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estimated project cost is $450,000,, which would translate into $225,000 each <br />from Carrboro and orange County. i <br />Lona-T I er i it Reserve Fund Recommendations <br />As of June 30, 1999, the 'School/Parks Reserve Fund balance -is expected to be <br />$2.39 million, with $2.24 million in revenue to the fund and $0.15 million in <br />accrued. interest (please see attached). The fund receives one-cent each year in <br />revenue, which translates into an estimated $682,000 in FY 99-00. it is <br />recommended that the School/Parks Reserve not be used for the current needs,, <br />and instead be designated for longer-term land acquisition needs, with the <br />following parameters: <br />• As proposed in the Master and Recreation and Parks draft report,, anew inter- <br />local Parklands and Resources Council should be involved in future plans <br />for land-bafiking opportunities for parks and school/park co-location. <br />• The interest accumulated in the Reserve Fund should be available for p I ossible <br />use to address facility development needs not addressed through bonds <br />or other means. There is currently an estimated $147,000 in interest accrued <br />to this fund. However,, County funding assistance for facility development <br />should be contingent the Board of Commissioners having a say in the <br />development of the site and that value engineering is pursued for the project. <br />• The existing $2.'24 million in the fund (minus the interest above) should be <br />retained for future land acquisition. Bond funds and other sources <br />should be used for facility development. <br />• In the interest of maintaining maximum flexibility for the Board of <br />Commissioners,, the school/recreation nexus need not always be readily <br />apparent at the time of acquisition. <br />• It is recommended that futurie one-cent allocations to this fund be split and <br />re-allocated as follows: <br />• 50% to County capital facility needs (this will amount to <br />approximately $341,000 in FY 99-00) <br />• 50% retained for land acquisition in the reserve fund (also $341,000. <br />in FY 99-00) <br />• The Board of Commissioners should establish a "Strategic issue Team" to <br />meet with the Manager,, Finance Director,, ERC Director and others as needed, <br />to address future opportunities and problems of school/park proposals when' <br />they arise. <br />G - Z-7 <br />