The URL can be used to link to this page

2021-09-08 Agenda PacketCHESTERFIELD COUNTY CHESTERFIELD, VIRGINIA 23832 AGENDA September 8, 2021 BOARD OF SUPERVISORS JAMES M. HOLLAND CHAIR DALE DISTRICT CHRISTOPHER M. WINSLOW VICECHAIR CLOVER HILL DISTRICT JIM A. INGLE BERMUDA DISTRICT KEVIN P. CARROLL MATOACA DISTRICT LESLIE A.T. HALEY MIDLOTHIAN DISTRICT JOSEPH P. CASEY, Ph.D. COUNTY ADMINISTRATOR 7 p.m. Work Session Chesterfield Career and Technical Center @ Hull Auditorium 1.Call to Order and Welcoming Remarks 2.Pledge of Allegiance 3.County Administrator and Superintendent's Opening Remarks 4.Work Sessions A.CCPS Supplemental Retirement Plan B.Middle School Needs and Financing C.Turf Field Initiative D.Updates on Spring Rock Green, CCPS Offices and CTC@Hull 5.Closing Remarks 6.Adjournment A.Adjournment and Notice of Next Scheduled Meeting of the Board of Supervisors Page 1 of 28 CHESTERFIELD COUNTY BOARD OF SUPERVISORS AGENDA Meeting Date: September 8, 2021 Item Number: 4.A. Subject: CCPS Supplemental Retirement Plan Board Action Requested: Summary of Information: Attachments: 1.PRESENTATION - SRP Update Preparer: Approved By: Page 2 of 28 SRP Update Robert Meister, Chief Financial Officer Board of Supervisor & School Board Work Session * Sept 8, 2021Page 3 of 28 SRP Overview 2 ●We are making excellent progress towards fully funding the SRP; Funding ratio expected to increase from 46.4% to 64.9% ●When funding ratio reaches 80%, we can significantly reduce ongoing contributions from General Fund ●When we reach 100% funded, we will be able to fund SRP nearly exclusively from investment pool (subject to market volatility) ●Full actuarial analysis in review and will update Board in Fall ○All figures DRAFT as a result Page 4 of 28 SRP Draft July 1 3 Liability stays relatively flat as increase due to comp plan offset by reduction in eligible participants Assets increased due to strong investment returns and contribution strategy Funded Ratio expected to increase from 46% to over 64% Page 5 of 28 Funding Ratio Over Time 4 (e) Policy guidelines change at 80% Page 6 of 28 SRP Funding Guidelines 5 Policy: ●Actuarially Determined Contribution Plus: ●YE Contribution $2M (provided YE Surplus supports) Practice: ●Expected Benefit Payment ●YE Contribution $2M ●Salary Savings from SRP participant Policy: ●Actuarially Determined Contribution ●Additional Contributions should ratio fall below 80% Funding Ratio: >80%Funding Ratio: <80% Page 7 of 28 History of SRP Contributions 6 Expected Benefit Payment: $6.9M Actuarially-required Cont: $5.9M FY2022 Expected contribution: $7.6M Base contribution $4.0M Salary savings $2.0M FY21 YE Funds $13.6M total Page 8 of 28 A large upfront investment can free sizable operating funds 7 Strategy Upfront Investment Required Annual Contribution Reduction from FY21 contribution* Funded Ratio (2022) Funded Ratio (2026) Policy Min.$2M ~$6M ~$6M ~70% (80% in 2024) ~99% ~80% Funded $12M ~$4M ~$8M ~82%~95% ~90% Funded $17M ~$3M ~$9M ~89%~97% ~100% Funded $27M ~$1M ~$11M ~100%~103% *Excluding $2M YE Funds set aside Page 9 of 28 SRP Overview 8 ●We are making excellent progress towards fully funding the SRP; Funding ratio expected to increase from 46.4% to 64.9% ●When funding ratio reaches 80%, we can significantly reduce ongoing contributions from General Fund ●When we reach 100% funded, we will be able to fund SRP nearly exclusively from investment pool (subject to market volatility) ●Full actuarial analysis in review and will update Board in Fall ○All figures DRAFT as a result Page 10 of 28 SRP Update Robert Meister, Chief Financial Officer Board of Supervisor & School Board Work Session * Sept 8, 2021Page 11 of 28 CHESTERFIELD COUNTY BOARD OF SUPERVISORS AGENDA Meeting Date: September 8, 2021 Item Number: 4.B. Subject: Middle School Needs and Financing Board Action Requested: Summary of Information: Attachments: 1.PRESENTATION - Middle School Needs and Financing Preparer: Approved By: Page 12 of 28 Middle School Needs and Financing Joint Board of Supervisors and School Board Meeting CCTC @ Hull, September 8, 2021 Page 13 of 28 Leveraging SRP Savings into to Capital Acceleration •County contribution to school SRP fund made possible by (projected) larger than normal year-end surplus, resulting from one-time COVID effects •SRP investment opens $11-12M of ongoing school budget capacity •Today’s session focuses on using approximately $7M of that (annually) to support $130M in school capital needs •Multiple sources already identified if gap funding is needed •Original referendum timeline was delayed because of pandemic •This proposal focuses on the acceleration of two middle school facilities more or less filling that ‘gap year’ 8% 4% 6%7% 3% 4%3%3%4%4% 0% 6% 0% 11% 5% 0% 3% 6% -2% 2% -1% 2% 7%7% -5% 3% 1% 10% 7% 3% 11% 29% -6% 5%4% 7% 20% 10% 9% 10%9% 11% 14% 12%13% 24% 22% 17% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Local Sales Tax Collections Year-over-Year % Change (Monthly) Page 14 of 28 Process to a Financing 1)Schools has (non-referendum) access to capital through the Virginia Public School Authority (VPSA) 2)Allows the county to borrow at its favorable AAA rates 3)Chesterfield has filed an initial application; but process ultimately requires a School Board resolution of support, a public hearing and Board of Supervisors’ approval 4)All of those actions scheduled for September 5)Resulting sale could occur before March 2022 6)The Board of Supervisors will initiate a rezoning to Upper Magnolia Green on September 22, 2021 Page 15 of 28 Impact on Referendum Planning 1)Current plan is to offer a combined capital referendum in November of 2022 2)The funding discussed here ($130M) is ADDITIVE to the totals previously discussed 3)Still planning on approximately $450M package ($300M schools, $150M county) 4)Numbers and projects to be finalized in this CIP cycle 5)Approved in April 2022 Page 16 of 28 Identifying the Projects •The VPSA financing would support the rebuild of Falling Creek MS and the construction of a new western 360 MS •Both projects are among the referendum priorities previously identified by the School Board and discussed with the Board of Supervisors •Middle school focus follows the elementary emphasis from the 2013 referendum •StratIS data reinforces the selection of these two projects Page 17 of 28 Middle School Needs and Financing Joint Board of Supervisors and School Board Meeting CCTC @ Hull, September 8, 2021 Page 18 of 28 CHESTERFIELD COUNTY BOARD OF SUPERVISORS AGENDA Meeting Date: September 8, 2021 Item Number: 4.C. Subject: Turf Field Initiative Board Action Requested: Summary of Information: Attachments: None Preparer: Approved By: Page 19 of 28 CHESTERFIELD COUNTY BOARD OF SUPERVISORS AGENDA Meeting Date: September 8, 2021 Item Number: 4.D. Subject: Updates on Spring Rock Green, CCPS Offices and CTC@Hull Board Action Requested: Summary of Information: Attachments: 1.PRESENTATION - Updates on Spring Rock Green, CCPS Offices, and CTC@Hull Preparer: Approved By: Page 20 of 28 Facility Maximization: Spring Rock Green and CTC Hull Joint Board of Supervisors and School Board Meeting CCTC @ Hull, September 8, 2021 Page 21 of 28 Facility Maximization 1)The county has purchased the Spring Rock Green center on eastern Midlothian Turnpike to help facilitate further redevelopment of the corridor 2)Part of the project includes construction and (leasing) of new office space that would allow for the consolidation of school admin functions 3)The existing admin headquarters would be repurposed into a consolidated registrar space; also a new eastern Midlothian precinct would be located on site 4)Moreover, CTC Hull could maximized for educational uses Page 22 of 28 Pathways to Tomorrow A workplace like A school like Unified CCPS Central Office •CCTC @ Hull -Saff •Krause Rd -Staff Two Technical Centers •Current: 1,697 learners in 34 Career Pathways •Projected: 2,450 learners in 44 Career Pathways Page 23 of 28 Pathways to Tomorrow CCTC @ Hull -Center of Innovation ➔TV and Internet Video/Audio Production ➔Power Distribution ➔Power Control ➔Power Systems ➔Business Operations and Mgt ➔Finance and Accounting ➔Health Informatics ➔Advanced Imaging ➔Hospitality & Tourism ➔Marketing Management ➔Event Management ➔Coding (PC & Apple) ➔Network & Cybersecurity ➔Cloud Technology Cluster Programs Cluster Programs Page 24 of 28 CCTC @ Hull -Main Level Page 25 of 28 CCTC@Hull -Lower Level Page 26 of 28 Facility Maximization: Spring Rock Green and CTC Hull Joint Board of Supervisors and School Board Meeting CCTC @ Hull, September 8, 2021 Page 27 of 28 CHESTERFIELD COUNTY BOARD OF SUPERVISORS AGENDA Meeting Date: September 8, 2021 Item Number: 6.A. Subject: Adjournment and Notice of Next Scheduled Meeting of the Board of Supervisors Board Action Requested: Summary of Information: Motion of adjournment and notice of the Board of Supervisors meeting to be held on September 22, 2021 at 2:00 p.m. in the Public Meeting Room. Attachments: None Preparer:Sara Hall, Clerk to the Board of Supervisors Approved By: Page 28 of 28