Orange County NC Website
ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 8, 2010 <br />Action Agenda <br />Item No. a?Q <br />SUBJECT: Close County Capital Projects <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />Attachment 1: Schedule of County <br />Capital Projects With <br />Available Balances <br />Attachment 2: Capital Investment Plan <br />Description of Projects <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <br />Michael Talbert, (919) 245 -2153 <br />PURPOSE: To balance and fund all individual projects in the County Capital Projects Fund and <br />provide reserves for future County Capital Projects. <br />BACKGROUND: The Board of County Commissioners was presented a two year plan on <br />February 3, 2009 related to School and County Capital Projects. The plan was to fund a $5.9 <br />million dollar shortfall from the General Fund. A total of $4.2 million dollars has been <br />appropriated from the General Fund, $3.5 million in Fiscal Year 2008/2009 and $7 million in <br />Fiscal Year 2009/2010. The remaining $1.7 million was approved by the BOCC on May 18, <br />2010. <br />As of June 30, 2009, the Comprehensive Annual Financial Report for Orange County had 84 <br />active capital projects in the County Capital Project Fund. Over the past eight years, few if any <br />capital projects were closed even though many have been completed for several years. The <br />purpose of a Capital Project Ordinance is to fund the acquisition or construction of a capital <br />asset. <br />A Capital Asset is defined by Governmental Accounting, Auditing, and Financial Reporting <br />(GAAFR) as: land, improvements to land, easements, work of art, and historical treasures, <br />infrastructure and all other tangible or intangible assets that are used in the operations and that <br />have initial useful lives extending beyond a single reporting period. <br />As stated in General Statute 159 -13.2 (c) Project Ordinances, "A project ordinance shall clearly <br />identify the project and authorize its undertaking, identify the revenues that will finance the <br />project, and make the appropriations necessary to complete the project." <br />