4. Cary?
• Containment Area for
Relocated Yankees
• Known for beige colors and
lack of signs
• Fast Growing
• Town? That’s a City!
• We now have chickens!
4 TOWN Of CARY
35. Adopted Capital Appropriation Summary
General Capital Adopted CIB
90
Gen'l Gov't
80
Parks
70
Fire
60 Transportation
Dollars in Millions
50
40
30
20
10
0
1990
1991
1992
1993
1994
1995
1997
1998
1999
2000
2001
2002
2004
2005
2006
2007
2008
2009
2011
2012
1996
2003
2010
Fiscal Year
_________________________________________________________________________________________________________________________________________________
R:addrvBUDOFFCEFY 2012 BudgetWorksession #1Capital Docs[Capital Summaries.xls]NEW Rev Est UTIL CAP Report
TOWN Of CARY
36. Adopted Capital Appropriation Summary
General Capital Adopted CIB
90
Gen'l Gov't
80
Parks
70
Fire
60 Transportation
Dollars in Millions
50
FY1990 to FY1998
40 total of $54M or
avg. of $6M per
30
year
20
10
0
1990
1991
1992
1993
1994
1995
1997
1998
1999
2000
2001
2002
2004
2005
2006
2007
2008
2009
2011
2012
1996
2003
2010
Fiscal Year
_________________________________________________________________________________________________________________________________________________
R:addrvBUDOFFCEFY 2012 BudgetWorksession #1Capital Docs[Capital Summaries.xls]NEW Rev Est UTIL CAP Report
TOWN Of CARY
37. Adopted Capital Appropriation Summary
General Capital Adopted CIB
90
Gen'l Gov't FY1999 to FY2009
80 total of $482M or
Parks avg. of $44M per
70 year
Fire
60 Transportation
Dollars in Millions
50
FY1990 to FY1998
40 total of $54M or
avg. of $6M per
30
year
20
10
0
1990
1991
1992
1993
1994
1995
1997
1998
1999
2000
2001
2002
2004
2005
2006
2007
2008
2009
2011
2012
1996
2003
2010
Fiscal Year
_________________________________________________________________________________________________________________________________________________
R:addrvBUDOFFCEFY 2012 BudgetWorksession #1Capital Docs[Capital Summaries.xls]NEW Rev Est UTIL CAP Report
TOWN Of CARY
38. General Capital Proportion of Debt Funding
Funding Portion Breakdown for
General Capital Adopted Budget
Cash Debt
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2012
2011
TOWN Of CARY
R:addrvBUDOFFCEFY 2012 BudgetWorksession #1Capital Docs[Capital Summaries.xls]NEW Rev Est UTIL CAP Report
39. General Capital Projects and Funding
Goal Statement
Update Council and receive direction regarding general capital
projects (transportation, fire, PRCR, general government,
downtown) and available funding options for FY2013 and
beyond including usage of the 2003 street and park bond
authority.
Steps
1) Historical revenue and appropriation summary
2) Today’s capital planning approach
3) Time is right for another look to determine where we go next
4) Options for Council consideration
5) Feedback and direction from Council
TOWN Of CARY
41. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
TOWN Of CARY
42. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
TOWN Of CARY
43. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
Town of Cary
Transportation 2003 GO $130M Referendum Status Summary
$130,000,000
$120,000,000
$110,000,000
$100,000,000
In Whole Dollars
$90,000,000 Remainder =
$53.1M
$80,000,000
$70,000,000
$60,000,000 Total Appropriated = $76.9M
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2013
FY 2003
FY 2004
FY 2009
FY 2010
FY 2012
FY 2011
Fiscal Year
TOWN Of CARY
44. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
Town of Cary
Transportation 2003 GO $130M Referendum Status Summary
$130,000,000
$120,000,000
$110,000,000
$100,000,000
In Whole Dollars
$90,000,000 Remainder =
$53.1M
$80,000,000
$70,000,000
$60,000,000 Total Appropriated = $76.9M
$50,000,000
$40,000,000
$30,000,000
$20,000,000
Streetscapes = $34.3M of Total
$10,000,000
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2013
FY 2003
FY 2004
FY 2009
FY 2010
FY 2012
FY 2011
Fiscal Year
TOWN Of CARY
45. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
Town of Cary
PRCR 2003 GO $30M Referendum Status Summary
$30,000,000
$25,000,000 Remainder =
$7.6M
In Whole Dollars
$20,000,000
Total Appropriated = $22.4M
$15,000,000
$10,000,000
$5,000,000
$0
FY 2003
FY 2005
FY 2007
FY 2008
FY 2010
FY 2012
FY 2004
FY 2006
FY 2009
FY 2013
FY 2011
Fiscal Year
TOWN Of CARY
46. 2003 Bond Referendum Summary
April 8, 2003 April 8, 2013
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Voter Approved Bonding Authority Good For Seven Years {3 Year Extension Approved}
Town of Cary
PRCR 2003 GO $30M Referendum Status Summary
$30,000,000
$25,000,000 Remainder =
$7.6M
In Whole Dollars
$20,000,000
Total Appropriated = $22.4M
$15,000,000
$10,000,000
Aquatics = $13.5M of Total
$5,000,000
$0
FY 2003
FY 2005
FY 2007
FY 2008
FY 2010
FY 2012
FY 2004
FY 2006
FY 2009
FY 2013
FY 2011
Fiscal Year
TOWN Of CARY
47. How Much Might New Debt Service Cost ?
R:addrvBUDOFFCERetreat2012[MMD History.xls]10-Year MMD TOWN Of CARY
48. How Much Might New Debt Service Cost ?
10-Year Municipal Market Data (MMD) Benchmark
Tax-Exempt Interest Rate Since January 1991
7%
6%
5%
4%
3%
2%
1%
0%
1992
1993
1994
1995
1996
1998
1999
2001
2003
2004
2005
2006
2008
2009
2010
1991
1997
2000
2002
2007
2011
_________________________________________________________________________________________________________________________________________________
R:addrvBUDOFFCERetreat2012[MMD History.xls]10-Year MMD TOWN Of CARY
49. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
50. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0
$1.5 1.6
3% Total = $26.3M
$1.0
$0.5
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
51. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0
$1.5 1.6
1.4
3% Total = $26.3M
$1.0
2% Total = $24.2M
$0.5
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
52. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0
$1.5 1.6
1.4
3% Total = $26.3M
1.2
$1.0
2% Total = $24.2M
$0.5 1% Total = $22.1M
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
53. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0
1.8
4% Total = $28.4M
$1.5 1.6
1.4
3% Total = $26.3M
1.2
$1.0
2% Total = $24.2M
$0.5 1% Total = $22.1M
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
54. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0 5% Total = $30.5M
2.0
1.8
4% Total = $28.4M
$1.5 1.6
1.4
3% Total = $26.3M
1.2
$1.0
2% Total = $24.2M
$0.5 1% Total = $22.1M
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
55. Debt Service Payment Sensitivity on $20M of Debt At Various Interest Rates
Debt Repayment Scenarios Based on $20M of Borrowing
at Various Interest Rates
$2.5
Annual Debt Service Payment $M
(Includes Principal and Interest)
$2.0 5% Total = $30.5M
2.0
1.8
4% Total = $28.4M
$1.5 1.6
1.4
3% Total = $26.3M
1.2
$1.0
Effectively, for each 1% increment in the interest 2% Total = $24.2M
rate, the first year of debt service is $100K more
expensive for each $10M borrowed, so for the $20M
$0.5 ($10M x 2) in this example, the difference between 1% Total = $22.1M
each increment is $200K ($100K x 2). If $100M
($10M x 10) were borrowed, the increment in the 1st
year of debt service would be $1M ($100K x 10).
$0.0
2013
2017
2019
2021
2023
2025
2027
2029
2015
2031
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
56. General Fund Forecast Key Variables
• Tax Base
• Sales tax
• Investment Earnings
• Other revenues
• Baseline expenditure growth rate
• Operating Impacts of Capital
• Debt service % (ceiling of 15%)
• Maintain Fund balance (6 months)
• Operating margin in cents on tax rate
TOWN Of CARY
57. Various Debt Capacity Scenarios
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
58. Various Debt Capacity Scenarios
Historical and Forecasted Annual General Fund Debt
Service % Scenarios
21%
20%
19%
18%
Annual Debt Service Percentage
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2% Already Issued As of FY12
1%
0%
FY 2000
FY 2002
FY 2004
FY 2006
FY 2008
FY 2010
FY 2012
FY 2014
FY 2016
FY 2018
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
59. Various Debt Capacity Scenarios
Historical and Forecasted Annual General Fund Debt
Service % Scenarios
21%
20%
19%
18%
Annual Debt Service Percentage
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6% Already Issued As of FY12
5% + DS to Hold at 12%
4%
3%
2% Already Issued As of FY12
1%
0%
FY 2000
FY 2002
FY 2004
FY 2006
FY 2008
FY 2010
FY 2012
FY 2014
FY 2016
FY 2018
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
60. Various Debt Capacity Scenarios
Historical and Forecasted Annual General Fund Debt
Service % Scenarios
21%
20%
19%
18%
Annual Debt Service Percentage
17%
16%
15%
14%
13%
12%
11% Already Issued As of FY12
10% + DS to 15% Gradually
9%
8%
7%
6% Already Issued As of FY12
5% + DS to Hold at 12%
4%
3%
2% Already Issued As of FY12
1%
0%
FY 2000
FY 2002
FY 2004
FY 2006
FY 2008
FY 2010
FY 2012
FY 2014
FY 2016
FY 2018
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
61. Various Debt Capacity Scenarios
Historical and Forecasted Annual General Fund Debt
Service % Scenarios
21%
20%
19%
18%
Annual Debt Service Percentage
17%
16%
15% Already Issued As of FY12
14% + DS to 15% Right Away
13%
12%
11% Already Issued As of FY12
10% + DS to 15% Gradually
9%
8%
7%
6% Already Issued As of FY12
5% + DS to Hold at 12%
4%
3%
2% Already Issued As of FY12
1%
0%
FY 2000
FY 2002
FY 2004
FY 2006
FY 2008
FY 2010
FY 2012
FY 2014
FY 2016
FY 2018
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
62. Various Debt Capacity Scenarios
Historical and Forecasted Annual General Fund Debt
Service % Scenarios
21%
20%
19% Already Issued As of FY12
18% + DS to 20% Gradually
Annual Debt Service Percentage
17%
16%
15% Already Issued As of FY12
14% + DS to 15% Right Away
13%
12%
11%
Already Issued As of FY12
10%
+ DS to 15% Gradually
9%
8%
7%
6% Already Issued As of FY12
5% + DS to Hold at 12%
4%
3%
2% Already Issued As of FY12
1%
0%
FY 2000
FY 2002
FY 2004
FY 2006
FY 2008
FY 2010
FY 2012
FY 2014
FY 2016
FY 2018
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]Graphs
63. Various Debt Capacity Scenarios
General Capital Debt Balance Scenarios
300
250
Debt Balance in Millions
200
150
100
50
61
Existing Debt
Balance
- FY 2019
FY 2020
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
64. Various Debt Capacity Scenarios
General Capital Debt Balance Scenarios
300
250
Debt Balance in Millions
200
150
100 89
New Capacity if DS
to Hold at 12%
50
61
Existing Debt
Balance
- FY 2019
FY 2020
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
65. Various Debt Capacity Scenarios
General Capital Debt Balance Scenarios
300
250
Debt Balance in Millions
200
150
150 New Capacity if DS
to 15% Gradually
100 89
New Capacity if DS
to Hold at 12%
50
61
Existing Debt
Balance
- FY 2019
FY 2020
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
66. Various Debt Capacity Scenarios
General Capital Debt Balance Scenarios
300
250
Debt Balance in Millions
New Capacity If DS
200 to 15% Right Away
150
150 New Capacity if DS
to 15% Gradually
100 89
New Capacity if DS
to Hold at 12%
50
61
Existing Debt
Balance
- FY 2019
FY 2020
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
67. Various Debt Capacity Scenarios
General Capital Debt Balance Scenarios
300
274
New Capacity if DS
to 20% Gradually
250
Debt Balance in Millions
New Capacity If DS
200 to 15% Right Away
150
150 New Capacity if DS
to 15% Gradually
100 89
New Capacity if DS
to Hold at 12%
50
61
Existing Debt
Balance
- FY 2019
FY 2020
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated w ith FY2011 Actuals, Budget FY12.xls]Debt Paydow n Sensitivity
68. Value of One Cent on the Tax Rate Used to
Define Operating Margin
Actual Value Through FY2012
Projections Through 2020
Annual Revenue of 1 Cent on the
$3.0
$2.5
Tax Rate ($ Millions)
$2.0
$1.5
$1.0
$0.5
$0.0
FY 2000
FY 2001
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
TOWN Of CARY
R:addrvBUDOFFCEFY 2013 BudgetA-Models[1-2-12 Model Updated with FY2011 Actuals, Budget FY12.xls]General Fund Summary
69. Various Debt Capacity Scenarios
Forecasted General Fund Operating Margin Scenarios Expressed in
Additional Cents on the Tax Rate of 33 Cents
18
Tax Equivalent of Additional Margin Needed
16
14
12
10
8
6
4
Baseline Forecast Including No
2 New Debt @ 6.4 cents by 2020
0
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2011
TOWN Of CARY
70. Various Debt Capacity Scenarios
Forecasted General Fund Operating Margin Scenarios Expressed in
Additional Cents on the Tax Rate of 33 Cents
18
Tax Equivalent of Additional Margin Needed
16
14
12
10
8
6 To CoverAlready Issued As of
FY12 + DS to Hold at 12% @ 3.7
more cents by 2020
4
Baseline Forecast Including No
2 New Debt @ 6.4 cents by 2020
0
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2011
TOWN Of CARY
71. Various Debt Capacity Scenarios
Forecasted General Fund Operating Margin Scenarios Expressed in
Additional Cents on the Tax Rate of 33 Cents
18
Tax Equivalent of Additional Margin Needed
16
14
12
10 To CoverAlready Issued As of
FY12 + DS to 15% Gradually @
6.2 more cents by 2020
8
6 To CoverAlready Issued As of
FY12 + DS to Hold at 12% @ 3.7
more cents by 2020
4
Baseline Forecast Including No
2 New Debt @ 6.4 cents by 2020
0
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2011
TOWN Of CARY
72. Various Debt Capacity Scenarios
Forecasted General Fund Operating Margin Scenarios Expressed in
Additional Cents on the Tax Rate of 33 Cents
18
Tax Equivalent of Additional Margin Needed
16
14 To CoverAlready Issued As of
FY12 + DS to 15% Right Away @
12 7 cents more by 2020
10 To CoverAlready Issued As of
FY12 + DS to 15% Gradually @
8 6.2 more cents by 2020
6 To CoverAlready Issued As of
FY12 + DS to Hold at 12% @ 3.7
more cents by 2020
4
Baseline Forecast Including No
2 New Debt @ 6.4 cents by 2020
0
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2011
TOWN Of CARY
73. Various Debt Capacity Scenarios
Forecasted General Fund Operating Margin Scenarios Expressed in
Additional Cents on the Tax Rate of 33 Cents
18
Tax Equivalent of Additional Margin Needed
To CoverAlready Issued As of
16 FY12 + DS to 20% Gradually @
10.8 more cents by 2020
14
To CoverAlready Issued As of
FY12 + DS to 15% Right Away @
12 7 cents more by 2020
10 To CoverAlready Issued As of
FY12 + DS to 15% Gradually @
8 6.2 more cents by 2020
6 To CoverAlready Issued As of
FY12 + DS to Hold at 12% @ 3.7
more cents by 2020
4
Baseline Forecast Including No
2 New Debt @ 6.4 cents by 2020
0
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2011
TOWN Of CARY
78. 2012 Bond Referendum
Total $80M
Fire $6.4M PRCR $15.9M Trans $57.7M
TOWN Of CARY
79. 2012 Bond Referendum
Total $80M
2 Cents Tax Increase in FY2014
Fire $6.4M PRCR $15.9M Trans $57.7M
TOWN Of CARY
80. 2012 Bond Referendum
Total $80M
2 Cents Tax Increase in FY2014
2 Cents More in FY2016
Fire $6.4M PRCR $15.9M Trans $57.7M
TOWN Of CARY
81. 2012 Bond Referendum
Total $80M
All three approved by voters
November 6, 2012
Fire $6.4M PRCR $15.9M Trans $57.7M
TOWN Of CARY
82. 2012 Bond Referendum
Total $80M
All three approved by voters
November 6, 2012
Fire $6.4M PRCR $15.9M Trans $57.7M
Vote 80/20
TOWN Of CARY
83. 2012 Bond Referendum
Total $80M
All three approved by voters
November 6, 2012
Fire $6.4M PRCR $15.9M Trans $57.7M
Vote 80/20 Vote 69/31
TOWN Of CARY
84. 2012 Bond Referendum
Total $80M
All three approved by voters
November 6, 2012
Fire $6.4M PRCR $15.9M Trans $57.7M
Vote 80/20 Vote 69/31 Vote 70/30
TOWN Of CARY