2011 budget summary - St. Louis County

2011‐2015 CAPITAL IMPROVEMENT PROGRAMrefunded all outstanding COPs in April, 2009through the issue of Special ObligationBonds (see below).Special Obligation BondsSpecial Obligation Bonds are bonds wherean investor’s sole security is the County’spromise to make annual principal andinterest payments. All outstanding SpecialObligation Bonds are summarized in theDebt Service chapter of this document.General Obligation BondsGeneral obligation bonds are bonds backedby the taxing power of St. Louis County.The County has very little bonded debt inthe form of general obligation bonds, withan outstanding principal balance of $41.8million as of January 1, 2011. Existinggeneral obligation debt will be retired in2013.2011 CAPITAL BUDGETThe 2011 capital improvement budget includes$27.6 million in capital project appropriations. Allof these projects are summarized on the followingpages. This summary does not include projectsfinanced through grants or other third‐partysources.2011 Capital Appropriations by Department($ in thousands)Highways & Traffic 26,017.0Parks & Recreation 1,057.0Public Works 479.0Total $ 27,553.0Operating BudgetThe 2011 operating budget includes $1.5million for capital projects which includefacility maintenance projects andimprovements in County parks. None ofthese projects cause a significant change tothe County’s operating budget.Highway Capital BudgetThe 2011 budget for the Highways andTraffic Capital Construction Program (CCP)is $26,017,000, a decrease of $536,450 or 2percent from the 2010 adjusted budget.None of these projects have an impact onthe County’s operating budget. The 2011program is appropriated from the followingfunds:o Federal Aid Urban Trust fund (5080):$14,955,000o Transportation Highway Fund (5590):$11,062,000**Requires an allocation of $11,300,000 of salestax revenues from the Transportation Trust Fund(5600)Table A, below, is a summary of the 2011Work Plan and shows the budget. Thebudget is in accordance with theDepartment of Highways and Traffic’s 5‐year CCP. The total 2011 CCP budgetsupports construction‐letting activity of $47million. It will allow the County to:commence or continue road, sidewalk, andbridge right‐of‐way activities; letconstruction contacts (including those forinfrastructure projects); and proceed withaddressing traffic safety projects.Table B, below, conveys the 2011 CapitalPreservation Budget as compared to the2010 Adjusted Budget.In preparing the 2011 budget, consideration wasgiven to the continued decline in TransportationSales Tax receipts which has a dramatic impact onthe CCP. A greater percentage of the budget isfocused on preservation activities rather thancongestion relief or access improvements.The ability to move forward with key projects,especially those that have received federal fundingsupport in the past, is dependent upon theidentification of alternative financing. Withoutalternative financing, the County is at risk of:- 255 -FISCAL YEAR 2011ADOPTED BUDGET