Agenda - 03-16-1999 - 9g - Laserfiche WebLink

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Educatz'on -continued r Recurring Capital Capital outlay funding is provided to support Category I (facility improvements), Category II (equipment and furnishings), and Category III (vehicles and bus purchases) expenditures. The equal per pupil allocations required by law for current expense appropriations are not applicable to this category of local school funding. Based on the Board's policy to earmark three cents on the General Fund property tax rate for recurring capital, the appropriation increases for the Chapel Hill/Carrboro City Schools by $50,669 to a total of $1,123,000. The recurring capital budget for the Orange County Schools increases by $42,455 to $826,652. Capital Improvements The amounts reflected here include the amounts transferred from the General Fund to the School Capital Projects Fund and the School/Park Capital Reserve Fund. Long range school capital funding is planned and programmed through the County's ten-year. Capital Investment Plan (CIP). Projects are funded by a combination of State and local bonds, private placement financing and pay-as-you-go funding sources. The latter include dedicated sales tax revenues, property tax directed by Board policy, and North Carolina Public School Building Capital funds. A list and brief description of all projects approved for funding in 1998-99 are included in the Capital section of this document. More detailed information about both bond and pay-as-you-go school capital projects is contained in the 1998-2008 CIP document located in the back of this document. School/Park Capital Reserve Fund The Board of Commissioners established aSchool/Park Capital Reserve Fund in 1995-96, with the equivalent of one cent on the ad valorem tax rate appropriated to this fund. The following appropriations have occurred over the past few years: 1995-96 $476,048 1996-97 $494,442 1997-98 $618,843 No funds have been expended from this account; the anticipated balance at June 30, 1998, including interest earned, is expected to be $1;653,644. The additional property tax in 1998-99 will bring the total to at least $2,303,528. The Board established this reserve for school site and recreation projects. During discussions regarding the funding plan for capital projects, the Commissioners stated that this .would be a three year commitment, which after this final year of appropriation, this commitment would be reviewed. As presented, this budget continues the appropriation for one additional year (1998-99). The Boazd is currently reviewing this policy. Lenz service These funds repay principal and interest due on School related debt including general obligation bonds and private placement loans. For detailed information related to these financing sources, please refer to the Debt Service pages included in the Non-Departmental section of this document. 10-3