Orange County NC Website
1 Commissioner Jacobs made reference to the student membership numbers and asked <br /> 2 if the language could say, "as of that day." Michael Talbert said that this language could be <br /> 3 included. <br /> 4 Discussion ensued on which numbers to use, November or January. <br /> 5 Commissioner Jacobs asked that staff give two alternatives — November DPI numbers <br /> 6 or something else — and give the rationale for each. He would also like input from the schools <br /> 7 on this. <br /> 8 The Board agreed to add this to the agenda of the joint meeting with the school boards. <br /> 9 <br /> 10 Chair Foushee asked where in the budget process that recurring capital would be <br /> 11 addressed. Michael Talbert said that it is a separate line item within the operating budget and <br /> 12 there will continue to be a 60/40 split. <br /> 13 Commissioner Hemminger suggested having a statement that the recurring capital will <br /> 14 be addressed in the operating budget. <br /> 15 <br /> 16 <br /> 17 Debt Management Policy Recommended Changes: <br /> 18 <br /> 19 1. Changing the Undesignated Fund Balance section to include a recommended <br /> 20 undesignated fund balance range of between 15% and 20% percent. <br /> 21 <br /> 22 2. Updating the language in the Capital Reserve Fund section. <br /> 23 <br /> 24 3. Updating the County's Bond Ratings section. <br /> 25 <br /> 26 4. Changing to a 5-year plan from a 10-year CIP <br /> 27 <br /> 28 5. Adding language that includes an annual review of the CIP. <br /> 29 <br /> 30 <br /> 31 Commissioner Yuhasz made reference to the old policy, item `d', Construction or <br /> 32 Expansion of Sanitary Sewage System, and said that he would like this to be expanded to <br /> 33 include all public utilities. <br /> 34 <br /> 35 Commissioner Jacobs said that the way#13 was and is written and the "strive to <br /> 36 maintain," is that it is a target. It is ideal. He said that the fund balance should also be a <br /> 37 target. <br /> 38 Discussion ensued on the 8% fund balance "requirement" of the State. <br /> 39 Frank Clifton said that it is important for the County to have financially secure policies in <br /> 40 place to protect it. <br /> 41 Clarence Grier said that the County's fund balance is currently at 11.3%. <br /> 42 Commissioner Jacobs suggested setting a target at 17% as recommended as the best <br /> 43 practice of the Government Finance Officer's Association. <br /> 44 The Board agreed. <br /> 45 <br /> 46 2. FY 2010/2011 Library Services Updates <br /> 47 Frank Clifton said that this was to follow up on the assignment that the Board gave to <br /> 48 the staff before the summer break. <br />