Additions Deletions General Obligation Bonds $ 3,640,935 $ - VPSA School Bonds 86,990,706 Lease Revenue Bonds 78,410,705 6,440,000 Outstanding April 24, 2018 $ 3,640,935 8,107,624 78,883,082 3,005,000 81,845,705 $ 169,042,346 $ 6,440,000 $ 11,112,624 - $ 164,369,722 Submitted By Rebecca E. Owens Director of Finance Approved By Thomas C. Gates County Administrator 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 V O O M N O M O r- r r N O I® O? 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U N 'O 0 U" � 8 o C 7 o O 7 w N Y m @ 9 7 Y W C _@ O O O U C O 0 O- E X U to X 03 O @ N O 03 C C O i N @ C IL J U a a 0 W 0 0 W o � Ir m D z F C7 ACTION NO. ITEM NO. AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: APPROVED BY: April 24, 2018 Rebecca E. Owens Director of Finance Thomas C. Gates County Administrator COUNTY ADMINISTRATOR'S COMMENTS: SUMMARY OF INFORMATION: Direct Deposit Checks Total Payments to Vendors $ - $ - $ 11,820,582.91 Payroll 03/09/18 1,444,585.41 44,579.94 1,489,165.35 Payroll 03/23/18 1,317,110.89 57,753.98 1,374,864.87 Manual Checks - 2,674.83 2,674.83 Grand Total $ 14,687,287.96 A detailed listing of the payments to vendors is on file with the Clerk to the Board of Supervisors. ACTION NO. ITEM NUMBER AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER. MEETING DATE: April 24, 2018 AGENDA ITEMS: Statement of the Treasurer's Accountability per Investment and Portfolio Policy, as of 28 -Feb -18 SUMMARY OF INFORMATION: CASHINVESTMENT: SUNTRUST CON 3,688,366.77 3,688,366.77 CrZsPA=1N �il�►�� SCOTT STRINGFELLOW CONTRA (350,476.00) SCOTT STRINGFELLOW 52,005,705.14 WELLS FARGO 12,000,000.00 WELLS FARGO CONTRA (148,950.00) 63,506,279.14 LOCAL GOVT INVESTMENT POOL: 3,843,879.96 GENERAL OPERATION 8,337,772.66 8,337,772.66 MONEY MARKET: AMERICAN NATIONAL BANK 2,520,035.32 BRANCH BANKING & TRUST 1,095,012.20 HOMETRUST BANK 2,509,302.34 SCOTT STRINGFELLOW - JAIL 1,117,501.78 SCOTT STRINGFELLOW 3,843,879.96 UNION FIRST 1,088,134.33 VALLEY BANK/BNC 2,538,915.02 WELLS FARGO 2,410,648.98 17,123,429.93 TOTAL 92,655,848.50 04/10/2018 �IIltkitv of Ytoanokle ortamat (tOAIyO� F 2 DECLARING THE MONTH OF MAY 2018 TO BE GUILLIAN-BARRE SYNDROME (GBS) AND CHRONIC INFLAMMATORY DEMYLELINATING POLYNEUROPATHY (CIDP) AWARENESS MONTH IN ROANOKE COUNTY WHEREAS, the month of May 2018 has been designated as "GBS and CIDP Awareness Month" to educate the public and to focus attention on Guillian-Barre Syndrome (GBS) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) , which are rare, paralyzing and potentially catastrophic disorders of the peripheral nerves; and WHEREAS, the cause of GBS and CIDP is unknown. The length of the illness is unpredictable. It is characterized by the rapid onset of weakness and often, paralysis of the legs, arms, breathing muscles and face. Usually months of hospital care are required with patients and families facing an uncertain future, not knowing if and when recovery will occur. Some may face long-term disabilities of varying degrees. GBS and CIDP can develop in any person at any age, regardless of gender or ethnic background; and WHEREAS, in 1980, the Guillian-Barre Syndrome Foundation International (now the GBS/CIDP Foundation International), was founded to provide a support network to patients and their families through the national office headquarters in Philadelphia and its 174 chapters with more than 30,000 members throughout the United States, Canada, Asia, Europe, South America and South Africa; and Whereas, Rick Forney is the Liaison for the local area chapter serving as the link between the patients, physicians, nurses, and the families. The Foundation provides educational materials including a comprehensive booklet, "GBS, an Overview for the Layperson," and newsletters as well as funding medical research and conducting symposia; and WHEREAS, the Foundations Medical Advisory board includes prominent neurologists active in GBS and CIDP research, leading physicians in rehabilitation medicine, and physicians who, themselves, have had the disorder. NOW, THEREFORE, I, Martha B. Hooker, of the Board of Supervisors of Roanoke County, DO HEREBY PROCLAIM the month of MAY as "GBS/CIDP AWARENESS MONTH" in the County of Roanoke and encourage all citizens to recognize the importance of raising public awareness of GBS and CIDP Presented this 24th day of April 2018 h#iia Martha B. jF oke airman P. Jaso Peters, Vice -Chairman � 7 = 838 WHEREAS, the month of May 2018 has been designated as "GBS and CIDP Awareness Month" to educate the public and to focus attention on Guillian-Barre Syndrome (GBS) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) , which are rare, paralyzing and potentially catastrophic disorders of the peripheral nerves; and WHEREAS, the cause of GBS and CIDP is unknown. The length of the illness is unpredictable. It is characterized by the rapid onset of weakness and often, paralysis of the legs, arms, breathing muscles and face. Usually months of hospital care are required with patients and families facing an uncertain future, not knowing if and when recovery will occur. Some may face long-term disabilities of varying degrees. GBS and CIDP can develop in any person at any age, regardless of gender or ethnic background; and WHEREAS, in 1980, the Guillian-Barre Syndrome Foundation International (now the GBS/CIDP Foundation International), was founded to provide a support network to patients and their families through the national office headquarters in Philadelphia and its 174 chapters with more than 30,000 members throughout the United States, Canada, Asia, Europe, South America and South Africa; and Whereas, Rick Forney is the Liaison for the local area chapter serving as the link between the patients, physicians, nurses, and the families. The Foundation provides educational materials including a comprehensive booklet, "GBS, an Overview for the Layperson," and newsletters as well as funding medical research and conducting symposia; and WHEREAS, the Foundations Medical Advisory board includes prominent neurologists active in GBS and CIDP research, leading physicians in rehabilitation medicine, and physicians who, themselves, have had the disorder. NOW, THEREFORE, I, Martha B. Hooker, of the Board of Supervisors of Roanoke County, DO HEREBY PROCLAIM the month of MAY as "GBS/CIDP AWARENESS MONTH" in the County of Roanoke and encourage all citizens to recognize the importance of raising public awareness of GBS and CIDP Presented this 24th day of April 2018 h#iia Martha B. jF oke airman P. Jaso Peters, Vice -Chairman ACTION NO. ITEM NO. L.1 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER MEETING DATE: AGENDA ITEM: SUBMITTED BY: April 24, 2018 Work session to review with the Board of Supervisors the County Administrator's Proposed Fiscal Year 2018-2019 Operating Budget and Fiscal Year 2019-2028 Capital Improvement Program Christopher R. Bever Director of Management and Budget APPROVED BY: Thomas C. Gates County Administrator ISSUE: Review the County Administrator's Proposed Fiscal Year 2018-2019 Operating Budget and Fiscal Year 2019-2028 Capital Improvement Program. BACKGROUND: As part of the annual budget development process, County staff conducts a series of work sessions with the Board of Supervisors after the County Administrator proposes his budget. This year's capital budget was proposed on January 23, 2018, and the operating budget was proposed on March 13, 2018. This work session is the third of three scheduled work sessions before first reading to adopt the budget on May 8, 2018. DISCUSSION: This work session will provide information to the Board of Supervisors regarding the proposed operating and capital budgets. County staff will also review with the Board of Supervisors revisions to the budgets that have achieved Board consensus since proposal by the County Administrator. Those changes are detailed in the attached budget memo #15. The attached PowerPoint presentation will also be shown. FISCAL IMPACT: Page 1 of 2 Any changes to the County Administrator's proposed operating or capital budgets that achieve Board of Supervisors' consensus will be documented and included as part of first reading of the budget ordinances scheduled for May 8, 2018. STAFF RECOMMENDATION: Staff recommends that the Board of Supervisors receive information regarding the County Administrator's Proposed Fiscal Year 2018-2019 Operating Budget and Fiscal Year 2019-2028 Capital Improvement Program. Page 2 of 2 Thomas C. Gates County of Roanoke County Administrator Memo To: Roanoke County Board of Supervisors From: Thomas C. Gates, County Administrates Date: April 16, 2018 Subject: Fiscal Year 2019 Budget Memo #15: Board of Supervisors' Changes to the County Administrator's Proposed FY 2018-2019 Operating Budget The purpose of this budget memorandum is confirm revisions made by the Board of Supervisors to the County Administrator's Proposed FY 2018.2019 Operating Budget through April 10, 2018. Attachment #1 details the revenue and expenditure changes from the March 27, 2018 and April 10, 2018 budget work sessions. These changes will be incorporated into the first reading of the budget ordinance scheduled for May 8, 2018. Changes to the County Administrator's Proposed FY 2019-2028 Capital Improvement Program (CIP) will be detailed after the April 24, 2018 budget work session and incorporated into the May 8, 2018 budget ordinance. If you have any additional questions, please contact Chris Bever, Director of Management and Budget at 540-7722021 or cbever@roanokecoun1na.gov. cc: Richard Caywood, Assistant County Administrator Dan O'Donnell, Assistant County Administrator Rebecca Owens, Director of Finance Chris Bever, Director, Office of Management and Budget ATTACHMENT#1 FY 2018-2014 Operating Budget Board of Supervisors' Changes to the County Administrator's Proposed Budget Through April 10, 2018 Budget Revenue Expenditure Adjustment Date Budget Adjustment Description Adjustment Adjustment BAl 3/27/2018 Eliminate new Treasurer Tax Clerk position. Revenue reduction $ (42,473) $ (42,473) is Personal Property Tax Revenue. BA2 3/27/2018 Outside Agency funding reduction per Board consensus (Budget - (11,975) Memo # 12) BA3 3/27/2018 Restoration of I Oth game/final game funding for youth athletics - 11,400 (referees and officials) BA4 3/27/2018 Additional Commonwealth 599 funds 50,000 - *BA5 3/27/2018 Additional RVRA costs associated with the $2 per ton increase 50,000 in tipping fees BA6 4/10/2018 Add funding to Vinton Chamber of Commerce ($700) and 850 Williamson Road Area Business Association ($150) to match the proposed funding level in the County Administrator's Budget BA7 4/10/2018 Adjustment to BPOL - increase gross receipts threshold from (61,000) $100,000 to $125,000 where businesses with gross receipts under $125,000 pay only a $50 fee instead of the applicable BPOL tax rate BAB 4/10/2018 Adjustment to Schools Revenue Sharing formula - Removes 195,619 CSA one-time County funding from the formula and accounts for the reduction in Shared BPOL revenue. This increases the transfer per the Revenue Sharing formula from $570,208 to $765,827 in FY 2019. **BA9 4/10/2018 Intrafund Transfer - Transfer of funds from the CSA fund 256,894 balance to the General Government Fund Total Adjustments through April 10, 2018 $ 203,421 $ 203,421 *Reduced additional funding from $50,575 (as noted at the 4/1012018 work session) to $50,000 to offset increases to Outside Agencies. **Schools will transfer $262,500 to the County CSA Fund; however, the full $262,500 is not required as a transfer to balance the FY 2018-2019 Operating Budget. � •Q 0- U O °c.° o, o N O� N � ap O N O � N � U � N U H ii � 00) 0--o O � n m 00 0 N N .CL El 0 c O m O a -J bn 0 D m N O Q O L a - N 1 O -J � V 4-+ N • E Q O U O a--+ N CSA C6 U i U N �O d .Q O U c N U N U .� N U 4 d i c N i cN N N �O C: O >- N � U O O U N LL O N O C c/f (� N m t!} m O = Q O W v } O LL OO !'1 LL O .� -0 . N �� 4A. { f } O} } L 41 _0 a) 0 O U O E�oo OO ��- (� U = Q — W v } O v LL O .� -0 . 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