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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. 14. - L <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 2, 1996 <br />SUBJECT: Revised Capital Funding Policy for School and County Capital Projects <br />DEPARTMENT: County Manager/Budget PUBLIC HEARING: YES: NO: x <br />BUDGET AMENDMENT: YES: NO: x <br />ATTACHMENT(S): <br />Revised Policy (1) <br />Current Capital Policy (2) <br />INFORMATION CONTACT: <br />John Link, ext 2300 <br />Sally Kost, ext 2151 <br />TELEPHONE NUMBERS: <br />Hillsborough <br />- 732 -8181 <br />Chapel Hill <br />- 968 -4501. <br />Durham <br />- 688 -7331 <br />Mebane <br />- 227 -2031 <br />PURPOSE <br />To adopt a revised capital funding policy for School and County Capital Projects. <br />BACKGROUND <br />At the November 19 Board meeting, the Commissioners discussed the revised capital <br />funding policy, which outlines the capital policy used in developing the Ten Year Capital <br />Improvements Plan. This policy implements the funding approach as presented in Option <br />5B of the long range school capital funding plan, approved by the Board of <br />Commissioners at their October 15, 1996 meeting. This option includes a combination of <br />sales tax and property tax revenue for capital projects. The current policy (Attachment 2) <br />provides that 80 percent of the Article 40 one half cent sales tax revenue and 60 percent <br />of the Article 42 one half cent sales tax revenue is dedicated to School projects, with the <br />balance of this revenue dedicated to County projects. <br />The Board of Commissioners asked Staff to make certain revisions to the draft policy <br />presented at the November 19 meeting. These revisions are: <br />Include in the policy, reference to the required uses (as stated in the General Statutes) <br />of the Half Cent Sales Tax Revenue. <br />This information is included under Al of the policy. <br />• <br />