Agenda - 10-26-2010 - 3 - Laserfiche WebLink

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,raft Revised 9!17/10 _ - - -" Style Definition: Body Text 2: Font: Aria!, Italic, Indent: Left: 0.25", Orange County Board of Commissioners ~ Tabs: o.s6",Left Approved ~' Deleted: Adopted oM2a/2oo7 • Capital Funding Policy Preamble This capital funding policy is the product of extensive analysis and deliberation. The intent of this policy is to reflect greater priority than there has been historically on providing funding for County projects, with particular emphasis directed at enhanced upkeep of existing County facilities. The policy reflects the implementation of the Board of Commissioners' resolution of November 16, 2004 that the Board "does hereby adopt in principle a policy of allocating a target of 60 percent of capital expenditures for school projects and 40 percent of capital expenditures for county projects over the decade beginning in calendar year 2005". This policy continues the County's principle and historical practice of funding all School and County related debt service obligations before allocating any other School or County capital funds for other purposes. Long Range Capital Investment Plan During January of each fiscal year, the County Manager shall present, to the Board, five- year County and School capital needs and funding plans in the form of a Capital ,Deleted:. ¶ Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing ¶ on the Manager's Recommended CIP during March and subsequently adopt afive-year ;` Deletes:. Capital Investment Plan (CIP) as part of the annual operating budget in June. i Deleted: ¶ :• ';~ Formatted: Body Text 2 ount and School recurrin ca ital needs will be identified and reviewed during each ,~ ~;: ~ .C.._..-Y.-._ .......... ... .. ... ...9._.._P.._._.._ -... ----- - ----------...-._...._..----: -... _..-_ ... - .. .. .. ;,. Deleted: 4t>¶ annual operating budget cycle, and recurring capital appropriations wlll be approved by the ;;; Deleted: Board of Commissioners as an element of each annual Orange County Budget ,~ ; Deleted: ~It is the intent of the Ordinance. i; Board of County Commissioners to j: dedicate the equivalent of four cents ;; on the annual ad vabrom property tax The five-year plan for long-range capital funding shall include anticipated County and ~;` ;; to funding rewrring capital y; ex end'Rures for schods (three cells) _,, School capital expenditures costing $10Qa000 or more. . __. -._ _-.- _. _.._.._-. ~ ~ P - - ~- --- - - ;, and county (f cell). However, there Sources of Funds - .. wig betimes when the County will be The County will allocate the following sources of funds for County and School debt service~'~ and long-range and recurring capital: • All proceeds from the Article 40 and Article 42 half-cent sales taxes. (The North Carolina General Statutes require that 30 percent of the Article 40 (NCGS§105-487(a)) and 60 percent of the Article 42 (NCGS§105-502(a)) sales tax revenue be earmarked for public school capital outlay as defined in NCGS§105-4260 or to retire any indebtedness incurred by the county for these purposes) • School Construction Impact Fees for each school system. • ~roperty_tax revenue as needed and_approved_by the_Boardt_____________________ bound fiscally and unable to achreve fug funding. During those times, Commissioners may find k necessary to depart from the Policy. During the 2008-78 Capital Investm~t Plan development process, the Boats will consider a timetable for phasing in the addiflonal twa-cells necessary to fully the recurring capital component of this policy.¶ (This 9-cent rate may, but need not, he adjusted with each quadrennial revaluation fo a 'revenue neutral" earmarking)¶ gpBeginning in fiscal year 2007-08, the County will budget NC Education lottery proceeds'in arrears" - meaning that funds will be budgeted in the year after the State distributes i them. For example, briery proceeds distributed to the County during the upcoming 2007-08 fiscal year would be budgeted the following fiscal year, 2008-09.¶