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' ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />• <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 14, 2010 <br />Action Agen i <br />Item No. <br />SUBJECT: Work Session to discuss a new format for the County's Capital Investment Plan <br />(CIP), including revisions to the existing Capital Funding Policy and Debt <br />Management Policy - <br />DEPARTMENT: Manager & Financial Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Attachment 1: Draft of the 2011-16 <br />Orange County Capital <br />Investment Plan <br />• <br />INFORMATION CONTACT: <br />Frank Clifton, County Manager, <br />245-2300 <br />Clarence Grier, Financial Services, <br />(919) 245-2453 <br />Michael Talbert, Financial Services, <br />(919) 245-2153 <br />PURPOSE: To review and discuss proposed changes in format for the County's Capital <br />Investment Plan, including changes in the Capital Funding Policy and Debt Management Policy <br />included in the CIP. <br />BACKGROUND: For over 20 years the County has produced a Capital Improvement Plan that <br />establishes a program of improvements for the County as well as Schools. The CIP was <br />originally prepared as a 5 year planning document that was re-evaluated annually to include <br />year-to-year changes in priorities, needs, and available resources. Over the years the CIP <br />evolved to a 10 year plan and the name was changed to the Capital Investment Plan. The CIP <br />has evolved over the years to also include a Capital Funding Policy and Debt Management <br />Policy. The 2008-18 Capital Investment Plan was the most recent 10 year CIP approved by the <br />Board. <br />North Carolina and Orange County are adjusting to the new economic realities of life after a <br />recession and slow economic growth for the foreseeable future. The assumptions made with <br />regard to funding sources are no longer valid. The growth assumptions of state shared <br />revenues and revenues generated from economic activity are no longer valid. Historical trends <br />are no longer reliable to forecast future economic activity. Life as we knew it in 2008 has <br />changed. <br />• Orange County is evolving into what will be the new normal. As we make this transition we are <br />recommending changes to both the format and policies included in the CIP. Outlined below are <br />the highlights of those changes: <br />