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2~ <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regard to funding sources are no longer valid.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revenues and revenues generated from economic activity are no longer valid.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 />CIP Recommended Format Changes: <br />1. Migrating back to a 5 year plan from the existing 10 year CIP. <br />2. Changing the presentation date of the CIP to the Board to January. <br />3. Including County Capital, Solid Waste, and Schools Capital in one CIP. <br />4. Including a schedule of Active County Capital Projects. <br />5. Including Capital Reserve Balances. <br />6. Including a Debt Service and Debt Capacity Schedule. <br />FINANCIAL IMPACT: There is no financial impact associated with changing the format of the • <br />County's Capital Investment Plan and updating the Capital Funding Policy and Debt <br />Management Policy. <br />RECOMMENDATION(S): The Manager recommends the Board review the proposed changes <br />in format to the County's Capital Investment Plan and provide direction to staff regarding <br />changes to the Plan format, Capital Funding Policy, and Debt Management Policy. <br /> <br />