Greene County, Virginia Comprehensive Financial Review & Reservoir Project Analysis March 8, 2016 Member NYSE FINRA SIPC
Table of Contents 1 Credit Rating Overview 2 Financial Review 3 Existing Debt 4 Reservoir Project Greene County, Virginia Comprehensive Financial Review 1
Overview In preparation for the County s decision to proceed on the water reservoir project, Davenport & Company LLC, has undertaken a review of the County s Financial Health including but not limited to: Historic General Fund operating results; Fund balance levels; and, The County s current debt burden including future borrowing capacity. The Financial Review is designed to provide an assessment of the County s Financial Capacity on a once-in-ageneration project such as the reservoir. The Estimated cost of the Water Reservoir is in the $45-$65 million range. A project of this size will require the confidence of the Credit Markets and/or potential lenders. This analysis will also present multiple preliminary alternatives for capital funding of the reservoir. Greene County, Virginia Comprehensive Financial Review 2
Initial Observations At the upper end of the cost estimate, a potential $65 million bond issuance is approximately double the County s current outstanding debt. While Davenport would evaluate all financing alternatives, we believe the Water Reservoir Project would qualify as an eligible project for the Virginia Resources Authority s ( VRA ) pooled bond issuances. VRA will do an extensive credit review (as will other potential investors and lenders) for a project of this size and may require Greene County to receive an initial Issuer Credit Rating from the three National Credit Rating Agencies (Moody s, Standard & Poor s and Fitch). Additionally, VRA may require a Moral Obligation/Support Agreement from the County depending on the issuer of the bonds. Greene County, Virginia Comprehensive Financial Review 3
Credit Rating Overview Greene County, Virginia Greene County, Virginia Comprehensive Financial Review 4
Locally Rated Counties Warren County (Aa2/AA/AA) Fauquier County (Aa1/AA+/AA+) Rockingham County (Aa2/AAA/AA) Culpeper County (Aa2/AA+/AA) Spotsylvania County (Aa2/AA+/AA+) Albemarle County (Aaa/AAA/AAA) Botetourt County (Aa3/AA+) Appomattox County (Aa3/A+) Fluvanna County (Aa2/AA) Greene County, Virginia Comprehensive Financial Review 5
Rating Scale Moody's Credit Rating S&P Fitch Aaa AAA AAA Top Tier "Highest Possible Rating" Aa1 AA+ AA+ (Highest) Aa2 AA AA 2nd Tier "Very Strong (Middle) Aa3 AA- AA- (Lowest) A1 A+ (Highest) A2 A A 3rd Tier "Strong" (Middle) A3 A- A- (Lowest) Baa1 BBB+ BBB+ (Highest) 4th Tier "Adequate Baa2 BBB BBB (Middle) Capacity to Repay" Baa3 BBB- BBB- (Lowest) Considered Investment Grade BB, B, CCC, CC, C, D 5th - 10th Tiers "Below Investment Grade" Below Investment Grade Greene County, Virginia Comprehensive Financial Review 6
What are the Key Drivers to a Credit Rating? 1. Economic Base The Foundation of an Entity s Fiscal Health. Incorporation of local, regional and national economic factors. Demographic characteristics including population trends, employment and wealth levels. Tax base size, structure and diversity. Industry mix and composition of employment base. Local and regional patterns of Growth. 2. Financial Performance and Flexibility. Revenue and expenditure structure and patterns. Annual operating and budgetary performance. Financial leverage and fund balance position. Budgeting and long-term financial planning. Pension funding and insurance risk. 3. Debt Factors. Nature of pledged security and debt structure. Balance between accelerated debt issuance and under-investment in capital facilities. Debt burden measured against: Tax base. Total budget. 4. Management Factors. Range and growth of services provided in relation to capacity to provide services. Financial forecasting and management. Consistent and prudent budgeting practices. Adherence to long-range financial planning and policies. Greene County, Virginia Comprehensive Financial Review 7
Financial Review Greene County, Virginia Greene County, Virginia Comprehensive Financial Review 8
Strong Reserves Unassigned Fund Balance Unassigned Fund Balance Unassigned Fund Balance as a % of Expenditures Millions $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 2008 2009 2010 2011 2012 2013 2014 2015 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2008 2009 2010 2011 2012 2013 2014 2015 Unassigned Fund Balance Target General Fund Unassigned Fiscal Year General Fund Unassigned F und Balance General Fund Ex penditures Fund Balance as a % of Ex penditures Target 2008 4,937,902 33,788,323 14.61% 20.00% 2009 9,749,748 28,946,918 33.68% 20.00% 2010 13,324,141 26,739,563 49.83% 20.00% 2011 16,171,461 27,648,075 58.49% 20.00% 2012 17,267,167 26,413,975 65.37% 20.00% 2013 16,472,630 33,871,796 48.63% 20.00% 2014 15,540,316 31,785,528 48.89% 20.00% 2015 14,199,735 32,977,328 43.06% 20.00% In the General Fund, the County strives to maintain an unassigned fund balance to be used for unanticipated emergencies of approximately 20% of the actual GAAP basis expenditures and other financing sources and uses. Source: Greene County s 2015 CAFR. Greene County, Virginia Comprehensive Financial Review 9
Importance of Unassigned Fund Balance Why is maintaining a healthy unassigned/undesignated fund balance important? Provides comfort to potential lenders and the rating agencies as it relates to the County s financial strength / flexibility and thus allows the County to obtain competitive financing. Provides funds for unforeseen expenditures or revenue shortfalls that occur during a fiscal year. Provides funds for emergency situations (i.e. natural disaster). Allows for bond funded capital projects to begin prior to having borrowed funds on hand. Provides adequate month-to-month cash-flow and eliminates the need for costly cash-flow borrowing. Greene County, Virginia Comprehensive Financial Review 10
Strong Reserves Unassigned Fund Balance Unassigned Fund Balance Unassigned Fund balance as a % of Revenues Greene County, VA (NR) Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 0% 5% 10% 15% 20% 25% 30% 35% Source: Moody s Investor Service Municipal Finance Ratio Analysis. Note: While the County s Fund Balance Policy uses expenditures as the base for calculating reserves, the following utilizes revenues as the base for comparability purposes. Greene County, Virginia Comprehensive Financial Review 11
Assessed Value Comparison Assessed value per capita is a measure of wealth and an important metric to the credit markets in determining ability to pay. Assessed Value Assessed Value Per Capita Greene County, VA (NR) Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) $0 $5 $10 $15 $20 $25 Billions National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) $0 $30,000 $60,000 $90,000 $120,000 $150,000 $180,000 Source: Moody s Investor Service Municipal Finance Ratio Analysis. Greene County, Virginia Comprehensive Financial Review 12
Demographic Profile Wealth Levels Relatively high income supports ability to pay from a lender/investor perspective. Per Capita Income Median Family Income Greene County, VA (NR) Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) $0 $10,000 $20,000 $30,000 $40,000 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Source: Moody s Investor Service Municipal Finance Ratio Analysis. Greene County, Virginia Comprehensive Financial Review 13
Rate Comparison Residential Water & Sewer Rate at 5,000 gal/month EPA Affordability Guidelines Water and sewer bills deemed affordable up to 4% of median household income. Rapidan Service Authority Rapidan Service Authority (Greene County) Virginia Average Greene County MHI ~ $60,000 4% equates to $200 per moth water and sewer bill. Albemarle County Service Authority Augusta County Service Authority Louisa County Water Authority Rivanna Water & Sewer Authority Rockingham County Water & Sewer $- $20 $40 $60 $80 $100 Residential Water Rate 5,000 gal/month Rapidan Service Authority Rapidan Service Authority (Greene County) Residential Wastewater Rate 5,000 gal/month Rapidan Service Authority Rapidan Service Authority (Greene County) Virginia Average Virginia Average Albemarle County Service Authority Augusta County Service Authority Louisa County Water Authority Rivanna Water & Sewer Authority Rockingham County Water & Sewer $- $5 $10 $15 $20 $25 $30 $35 $40 Albemarle County Service Authority Augusta County Service Authority Louisa County Water Authority Rivanna Water & Sewer Authority Rockingham County Water & Sewer $- $10 $20 $30 $40 $50 $60 Source: Draper Aden 2015 Rate Study. Greene County, Virginia Comprehensive Financial Review 14
Debt Management Greene County, Virginia Greene County, Virginia Comprehensive Financial Review 15
Observations on Existing County Debt Greene County currently has $38.5 million of total outstanding debt. This debt is split relatively evenly between general government and utilities. All debt is retired rapidly, which provides capacity (see following page) to address future needs. Rating agencies and investors/lenders focus primarily on tax-supported debt (i.e. that which is supported from general tax revenue versus that supported from rates and charges.) Presently, all of the County s debt would be deemed tax-supported. Some debt, but not all, may be self supporting from Facility Fees. One of the key challenges for the Water Reservoir Project will be to determine if it should be funded from general revenues, or solely from rates and charges, or a mixture of the two. Greene County, Virginia Comprehensive Financial Review 16
Debt Capacity vs. Debt Affordability Debt Capacity versus Debt Affordability: Debt Capacity: The amount of debt the County can incur while staying within prudent financial guidelines. Think of Debt Capacity as the credit card limit. Debt Capacity is commonly measured by Debt to Assessed Value. Debt Affordability: The ability of the County to repay debt obligation with cash flow. Think of Debt Affordability as the ability to pay the credit card s monthly bill. Debt Affordability is commonly measured by Debt Service to Budget. Greene County, Virginia Comprehensive Financial Review 17
Debt as a Percentage of Assessed Value 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Debt as a Percentage of Assessed Value 2014 2015 2016 2017 2018 2019 2020 2021 2022 Historic General Government Debt Existing Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Debt as a Percentage of Assessed Value Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Source: Moody s Investor Service Municipal Finance Ratio Analysis. Note: Taxable assessed values are assumed to grow 2.0% annually beginning in Fiscal Year 2015. Greene County, Virginia Comprehensive Financial Review 18
Debt Service as a Percentage of Revenues Debt Service as Percentage of Revenues 14% 12% 10% 8% 6% 4% 2% 0% Debt Service as a Percentage of Revenues 2014 2015 2016 2017 2018 2019 2020 2021 2022 Historic General Government Debt Existing General Government Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) 0% 2% 4% 6% 8% 10% 12% 14% Source: Moody s Investor Service Municipal Finance Ratio Analysis. Note: Expenditures are assumed to grow 2.0% annually beginning in Fiscal Year 2015. Greene County, Virginia Comprehensive Financial Review 19
Payout Ratio Total Outstanding Debt 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Greene County 10-Year Payout Ratio Greene County, VA (NR) National Aa1 Median National Aa2 Median National Aa3 Median Virginia Aa1 Median Virginia Aa2 Median Virginia Aa3 Median Albemarle County, VA (AAA) Rockingham County, VA (Aa2) Orange County, VA (NR) Madison County, VA (NR) 10-Year Payout Ratio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: Moody s Investor Service Municipal Finance Ratio Analysis. Greene County, Virginia Comprehensive Financial Review 20
Existing Water & Sewer Debt Exisiting Water & Sewer Debt Service FY Principal Interest Total Payout Ratio 2016 $1,214,152 $934,422 $2,148,574 5.7% 2017 1,230,818 881,258 2,112,076 11.6% 2018 1,311,651 823,235 2,134,886 17.8% 2019 1,336,983 762,206 2,099,189 24.1% 2020 1,303,316 702,553 2,005,868 30.3% 2021 1,361,648 640,197 2,001,845 36.7% 2022 1,429,981 573,521 2,003,502 43.5% 2023 1,493,313 501,831 1,995,144 50.5% 2024 1,571,646 425,299 1,996,945 58.0% 2025 1,656,650 344,091 2,000,740 65.8% 2026 1,741,644 259,615 2,001,258 74.0% 2027 535,000 205,431 740,431 76.6% 2028 565,000 182,490 747,490 79.2% 2029 575,000 158,539 733,539 82.0% 2030 485,000 135,516 620,516 84.2% 2031 510,000 115,300 625,300 86.7% 2032 525,000 96,371 621,371 89.1% 2033 550,000 76,550 626,550 91.7% 2034 560,000 55,895 615,895 94.4% 2035 585,000 34,585 619,585 97.2% 2036 600,000 11,850 611,850 100.0% Total $21,141,799 $7,920,754 $29, 062, 553 Millions $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Existing Water & Sewer Debt Principal Interest Current 10-Year payout for utility debt is high at 66%. Industry median is 40% according to Fitch Ratings. Greene County, Virginia Comprehensive Financial Review 21
Reservoir Project Greene County, Virginia Greene County, Virginia Comprehensive Financial Review 22
Potential Structures Status Quo Approach County backs debt service for reservoir Use of Facility Fees and taxes retire debt Rapidan Service Authority (RSA) operates facilities RSA bills users Establish Enterprise Fund County enters water business Develop rates, fees, and charges to support water operations Hybrid Approach County takes larger role in RSA County becomes regional water provider (i.e. Rivanna Water & Sewer Authority) Greene County, Virginia Comprehensive Financial Review 23
Facility Fees Available Revenue Under the current rate structure, regardless of the user s consumption level, the Rapidan Service Authority charges a minimum $10 Facility Fee to Greene County residents and $20 to businesses. May wish to evaluate other approaches. The agreement between Greene County and RSA requires the County to put the EDU Capacity charges in separate water and sewer enterprise funds, this does not hold for the Facility Fee The Facility Fee generates approximately $360,000 annually. Assuming Level Debt Service over 30 years at an interest rate of 5.00%, the current facility fee revenue can support a roughly $5.5 million bond issuance. For every $10 increase in the facility fee, the County can support about an additional $5.5 million of debt from the increased revenues. FY Estimated Debt Service Principal Interest Total 2016 $83,296 $276,704 $360,000 2017 87,461 272,539 360,000 2018 91,834 268,166 360,000 2019 96,425 263,575 360,000 2020 101,247 258,753 360,000 2021 106,309 253,691 360,000 2022 111,624 248,376 360,000 2023 117,206 242,794 360,000 2024 123,066 236,934 360,000 2025 129,219 230,781 360,000 2026 135,680 224,320 360,000 2027 142,464 217,536 360,000 2028 149,587 210,413 360,000 2029 157,067 202,933 360,000 2030 164,920 195,080 360,000 2031 173,166 186,834 360,000 2032 181,824 178,176 360,000 2033 190,916 169,084 360,000 2034 200,461 159,539 360,000 2035 210,485 149,515 360,000 2036 221,009 138,991 360,000 2037 232,059 127,941 360,000 2038 243,662 116,338 360,000 2039 255,845 104,155 360,000 2040 268,638 91,362 360,000 2041 282,069 77,931 360,000 2042 296,173 63,827 360,000 2043 310,982 49,018 360,000 2044 326,531 33,469 360,000 2045 342,857 17,143 360,000 Total $5,534,082 $5,265,918 $10,800,000 Greene County, Virginia Comprehensive Financial Review 24
Key Assumptions Case 1 Greene County, Virginia (the County ) is currently in the planning stages for a potential debt issuance for a Water Reservoir Project (the Project ). In order to see the effect of a potential new debt issuance, Davenport analyzed a $65 million borrowing for the Project. At this time, Davenport has assumed the following: Participation in the Virginia Resources Authority s ( VRA ) 2016 Fall Pool; Level debt service (payments) structure; 30 years amortization; and, 5.00% Interest Rate (inclusive of annual administration fee). Greene County, Virginia Comprehensive Financial Review 25
Estimated Debt Service Case 1 Reservoir Project FY Principal Interest Total 2017 $1,165,000 $3,004,208 $4,169,208 2018 1,005,000 3,166,625 4,171,625 2019 1,055,000 3,115,125 4,170,125 2020 1,110,000 3,061,000 4,171,000 2021 1,165,000 3,004,125 4,169,125 2022 1,225,000 2,944,375 4,169,375 2023 1,290,000 2,881,500 4,171,500 2024 1,355,000 2,815,375 4,170,375 2025 1,425,000 2,745,875 4,170,875 2026 1,495,000 2,672,875 4,167,875 2027 1,575,000 2,596,125 4,171,125 2028 1,655,000 2,515,375 4,170,375 2029 1,740,000 2,430,500 4,170,500 2030 1,825,000 2,341,375 4,166,375 2031 1,920,000 2,247,750 4,167,750 2032 2,020,000 2,149,250 4,169,250 2033 2,125,000 2,045,625 4,170,625 2034 2,230,000 1,936,750 4,166,750 2035 2,345,000 1,822,375 4,167,375 2036 2,465,000 1,702,125 4,167,125 2037 2,595,000 1,575,625 4,170,625 2038 2,725,000 1,442,625 4,167,625 2039 2,865,000 1,302,875 4,167,875 2040 3,015,000 1,155,875 4,170,875 2041 3,165,000 1,001,375 4,166,375 2042 3,330,000 839,000 4,169,000 2043 3,500,000 668,250 4,168,250 2044 3,680,000 488,750 4,168,750 2045 3,870,000 300,000 4,170,000 2046 4,065,000 101,625 4,166,625 Total $65,000,000 $60,074,333 $125,074,333 Greene County, Virginia Comprehensive Financial Review 26
Impact on Key Debt Ratios Case 1 Debt as a Percentage of Assessed Value Debt Service as a Percentage of Revenues 6.0% 30% 5.0% 25% 4.0% 20% 3.0% 15% 2.0% 10% 1.0% 5% 0.0% 0% Historic General Government Debt Existing Debt Historic General Government Debt Existing General Government Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Potential New Money Debt Potential New Money Debt Greene County, Virginia Comprehensive Financial Review 27
Cash Flow Impact Existing Debt Service Projected $65 Million Reservoir Total Estimated Debt Service Total Revenues Available* Additional Revenues Needed 2016 $4,403,269 $0 $4,403,269 $4,403,269 2017 4,171,754 4,169,208 8,340,962 4,403,269 3,937,693 2018 4,144,823 4,171,625 8,316,448 4,403,269 3,913,179 2019 3,761,483 4,170,125 7,931,608 4,403,269 3,528,340 2020 3,300,024 4,171,000 7,471,024 4,403,269 3,067,755 2021 3,284,446 4,169,125 7,453,571 4,403,269 3,050,302 2022 3,269,171 4,169,375 7,438,546 4,403,269 3,035,277 2023 3,248,503 4,171,500 7,420,003 4,403,269 3,016,735 2024 3,237,491 4,170,375 7,407,866 4,403,269 3,004,597 2025 3,187,813 4,170,875 7,358,688 4,403,269 2,955,419 2026 3,130,481 4,167,875 7,298,356 4,403,269 2,895,087 2027 1,857,648 4,171,125 6,028,773 4,403,269 1,625,505 2028 1,697,298 4,170,375 5,867,673 4,403,269 1,464,404 2029 1,076,892 4,170,500 5,247,392 4,403,269 844,124 2030 963,997 4,166,375 5,130,372 4,403,269 727,103 2031 968,184 4,167,750 5,135,934 4,403,269 732,666 2032 963,075 4,169,250 5,132,325 4,403,269 729,056 2033 966,300 4,170,625 5,136,925 4,403,269 733,656 2034 957,791 4,166,750 5,124,541 4,403,269 721,273 2035 962,755 4,167,375 5,130,130 4,403,269 726,861 2036 955,410 4,167,125 5,122,535 4,403,269 719,266 2037 343,040 4,170,625 4,513,665 4,403,269 110,396 2038 0 4,167,625 4,167,625 4,403,269 2039 0 4,167,875 4,167,875 4,403,269 2040 0 4,170,875 4,170,875 4,403,269 2041 0 4,166,375 4,166,375 4,403,269 2042 0 4,169,000 4,169,000 4,403,269 2043 0 4,168,250 4,168,250 4,403,269 2044 0 4,168,750 4,168,750 4,403,269 2045 0 4,170,000 4,170,000 4,403,269 2046 0 4,166,625 4,166,625 4,403,269 Millions $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 Existing & Projected Tax-Supported Debt Service 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Existing Debt Service Projected $65 Million Reservoir Total Revenues Available* Total $50,851,646 $125,074,333 $175,925,979 *Total Revenues available is estimated based on 2016 Debt Service. Greene County, Virginia Comprehensive Financial Review 28
Tax-Equivalent/Facility Fee Impact Case 1 FY Debt Service Requirements Projected Existing Tax- $65 Million Supported Reservoir Total Debt Service Debt Service Existing DS Budget Total Revenue Available for Debt Service Debt Service Cash Flow Surplus (Deficit) Revenue Adjusted Estimated Surplus/ from Prior Surplus/ Incremental Tax (Deficit) Tax Increase (Deficit) Equivalent 2016 4,403,269 0 4,403,269 4,403,269 - - - 2017 4,171,754 4,169,208 8,340,962 4,403,269 (3,937,693) - (3,937,693) 21.0 2018 4,144,823 4,171,625 8,316,448 4,403,269 (3,913,179) 3,937,693 24,514 -- 2019 3,761,483 4,170,125 7,931,608 4,403,269 (3,528,340) 3,937,693 409,354 -- 2020 3,300,024 4,171,000 7,471,024 4,403,269 (3,067,755) 3,937,693 869,938 -- 2021 3,284,446 4,169,125 7,453,571 4,403,269 (3,050,302) 3,937,693 887,391 -- 2022 3,269,171 4,169,375 7,438,546 4,403,269 (3,035,277) 3,937,693 902,416 -- 2023 3,248,503 4,171,500 7,420,003 4,403,269 (3,016,735) 3,937,693 920,959 -- 2024 3,237,491 4,170,375 7,407,866 4,403,269 (3,004,597) 3,937,693 933,096 -- 2025 3,187,813 4,170,875 7,358,688 4,403,269 (2,955,419) 3,937,693 982,274 -- 2026 3,130,481 4,167,875 7,298,356 4,403,269 (2,895,087) 3,937,693 1,042,606 -- 2027 1,857,648 4,171,125 6,028,773 4,403,269 (1,625,505) 3,937,693 2,312,189 -- 2028 1,697,298 4,170,375 5,867,673 4,403,269 (1,464,404) 3,937,693 2,473,289 -- 2029 1,076,892 4,170,500 5,247,392 4,403,269 (844,124) 3,937,693 3,093,570 -- 2030 963,997 4,166,375 5,130,372 4,403,269 (727,103) 3,937,693 3,210,590 -- 2031 968,184 4,167,750 5,135,934 4,403,269 (732,666) 3,937,693 3,205,028 -- 2032 963,075 4,169,250 5,132,325 4,403,269 (729,056) 3,937,693 3,208,637 -- 2033 966,300 4,170,625 5,136,925 4,403,269 (733,656) 3,937,693 3,204,037 -- 2034 957,791 4,166,750 5,124,541 4,403,269 (721,273) 3,937,693 3,216,421 -- 2035 962,755 4,167,375 5,130,130 4,403,269 (726,861) 3,937,693 3,210,832 -- 2036 955,410 4,167,125 5,122,535 4,403,269 (719,266) 3,937,693 3,218,427 -- 2037 343,040 4,170,625 4,513,665 4,403,269 (110,396) 3,937,693 3,827,297 -- 2038 0 4,167,625 4,167,625 4,403,269 235,644 3,937,693 4,173,337 -- 2039 0 4,167,875 4,167,875 4,403,269 235,394 3,937,693 4,173,087 -- 2040 0 4,170,875 4,170,875 4,403,269 232,394 3,937,693 4,170,087 -- 2041 0 4,166,375 4,166,375 4,403,269 236,894 3,937,693 4,174,587 -- 2042 0 4,169,000 4,169,000 4,403,269 234,269 3,937,693 4,171,962 -- 2043 0 4,168,250 4,168,250 4,403,269 235,019 3,937,693 4,172,712 -- 2044 0 4,168,750 4,168,750 4,403,269 234,519 3,937,693 4,172,212 -- 2045 0 4,170,000 4,170,000 4,403,269 233,269 3,937,693 4,170,962 -- 2046 0 4,166,625 4,166,625 4,403,269 236,644 3,937,693 4,174,337 -- Note: Raising the real estate tax rate by 21 cents would be approximately equal to increasing the Facility Fee from $10 to $110. Total Equivalent Tax Im pact: 21.0 Greene County, Virginia Comprehensive Financial Review 29
Key Assumptions Case 2 At this time, Davenport has assumed the following: 5 Year Bond Anticipation Note with 36 months of capitalized interest; Permanent Financing/Takeout of the BAN in Year 5; 5 years interest only; Structured Principal the next 5 years; and, Level Debt Service (payments) for the remaining 15 years. 5.00% Interest Rate under all scenarios. The surplus generated from the decline in debt service in Fiscal Years 2017-2019 used to downsize the issue. Greene County, Virginia Comprehensive Financial Review 30
Estimated Debt Service Case 2 Reservoir Project FY Principal Interest Capitalized Int. Total 2017 $0 $3,493,000 $3,493,000 $0 2018 0 3,742,500 3,742,500 0 2019 0 3,742,500 3,742,500 0 2020 0 3,742,500 0 3,742,500 2021 0 3,742,500 0 3,742,500 2022 0 3,742,500 0 3,742,500 2023 0 3,742,500 0 3,742,500 2024 0 3,742,500 0 3,742,500 2025 0 3,742,500 0 3,742,500 2026 0 3,742,500 0 3,742,500 2027 1,450,000 3,706,250 0 5,156,250 2028 1,705,000 3,627,375 0 5,332,375 2029 2,435,000 3,523,875 0 5,958,875 2030 2,575,000 3,398,625 0 5,973,625 2031 2,710,000 3,266,500 0 5,976,500 2032 2,835,000 3,127,875 0 5,962,875 2033 3,085,000 2,979,875 0 6,064,875 2034 3,255,000 2,821,375 0 6,076,375 2035 3,420,000 2,654,500 0 6,074,500 2036 3,600,000 2,479,000 0 6,079,000 2037 3,775,000 2,294,625 0 6,069,625 2038 3,970,000 2,101,000 0 6,071,000 2039 4,175,000 1,897,375 0 6,072,375 2040 4,385,000 1,683,375 0 6,068,375 2041 4,610,000 1,458,500 0 6,068,500 2042 4,850,000 1,222,000 0 6,072,000 2043 5,095,000 973,375 0 6,068,375 2044 5,360,000 712,000 0 6,072,000 2045 5,635,000 437,125 0 6,072,125 2046 5,925,000 148,125 0 6,073,125 Total $74,850,000 $81,688, 250 $10,978,000 $145,560,250 Greene County, Virginia Comprehensive Financial Review 31
Impact on Key Debt Ratios Case 2 6.0% Debt as a Percentage of Assessed Value 25% Debt Service as a Percentage of Revenues 5.0% 20% 4.0% 3.0% 2.0% 15% 10% 1.0% 5% 0.0% 0% Historic General Government Debt Existing Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Potential New Money Debt Historic General Government Debt Existing General Government Debt Historic Water & Sewer Debt Existing Water & Sewer Debt Potential New Money Debt Greene County, Virginia Comprehensive Financial Review 32
Cash Flow Impact Case 2 Existing Debt Service Projected $65 Million Reservoir Total Estimated Debt Service Total Revenues Available* Additional Revenues Needed 2016 $4,403,269 $0 $4,403,269 $4,403,269 2017 4,171,754 0 4,171,754 4,403,269 (231,515) 2018 4,144,823 0 4,144,823 4,403,269 (258,446) 2019 3,761,483 0 3,761,483 4,403,269 (641,785) 2020 3,300,024 3,742,500 7,042,524 4,403,269 2,639,255 2021 3,284,446 3,742,500 7,026,946 4,403,269 2,623,677 2022 3,269,171 3,742,500 7,011,671 4,403,269 2,608,402 2023 3,248,503 3,742,500 6,991,003 4,403,269 2,587,735 2024 3,237,491 3,742,500 6,979,991 4,403,269 2,576,722 2025 3,187,813 3,742,500 6,930,313 4,403,269 2,527,044 2026 3,130,481 3,742,500 6,872,981 4,403,269 2,469,712 2027 1,857,648 5,156,250 7,013,898 4,403,269 2,610,630 2028 1,697,298 5,332,375 7,029,673 4,403,269 2,626,404 2029 1,076,892 5,958,875 7,035,767 4,403,269 2,632,499 2030 963,997 5,973,625 6,937,622 4,403,269 2,534,353 2031 968,184 5,976,500 6,944,684 4,403,269 2,541,416 2032 963,075 5,962,875 6,925,950 4,403,269 2,522,681 2033 966,300 6,064,875 7,031,175 4,403,269 2,627,906 2034 957,791 6,076,375 7,034,166 4,403,269 2,630,898 2035 962,755 6,074,500 7,037,255 4,403,269 2,633,986 2036 955,410 6,079,000 7,034,410 4,403,269 2,631,141 2037 343,040 6,069,625 6,412,665 4,403,269 2,009,396 2038 0 6,071,000 6,071,000 4,403,269 1,667,731 2039 0 6,072,375 6,072,375 4,403,269 1,669,106 2040 0 6,068,375 6,068,375 4,403,269 1,665,106 2041 0 6,068,500 6,068,500 4,403,269 1,665,231 2042 0 6,072,000 6,072,000 4,403,269 1,668,731 2043 0 6,068,375 6,068,375 4,403,269 1,665,106 2044 0 6,072,000 6,072,000 4,403,269 1,668,731 2045 0 6,072,125 6,072,125 4,403,269 1,668,856 2046 0 6,073,125 6,073,125 4,403,269 1,669,856 Millions $8 $7 $6 $5 $4 $3 $2 $1 $0 Existing & Projected Tax-Supported Debt Service 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Existing Debt Service Projected $65 Million Reservoir Total Revenues Available* Total $50,851,646 $145,560,250 $196,411,896 *Total Revenues available is estimated based on 2016 Debt Service. Greene County, Virginia Comprehensive Financial Review 33
Tax-Equivalent/Facility Fee Impact Case 2 Debt Service Requirements Existing DS Budget Debt Service Cash Flow Surplus (Deficit) FY Projected Total Revenue Available Existing Tax- $65 Million Revenue Adjusted Estimated for Debt Service Surplus/ Supported Reservoir Total from Prior Surplus/ Incremental Tax (Budgeted 2016 Debt (Deficit) Debt Service Debt Tax Increase (Deficit) Equivalent Service) Service 2016 4,403,269 0 4,403,269 4,403,269 - - - 2017 4,171,754 0 4,171,754 4,403,269 231,515-231,515 -- 2018 4,144,823 0 4,144,823 4,403,269 258,446-258,446 -- 2019 3,761,483 0 3,761,483 4,403,269 641,785-641,785 -- 2020 3,300,024 3,742,500 7,042,524 4,403,269 (2,639,255) - (2,639,255) 14.1 2021 3,284,446 3,742,500 7,026,946 4,403,269 (2,623,677) 2,639,255 15,578 -- 2022 3,269,171 3,742,500 7,011,671 4,403,269 (2,608,402) 2,639,255 30,853 -- 2023 3,248,503 3,742,500 6,991,003 4,403,269 (2,587,735) 2,639,255 51,521 -- 2024 3,237,491 3,742,500 6,979,991 4,403,269 (2,576,722) 2,639,255 62,533 -- 2025 3,187,813 3,742,500 6,930,313 4,403,269 (2,527,044) 2,639,255 112,211 -- 2026 3,130,481 3,742,500 6,872,981 4,403,269 (2,469,712) 2,639,255 169,543 -- 2027 1,857,648 5,156,250 7,013,898 4,403,269 (2,610,630) 2,639,255 28,626 -- 2028 1,697,298 5,332,375 7,029,673 4,403,269 (2,626,404) 2,639,255 12,851 -- 2029 1,076,892 5,958,875 7,035,767 4,403,269 (2,632,499) 2,639,255 6,756 -- 2030 963,997 5,973,625 6,937,622 4,403,269 (2,534,353) 2,639,255 104,902 -- 2031 968,184 5,976,500 6,944,684 4,403,269 (2,541,416) 2,639,255 97,840 -- 2032 963,075 5,962,875 6,925,950 4,403,269 (2,522,681) 2,639,255 116,574 -- 2033 966,300 6,064,875 7,031,175 4,403,269 (2,627,906) 2,639,255 11,349 -- 2034 957,791 6,076,375 7,034,166 4,403,269 (2,630,898) 2,639,255 8,357 -- 2035 962,755 6,074,500 7,037,255 4,403,269 (2,633,986) 2,639,255 5,269 -- 2036 955,410 6,079,000 7,034,410 4,403,269 (2,631,141) 2,639,255 8,114 -- 2037 343,040 6,069,625 6,412,665 4,403,269 (2,009,396) 2,639,255 629,859 -- 2038 0 6,071,000 6,071,000 4,403,269 (1,667,731) 2,639,255 971,524 -- 2039 0 6,072,375 6,072,375 4,403,269 (1,669,106) 2,639,255 970,149 -- 2040 0 6,068,375 6,068,375 4,403,269 (1,665,106) 2,639,255 974,149 -- 2041 0 6,068,500 6,068,500 4,403,269 (1,665,231) 2,639,255 974,024 -- 2042 0 6,072,000 6,072,000 4,403,269 (1,668,731) 2,639,255 970,524 -- 2043 0 6,068,375 6,068,375 4,403,269 (1,665,106) 2,639,255 974,149 -- 2044 0 6,072,000 6,072,000 4,403,269 (1,668,731) 2,639,255 970,524 -- 2045 0 6,072,125 6,072,125 4,403,269 (1,668,856) 2,639,255 970,399 -- 2046 0 6,073,125 6,073,125 4,403,269 (1,669,856) 2,639,255 969,399 -- Note: Raising the real estate tax rate by 14 cents would be approximately equal to increasing the Facility Fee from $10 to $73. Note: Any Additional revenues raised prior to 2020 can be used to downsize the takeout of the Bond Anticipation Note. Total Equivalent Tax Im pact: 14.1 Greene County, Virginia Comprehensive Financial Review 34
Enterprise Fund Approach Determine Enterprise Fund Revenue Requirements Operating budget (staffing, operation, administration) Capital investments (existing/future debt service) Reserve requirements Establishment of User Base Existing customer base Estimated quantities of water sales Forecast of future customers and water volumes Develop Financial Plan for Fund Beginning cash balances Current revenue streams Incremental revenues needs Develop rates, fees, and charges Greene County, Virginia Comprehensive Financial Review 35
Appendix Greene County, Virginia Greene County, Virginia Comprehensive Financial Review 36
Historic General Fund Results Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2010 2011 2012 2013 2014 2015 Revenues General Property Taxes $16,457,255 $16,630,394 $16,271,874 $17,202,455 $17,795,002 $18,093,338 Other Local Taxes 3,789,119 4,099,937 3,799,812 4,144,565 4,017,436 4,226,642 Permits, Privilege Fees & Regulatory Licenses 281,684 305,014 203,805 209,061 193,509 284,761 Fines & Forfeitures 183,417 168,098 79,514 184,442 171,559 136,057 Use of Money and Property 52,668 39,004 44,248 45,769 39,940 51,582 Charges for Services 2,258,311 1,919,950 2,207,860 2,266,141 2,251,331 2,429,070 Miscellaneous 200,312 260,529 212,160 178,808 149,901 114,391 Recovered Costs 7,955 17,003 10,863 11,171 261,742 181,831 Intergovernmental 6,734,286 7,187,608 6,821,331 6,752,809 7,012,557 7,225,337 Total Revenues $29,965,007 $30,627,537 $29,651,467 $30,995,221 $31,892,977 $32,743,009 Expenditures General Government Administration $2,194,470 $2,289,610 $2,435,313 $2,456,653 $2,328,762 $2,469,394 Judicial Administration 651,621 673,341 719,545 772,434 832,496 818,349 Public Safety 5,260,704 5,770,110 5,706,798 6,159,573 6,483,005 6,691,754 Public Works 1,836,690 1,810,474 1,609,678 1,523,644 1,448,788 1,664,455 Health & Welfare 3,161,649 3,275,516 3,288,402 3,255,905 3,360,846 3,423,259 Education 8,642,007 9,362,405 9,733,700 11,554,274 13,131,659 12,741,966 Parks, Recreation & Cultural 498,169 505,441 561,145 539,347 541,705 536,156 Community Development 1,695,747 1,871,410 1,886,835 1,848,327 1,977,558 2,181,858 Nondepartmental 21,595 18,776 28,499 91,223 60,455 49,655 Capital outlays 1,369,072 968,855 213,252 3,349,786 613,307 591,305 Total Expenditures $25,331,724 $26,545,938 $26,183,167 $31,551,166 $30,778,581 $31,168,151 Excess (deficiency) of Revenues over Expenditures $4,633,283 $4,081,599 $3,468,300 ($555,945) $1,114,396 $1,574,858 Debt Service Principal Retirement $1,866,021 $1,913,782 $2,168,091 $1,812,188 $911,007 $1,035,199 Interest and Fiscal Charges 600,171 474,256 553,459 747,034 128,756 71,063 Total Debt Service $2,466,192 $2,388,038 $2,721,550 $2,559,222 $1,039,763 $1,106,262 Other Financing Sources (Uses): Issuance of Notes Payable $0 $0 $0 $2,000,001 $0 $0 Issuance of Capital Leases 117,700 174,347 76,474 145,649 183,160 164,295 Transfers in 1,290,139 927,790 154,334 174,980 0 0 Transfers out 0 0 0 0 (1,190,107) (1,973,472) Total other financing sources (uses) $1,407,839 $1,102,137 $230,808 $2,320,630 ($1,006,947) ($1,809,177) Net change in fund balances $3,574,930 $2,795,698 $977,558 ($794,537) ($932,314) ($1,340,581) Fund Balance, Beginning of Year $9,918,981 $13,493,911 $16,289,609 $17,267,167 $16,472,630 $15,540,316 Fund Balance, End of Year $13,493,911 $16,289,609 $17,267,167 $16,472,630 $15,540,316 $14,199,735 Source: Greene County s 2010 2015 CAFR. Greene County, Virginia Comprehensive Financial Review 37
Total Assessed Value Assessed Value of Taxable Real Property Billions $2.5 $2.0 $1.5 $1.0 $0.5 $- 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Real Estate Personal Property Public Service Assessed Value of Taxable Real Property Fiscal Year Real Personal Public Service Total Taxable Estate % Property % Corporation % Assessed Value % 2005 $997,124,352 N/A $86,977,145 N/A $36,472,249 N/A $1,120,573,746 N/A 2006 1,105,086,533 11% 94,736,819 9% 40,120,084 10% 1,239,943,436 11% 2007 1,367,588,892 24% 100,023,055 6% 29,459,777-27% 1,497,071,724 21% 2008 1,640,643,742 20% 106,142,606 6% 45,382,646 54% 1,792,168,994 20% 2009 1,793,032,015 9% 105,950,975 0% 41,346,332-9% 1,940,329,322 8% 2010 1,915,379,116 7% 103,821,194-2% 54,408,605 32% 2,073,608,915 7% 2011 1,894,195,815-1% 106,710,067 3% 54,004,950-1% 2,054,910,832-1% 2012 1,870,025,214-1% 110,638,820 4% 55,160,407 2% 2,035,824,441-1% 2013 1,823,328,015-2% 112,593,988 2% 58,554,406 6% 1,994,476,409-2% 2014 1,781,327,215-2% 111,246,053-1% 57,338,030-2% 1,949,911,298-2% 2015 1,795,290,615 1% 116,900,844 5% 60,309,478 5% 1,972,500,937 1% Source: Greene County s 2015 CAFR. Greene County, Virginia Comprehensive Financial Review 38
Summary of Debt Outstanding Summary of Greene County General Government & Schools Outstanding Issues 6.30.15 Final Lender Year of Issue Type Pupose Original Issued Outstanding Maturity Rate(s) Call Date IDA of Greene County 2003 Rev Capital Improvement $1,170,500 7/31/2003 $372,400 10/15/2018 3.45% Anytime VPSA 2011 G.O Schools $5,120,000 5/5/2011 $5,030,000 8/1/2036 4.05-5.05% 8/1/2021 IDA of Greene County 2010 Rev N/A $811,329 12/20/2010 $635,308 12/15/2029 4.30% N/A VPSA (QSCB) 2010 G.O Schools $2,470,000 7/8/2010 $1,860,000 6/15/2027 0.00% Anytime Greene County 1995 G.O Schools $2,427,547 12/21/1995 $143,268 7/15/2015 5.23% N/A Greene County 1997 G.O N/A $3,170,000 5/1/1997 $465,000 1/15/2018 5.61% N/A Literary Loan 2007 G.O Schools $9,000,000 7/15/2007 $5,850,000 7/15/2027 3.00% Anytime Literary Loan 1997 G.O Schools $5,000,000 7/1/1997 $1,000,000 7/1/2018 3.00% Anytime Greene County 2006 Note Capital Improvement $218,207 7/24/2006 $39,154 7/24/2016 4.45% Unkown Greene County 2007 Note Capital Improvement $600,000 4/5/2007 $205,862 4/5/2018 4.05% Unkown Greene County 2013 Note Capital Improvement $2,000,000 5/5/2011 $1,750,338 8/1/2036 4.05% Unkown TOTAL $17,351,330 Summary of Greene County Water & Sewer Outstanding Issues 6.30.15 Final Lender Year of Issue Type Pupose Original Issued Outstanding Maturity Rate(s) Call Date VRA 2004 W&S Revenue Sewer $13,500,000 6/30/2004 $625,000 11/1/2015 4.23-4.23% 11/1/2014 VRA 2011 W&S Revenue Sewer $8,110,000 11/16/2011 $8,110,000 11/4/2025 3.125-5.125% 11/1/2021 VRA 2005 W&S Revenue Sewer $2,556,000 12/7/2005 $41,000 11/1/2035 4.10-5.10% 11/1/2015 VRA 2005 W&S Revenue Water $7,864,000 12/7/2005 $204,000 11/1/2035 4.10-5.10% 11/1/2015 VRA 2012 W&S Revenue Sewer $945,000 8/2/2012 $935,000 11/1/2028 3.125-5.125% 11/1/2022 VRA 2012 W&S Revenue Water $2,890,000 8/2/2012 $2,860,000 11/1/2028 3.125-5.125% 11/1/2022 RSA (VRA) (2) 2008 W&S Revenue Water & Sewer $3,600,000 6/19/2008 $402,000 11/1/2018 5.10-5.10% 11/1/2018 RSA (VRA) (3) 2009 W&S Revenue Water & Sewer $1,780,000 6/17/2009 $1,385,000 11/1/2028 3.875-5.125% 11/1/2019 RSA (VRA) (4) 2009 W&S Revenue Water & Sewer $8,210,000 6/17/2009 $2,059,795 11/1/2025 3.875-5.125% 11/1/2019 VRA 2014 W&S Revenue Sewer $945,000 8/2/2012 $1,125,000 11/1/2035 3.125-5.125% 11/1/2024 VRA 2014 W&S Revenue Water $3,445,000 7/29/2014 $3,395,005 11/1/2035 3.125-5.125% 11/1/2024 Total $21,141,800 (1) Assumes these issues were currently calling the refunded bonds. (2) Greene County assumed 30% of the Rapidan Service Authority Issuance.Orginial amount shown is total issue but outsanding amount is Greene County Obligation. (3) Greene County assumed 100% of the Rapidan Service Authority Issuance. (4) Greene County assumed 33% of the Rapidan Service Authority Issuance.Orginial amount shown is total issue but outsanding amount is Greene County Obligation. Note: Blue shade denotes refunding opportunity. Greene County, Virginia Comprehensive Financial Review 39
Total Outstanding Debt Total Outstanding Debt Service FY Principal Interest Total Payout Ratio 2016 $2,939,581 $1,463,688 $4,403,269 7.6% 2017 2,820,000 1,351,754 4,171,754 15.0% 2018 2,902,218 1,242,605 4,144,823 22.5% 2019 2,628,404 1,133,079 3,761,483 29.3% 2020 2,260,909 1,039,114 3,300,024 35.2% 2021 2,333,449 950,997 3,284,446 41.3% 2022 2,411,128 858,043 3,269,171 47.5% 2023 2,488,952 759,551 3,248,503 54.0% 2024 2,581,928 655,563 3,237,491 60.7% 2025 2,640,576 547,237 3,187,813 67.6% 2026 2,691,679 438,801 3,130,481 74.6% 2027 1,496,443 361,205 1,857,648 78.4% 2028 1,382,864 314,434 1,697,298 82.0% 2029 810,000 266,892 1,076,892 84.1% 2030 730,000 233,997 963,997 86.0% 2031 765,000 203,184 968,184 88.0% 2032 790,000 173,075 963,075 90.1% 2033 825,000 141,300 966,300 92.2% 2034 850,000 107,791 957,791 94.4% 2035 890,000 72,755 962,755 96.7% 2036 920,000 35,410 955,410 99.1% 2037 335,000 8,040 343,040 100.0% Millions $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Total Outstanding Debt Principal Interest Total $38,493,129 $12,358,517 $50, 851, 646 Greene County, Virginia Comprehensive Financial Review 40
Existing General Government & Schools Debt Exisiting General Government & Schools Debt Service FY Principal Interest Total Payout Ratio 2016 $1,725,429 $529,266 $2,254,695 9.9% 2017 1,589,182 470,496 2,059,678 19.1% 2018 1,590,567 419,370 2,009,937 28.3% 2019 1,291,421 370,873 1,662,294 35.7% 2020 957,594 336,561 1,294,155 41.2% 2021 971,801 310,800 1,282,601 46.8% 2022 981,147 284,522 1,265,669 52.5% 2023 995,639 257,721 1,253,360 58.2% 2024 1,010,282 230,264 1,240,546 64.0% 2025 983,926 203,147 1,187,073 69.7% 2026 950,036 179,187 1,129,222 75.2% 2027 961,443 155,775 1,117,217 80.7% 2028 817,864 131,944 949,807 85.4% 2029 235,000 108,354 343,354 86.8% 2030 245,000 98,481 343,481 88.2% 2031 255,000 87,884 342,884 89.7% 2032 265,000 76,704 341,704 91.2% 2033 275,000 64,750 339,750 92.8% 2034 290,000 51,896 341,896 94.5% 2035 305,000 38,169 343,169 96.2% 2036 320,000 23,560 343,560 98.1% 2037 335,000 8,040 343,040 100.0% Millions $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Existing General Government & Schools Debt Principal Interest Total $17,351,330 $4,437,763 $21, 789, 093 Greene County, Virginia Comprehensive Financial Review 41
Contact Information Richmond Headquarters One James Center 901 East Cary Street, Suite 1100, Richmond, Virginia 23219 Telephone: (804) 780-2000 Toll-Free: (800) 846-6666 E-Mail: info@investdavenport.com Courtney E. Rogers Senior Vice President 804-697-2902 crogers@investdavenport.com Douglas J. Gebhardt Associate Vice President 804-698-2651 dgebhardt@investdavenport.com Joseph D. Mason Senior Vice President 571-223-5893 jmason@investdavenport.com Gary D. LeClair, Jr. Analyst 804-697-2911 gleclair@investdavenport.com Greene County, Virginia Comprehensive Financial Review 42
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