Minutes 10-26-2010 - Laserfiche WebLink

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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 Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing on the Manager's Recommended CIP during March and subsequently adopt a five-year Capital Investment Plan (CIP) as part of the annual operating budget in June. I County and School recurring capital needs will be identified and reviewed during each annual ,- Deleted:.¶ operating budget cycle, and recurring capital appropriations will be approved by the Board of ¶ Commissioners as an element of each annual Orange County Budget Ordinance. Deleted:. The five-year plan for long-range capital funding shall include anticipated County and School / ,(Deleted:¶ capital expenditures costing$100,000 or more. (Deleted:<#>¶ Sources of Funds (Deleted: Deleted:<#>It is the intent of the The County will allocate the following sources of funds for County and School debt Board of County Commissioners to dedicate the equivalent of four cents on service and long-range and recurring capital: the annual ad valorem property tax to funding recurring capital expenditures • All proceeds from the Article 40 and Article 42 half-cent sales taxes. o; for schools(three cents)and county(1 cent). However,there will be times (The North Carolina General Statutes require that 30 percent of the Article 40 ° when the County will be bound fiscally (NCGS§105-487(a)) and 60 percent of the Article 42 (NCGS§105-502(a)) sales tax and unable to achieve full funding. During those times Commissioners revenue be earmarked for public school capital outlay as defined in NCGS§105-426(f) may finditnecessa,ry to depart from the or to retire any indebtedness incurred by the county for these purposes) oi Policy.During the 2008-18 Capital Investment Plan development process, • School Construction Impact Fees for each school system. ; the Board will consider a timetable for phasing in the additional two—cents • property tax revenue as needed and approved by the Board, ; necessary to fully the recurring capital component of this policy.¶ (This 4-cent rate may,but need not,be adjusted with each quadrennial The County will budget NC Education Lottery proceeds as the revenues are distributed by revalualiontoa revenue neutral • earmarking)¶ the State each quarter, once the revenues are identified for an individual school capital <#>Beginninginfiscalyear2007-08, project and requested by each district. the County will budget NC Education Lottery proceeds in arrears"—meaning that funds will be budgeted in the year Debt Service after the State distributes them. For example,lottery proceeds distributed to All County and School related debt service obligations would be funded prior to allocation of the County during the upcoming 2007- 08 fiscal year would be budgeted the programmed funding for any other capital purposes. following fiscal year,2008-09.¶