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

Browse Search

POLICY FOR INSERTION INTO THE POLICY MAriU AL rMEETING DATE: September 22, 1987 EFFECTIVE DATE: September 22, 1987 POLICY: NLiKBER: P:0290 REVISIONS: Attachment 2 ORANGE COUNTY CAPITAL POLICIES 1. Eighty percent (80 %) of the original half -cent sales tax revenue and sixty percent (60 %) of the additional half - cent sales tax revenue shall be dedicated to school capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $50,000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the School Capital Reserve Fund. 2. Twenty percent (20 %) of the original half -cent sales tax revenue and forty percent (40 %) of the additional half - cent sales tax revenue shall be dedicated to county capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $30,000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the County Capital Reserve Fund. 3. The School Capital Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for school purposes costing $50,000 or more. 4. The County Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for county purposes costing $30,000 or more. 5. A vehicle Capital Reserve Fund shall be established and used to accumulate funds for the acquisitions of county vehicles. 6. Each year, an amount equal to $800,000 minus the amount required for that year's debt service on school bonds issued prior to the 1987 -88 fiscal year shall be appropriated in the General Fund budget and transferred to the School Capital Reserve Fund. 10