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1 <br /> 2 The Board then discussed the two policies. <br /> 3 <br /> 4 Capital Fund Policy Recommended Changes: <br /> 5 The draft policy was on page 9. The policy includes 60% for schools and 40% for the <br /> 6 County. <br /> 7 <br /> 8 <br /> 9 Capital Funding Policy Recommended Changes: <br /> 10 <br /> 11 1. Changing to a 5 year plan from a 10 year CIP. <br /> 12 <br /> 13 2. Raising the minimum amount to be included in the plan to $100,000. <br /> 14 <br /> 15 3. Eliminating Public School Building Capital Funds as a revenue source. <br /> 16 <br /> 17 4. Changing the procedure for the budget and use of Lottery Proceeds. <br /> 18 <br /> 19 5. Eliminating the Construction Management section. <br /> 20 <br /> 21 6. Eliminating Equipment and Vehicle Financing from the Recurring Capital section. <br /> 22 <br /> 23 <br /> 24 Commissioner Hemminger arrived at 8:07 PM. <br /> 25 Frank Clifton said that there was a policy about four cents. Commissioner Jacobs said <br /> 26 this relates to the 60/40 policy and the fact that the County spends way more on schools than <br /> 27 itself. <br /> 28 Frank Clifton recommended taking this language out about the 3 cents and 1 cent <br /> 29 because there is still the 60/40 policy. The Board agreed. <br /> 30 <br /> 31 Michael Talbert made reference to Lottery Proceeds and said that the way the schools <br /> 32 can use the funds has been changed. The County will budget lottery proceeds as the <br /> 33 revenues are distributed by the State each quarter. <br /> 34 Frank Clifton said that Superintendents have run into a problem using the lottery <br /> 35 proceeds because of the red tape involved. He said that they discussed having the County <br /> 36 receive the funds, obligate the funds to payment of debt, and allocate the funds budgeted for <br /> 37 debt payments to capital projects in schools. This reduces the paperwork process. This would <br /> 38 be an accounting procedure only. <br /> 39 Commissioner Hemminger asked how this would be made known and documented for <br /> 40 future reference. Frank Clifton said that it would be added to the policy. <br /> 41 Michael Talbert made reference to the policy on page 10 and the wording starts at <br /> 42 about the middle of the paragraph, and he read, "annually, either district can request that the <br /> 43 County dedicate lottery proceeds to repay debt service, and the County will substitute pay-as- <br /> 44 you-go funding to expedite the approval process for the capital projects and the school capital <br /> 45 improvement plan." <br /> 46 Commissioner Gordon suggested wording this in a way so that the State cannot take <br /> 47 the funds back. <br /> 48 Michael Talbert continued with the presentation about the changes. <br />