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~•. 1 held on August 24, 1987, following the notification of all affected resi- dents and posting of the hearing notice in the Courthouse and two public places in Chapel Hill Township (Estes Drive and Franklin Street Post Offices and Sunrise Farmers Market on N.C. highway 86). At the public hearing, many residents of Hideaway Estates ~~T,~. expressed concern about the proposed numbering system, since house numbers already existed for the subdivision. The Planning Staff researched their concerns and have provided responses to those people. A Planning Board recommendation is not required. Motion was made by Commissioner Halkiotis, seconded by Commis- sioner Carey to approve the proposed house and building numbers, followed by notification of the Chapel Hill Postmaster, the N.C. Department of Transportation, and the Towns of Chapel Hill and Carrboro as required by G.S. 153A-240. VOTE: UNANIMOUS. 7. POLICY ON CAPITAL EXPENDITURES AND CAPITAL RESERVES Director of Finance Gordon Baker reviewed the suggested changes in the five year capital improvement program and capital policies as proposed by Chair Shirley Marshall. With reference to the use of the 1/2 cent sales tax revenues and the use of capital reserve funds he suggested that they should probably be considered as separate policy issues. He suggested that the County's portion of the two 1/2 cent sales tax revenues be restricted to capital expenditure items costing $15,000 or more rather than to items costing over $50,000. Chair Marshall disagreed with lowering the figure to $15,000. The small items should be taken out of current capital with the larger items prioritized and taken out of capital reserve. She stated that if the' County expects to move into pay-as-you-go after one more bond issue, the; County must be extremely conservative in how the money is spent. _,-.. Baker agreed that the portion of the 1/2 cent sales tax which is dedicated to school capital expenditures should be restricted to buildings, land and building improvements, renovations, major restorations and lease purchase of equipment casting over $50,000 as suggested by Chair Marshall. He suggested that the use of capital reserve funds not be restricted by a blanket dollar limit but that each such fund be considered separately based upon the purpose for which it is established. At the present time the County has three capital reserve funds - (1) school capital, (2) county capital and (3) recreation capital. He suggested a $50,000 restriction for the School Capital Reserve, $5,000 for the County Capital Reserve Fund and as little as $1,000 for the Recreation Capital Reserve Fund. These amounts are in a separate fund - not in the general or fund balance accounts. The Board agreed by consensus that a $30,000 restriction would be placed on the County Capital Reserve Fund and to wait on placing a re- striction on the Recreation Capital Reserve Fund until the Master Park Plan is presented. It was decided that a separate fund should be created for vehicles. Baker suggested that any capital expenditure costing at least $25,000 and having a useful life of at least five years be considered a capital project and accounted for in a capital project fund. This amount was increased to $30,000 by the Board. Baker suggested that all County capital expenditures with a unit cost of $10,000 or more, with the exception of vehicles, be included in the CIP. This amount was increased to $30,000 by the Board. The policy as suggested by Chair Marshall for the use of the 2/3