Orange County NC Website
Browse       Search
10 <br />Draft <br />• It is the intent of the Board of County Commissioners to dedicate the equivalent of four <br />cents on the annual ad valorem property tax to funding recurring capital expenditures • <br />for schools (three cents) and county (1 cent). There will be times when the County will <br />be bound fiscally and unable to achieve full funding. During those times, <br />Commissioners may find it necessary to depart from the Policy. <br />(This 4-cent rate may, but need not, be adjusted with each quadrennial revaluation to a <br />"revenue neutral" earmarking) <br />The County will budget NC Education Lottery proceeds as the revenues are distributed <br />by the State each quarter, once the revenues are identified for an individual school <br />capital project and requested by each district. <br />Debt Service <br />All County and School related debt service obligations would be funded prior to allocation <br />of programmed funding for any other capital purposes. <br />Orange County Schools' impact fees will be earmarked to pay for debt service on projects <br />that involved the construction of new school space in the Orange County Schools system. <br />Chapel Hill-Carrboro City Schools' impact fees will be earmarked to pay for debt service <br />on projects that involved the construction of new school space in the Chapel Hill-Carrboro <br />City Schools system. These expenditures will be tracked and verified by each district <br />annually. <br />NC Education Lottery Proceeds • <br />Each school district will have the option to dedicate its share of the annual NC Education <br />Lottery monies to address school facility renovation needs or as additional revenue to the <br />districts pay-as-you-go funding to address school facility renovation needs. Annually <br />either district can request that the County dedicate Lottery proceeds to repay debt service <br />and the county will substitute pay-as-you-go-funding to expedite approved capital projects <br />in the schools capital improvement plan. <br />Allocation <br />Capital funding for each five-year capital planning period will be allocated between the two <br />school districts based on the student membership planning allotments, provided by the NC <br />Department of Public Instruction each fiscal year. <br />Capital Project Ordinances -Form and Purpose <br />All funds allocated to capital projects are to be accounted for in a Capital Project Fund as <br />authorized by a Board of County Commissioner approved Capital Project Ordinance. <br />The Capital Project Ordinance will include a detailed break down of each major cost <br />category related to the project. <br />• <br />