P-0290 - Summary of Capital Policy 12-07-1996

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POLICY FOR INSERTION INTO THE POLICY MANUAL MEETING DATE December 7, 1996 NUMBER: A: 0290 EFFECTIVE DATE: December 7, 1996 POLICY: A. Sources of Funds REVISIONS: 04 -10 -2007 04 -24 -2004 Summary of Capital Policy The following sources of funds will be allocated for Capital Projects and Debt Service: All proceeds from the Article 40 and Article 42 one half sales tax The North Carolina General Statutes require that 30 percent of the Article 40 and 60 percent of the Article 42 sales tax revenue be earmarked for school capital projects or debt service on debt issued for school capital projects. Revenue from the property tax as follows: $800,000 The equivalent of 2.7 cents on the tax rate based on valuation as of 1996- 97. This earmarking will be adjusted each revaluation cycle. The amount necessary to retire the 1992 School Bonds. (In 1997 -98 this amount is $4.7 million.) The amount of the reduction in the Human Services function of the County budget (equivalent to one half of one percent of the budget or $50,000) in 1994 -95 for automation projects in Human Services. Utilities Extension Fund - This amount may vary in that it is based on the increase in property tax base as a result of expenditures in the Utilities Extension Capital project. The amount currently planned is $35,000 for 1997 -98 and $25,000 for each year thereafter. Impact Fees for Each School System. Public School Building Fund Other revenues that are restricted including, payments -in -lieu, grant funds, rental revenue and inmate fees as a result of the new jail addition.