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N <br />(c) It is the intent of the Board of county Commissioners to dedicate the equivalent <br />of four cents on the annual ad valorem property tax to funding recurring capital <br />expenditures for schools (three coats) and . county �1 cent). However, there will. <br />be times when the county will be bound fiscally and unable to achieve full <br />funding. During those times, Commissioners may find it necessary to depart <br />from the Policy= During the 2008 --18 capital Investment Plan development <br />process, the Board will consider a timetable for phasing in the additional two — <br />cents necessary to fully the recurring capital component of this policy. <br />(d) During October of each fiscal year, the county Manager shall present, to the <br />Board, ten -year county and School capital needs and funding plans in the form <br />of a capital Investment Plan. Each year, the Board of Commissioners shall <br />conduct a public hearing on the Manager's Recommended cl P during <br />i <br />November and subsequently adopt a tern -year capital Investment Plan CIP . <br />(e) The first year of the adopted ten -year capital Investment Plan shall become <br />the basis for the annual capital budget and incorporated into the next annual <br />operating budget recommended by the county Manager. <br />2) Request that the c ccS and OCS Boards of Education prioritize existing school facility <br />needs and present those needs with the School collaboration Work Group for their review <br />during Summer 2007. Based on the outcome of the collaboration wort Group's review and <br />recommendations: <br />(a) Direct County staff to analyze how the school facility needs can be <br />accommodated in' the county's debt issuance plans for fiscal year 2007-08 and <br />beyond. F <br />(b) Present the outcomes of these recommendations at the September 2007 Joint <br />Meeting of the Boards of Education and county Commissioners. <br />Y Commissioners also directed staff to; <br />(a) Prepare an interim county and School pay -as- you -go capital budget for fiscal <br />year 2007 -08 to be presented to Commissioners in conjunction with the <br />County's annual operation budget in May 2007. <br />(b) Present, in October 2007, ten -year capital Investment Plan that includes the <br />outcomes of the School collaboration Work Group as outlined in item <br />(above). <br />During the April 10 meeting,, Commissioner Gordon requested staff to contact state officials to <br />see if there was a way for the county to request Lottery proceeds prior to them being expended <br />by the county. Budget Director Donna Coffey spoke with NC Department of Public Instruction <br />and was advised that the county can request Lottery funds before actually expending there as <br />lone as 1 the county anticipates making the expenditure within the fiscal year and there are <br />funds in the account to request. It is important to note that in accordance with General Statutes, <br />the Lottery Commissicin is required to make a deposit into the school construction account four <br />times per gear. The Statute is silent on specific dates or timing of those deposits. This gear, for <br />example, the Lottery Commission has made two deposits on a quarterly basis -- one in October <br />2006 and the other in February 2007, However, according to staff from the Department of <br />Public Instruction, if the Commission chose to make four deposits in four consecutive days at. <br />the end of the fiscal gear, they would comply with the statute. <br />To that end, it is suggested that an additional .amendment to the County's capital Funding <br />Policy be made~ <br />