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Thanks for Being Here

Thanks for Being Here. THANKS FOR BEING HERE. Introduction to the Funding Analysis Tool BETA TEST VERSION. Funding the North Topsail Beach Beach Erosion Management Program Funding Workshop Series # 3A and 3B August 11 , 2012. PETER A. RAVELLA, PRINCIPAL PAR CONSULTING, LLC.

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Thanks for Being Here

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  1. Thanks for Being Here THANKS FOR BEING HERE

  2. Introduction to the Funding Analysis ToolBETA TEST VERSION Funding the North Topsail Beach Beach Erosion Management Program Funding Workshop Series # 3A and 3B August 11, 2012 PETER A. RAVELLA, PRINCIPAL PAR CONSULTING, LLC

  3. Today’s Workshop Agenda • Funding Planning Process Schedule Update • Introduction to the Funding Analysis Tool (Beta Version) • Assumptions • Variables • Presentation of the Funding Analysis Tool (Beta Version) • Using the Tool • Feedback Today • Review and refinement before September 8

  4. Funding Plan Workshops May 12: 1 - Funding Principles & Secrets June 23: 2 - Funding Concepts August 11: 3 - Funding Analysis Tool (Beta version) Sept. 8: 4 - Applying the Tool to the Updated Project Plan October 6: 5 - Draft Funding Plan & Initiation of Public Review Dec. 6: Funding Plan Recommendation to BOA

  5. Working to Establish aBeach Erosion Capitol Fund • Dedicated 30-year fund to pay for projects, ensure FEMA eligibility for post-storm recovery, and prepare for possible Static Line Exception • Proposed Fund Purposes • Design & Permitting • Project Construction • Beach Monitoring Program • Dune Maintenance Program

  6. Funding Analysis ToolPreliminary Project Assumptions(Beta Version) • Project Costs: Placeholder costs included • Project Timing: Four year project interval • State Share: 25% (BEST used 0% to 75%) • Outside Contributions: $500K to $1M • Onslow County • Parking or Beach User Fees • Occupancy Tax Rate Change (Requires legislation) • Others as may be indentified

  7. Funding Analysis ToolPreliminary Bond Assumptions(Beta Version) • Bond Issuance: Contemporaneous with Project Phase • Bond Admin Cost: 2% • Bond Interest Rate: 4% • Bond Payback Period: 5 years • Maximum Bond Debt: $35 million at any one time • Repayment Method: Level principle plus interest

  8. Cost Optimization:Can Projects Be Made More Affordable? • As the funding plan comes into focus, the tool allows the Town to examine the financial feasibility of various project options. • At the direction of the Town, CP&E is currently re-examining the beach erosion management strategy to determine if project cost savings can be found. • The September 8 workshop (tentative) is intended to integrate the updated Funding Analysis Tool and any updated project costs and savings.

  9. Expected Improvements to theFunding Analysis Tool Beta Version • Addition of projects phases and bonds through 2042 • Correct any automation/formula flaws • Add capacity to change interest rate for each bond • Improve assessed valuation growth calculation • Ensure conformance with LGC requirements • Incorporate updated CP&E project costs and schedule • Integrate federal project cost & schedule assumptions

  10. Let’s look at the Funding Analysis ToolBeta Version

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