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ORANGE COUNTY <br />BOARD of COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT. <br />Meeting Date: April 24, 2007 <br />Item No. <br />SUBJECT: <br />A roval of Countv Capital Funding Polic <br />DEPARTMENT: Budget <br />PUBLIC HEARING: (Y/N) LNO--] <br />MTACT <br />ATTACHMENT(S): <br />County Capital Funding Policy <br />[WORWAT[Of Loo <br />Donna Coffey, 91 245-2151 <br />Polio � include use Of the anticipated <br />E: To rove the County s Capital Funding re <br />PR p recurring capital and presentation of future <br />Education Lott proceeds intent for funding for p <br />Cad P <br />Capital Investment Plans. . <br />FUND: Over the last few months: staff h provided the Board with number of <br />ACIR # the upcoming ��-'l Currfi <br />Of interest that rT�y potentially affect the development � ets* <br />Nterns Annual Operating Budget, or future years budgets. <br />Capital Investment (CIP) P lan, the 9- Ann � .. projected <br />e discussions related to the anticipated decrease in,pro <br />Examples f recant updates include � Assembly's interest <br />' Education Lottery along with the General As y <br />revenues from the forth Carolina Both of thane items <br />• c assistance to taxpayers throughout the State. <br />�r� providing local property to <br />would have negative impacts on the County's budget. <br />ions related to the County's Capital Funding <br />April � �, the hoard tool a number of act kern <br />On Ap process. The items below summarize actions to <br />Polio and Capital investrnent Plan (CIP) <br />p <br />by the Board* <br />Amend the County's Capital Funding Policy with the following changes: <br />� <br />the Count will budget Education lottery <br />(a) Beginning �r� fiscal year �� � y � aver <br />��. � � will be budgeted �n the year <br />proceeds in arrears — meaning that funds g <br />p ctT� le loge proceeds distributed to the <br />the State distributes. therm. Fore p r <br />• � -off fiscal. year would b budgeted the <br />County during the upcoming � y <br />t <br />following fiscal, year, 2008 --0; <br />option to dedicate its share f the annual NC <br />(b) each school district r�li have the op ` after <br />Education Lotto monies either (1) to repay d bt serve for debt issued Bd a m <br />school facility renovation needs or <br />fiscal year � t address col <br />.. `its pay-as-you-go u -o funding to address soh <br />additional revenue to the d�str� p � � need <br />eds. if either district chooses <br />facility renovation ne to dedicate Lottery pr e -cover annual debt <br />debt service, Lottery proceeds, sufficient to repay <br />payments ment for principal and interest, will be dedicated for the life of the <br />financing. <br />