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l <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 3, 1998 <br /> Action Agenda <br /> Item No. Cl_ a <br /> SUBJECT: Revised County Capital Policy <br /> DEPARTMENT: County Manager PUBLIC HEARING: (Y/N) <br /> BUDGET AMENDMENT: (Y/1S) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Capital Policy w/Proposed Revisions Rod Visser, ext 2300 <br /> Sample Capital Project Ordinance <br /> TELEPHONE NUMBERS: <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> PURPOSE: To consider adoption of revisions to the policy on funding for school and County <br /> capital projects and debt service. <br /> BACKGROUND: At their annual planning and goal-setting retreat on December 7, 1996, the <br /> Board of Commissioners formally adopted a policy for the funding of school and County capital <br /> projects and debt service. At their retreat on December 6, 1997, the Board reviewed and indicated <br /> informal approval of several revisions to the County capital policy. These revisions are outlined as <br /> follows: <br /> • Detailed Information-For CIP requests this year, in addition to total project costs, we have <br /> asked the schools to provide a breakdown of the costs for each aspect of a project(land <br /> acquisition, design, site preparation, construction, technology, etc). County capital project <br /> requests are currently prepared in this manner. In order to ensure that funds for approved <br /> projects are expended as requested, Capital Project Ordinances would be revised to reflect the <br /> project costs as detailed in the CIP request(see attached sample project ordinance). Whenever <br /> County or School project bids exceed or come in lower than projected, or any other factor <br /> affecting the project budget occurs, County departments or the school systems would be <br /> expected to present revised capital project ordinances for adoption by the Board of <br /> Commissioners. Amendment of Section C of the capital policy will accomplish this change. <br /> • Clarification of Debt Service Allocations -The current Capital Policy indicates that all debt <br /> service will be subtracted from the unrestricted funding sources before allocations are made to <br /> the County and school systems. As part of the November 1997 bond package, $12.5 million in <br /> bonds were included to fund half the cost of a new high school in the Orange County system - <br /> the Orange County Schools are responsible for funding the other half of the project from their <br />