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V <br />Orange County Board of Commissioners <br />Capital Funding Policy <br />Preamble <br />This capital funding policy is the product of extensive analysis and deliberation, The intent <br />of this policy is to reflect greater priority than there has been historically on providing <br />funding far County projects, with particular emphasis directed at enhanced upkeep of <br />existing County facilities. The policy reflects the implementation of the Board of <br />Commissioners' resolution of November ~ 6, ZDO4 that the Board "does hereby adopt in <br />principle a policy of allocafing a target of 60 percent of capital expenditures for school <br />projects and 40 percent of capr'fal expenditures for county projects over the decade <br />begv'nning in calendar year 2045" This policy continues the County's principle and <br />historical practice of funding all School and County related debt service obligations before <br />allocating any other School or County capital funds for other purposes. <br />Long Range Capita[ Investment Plan <br />During January of each fiscal year, the County Manager shall present, to the Board, five- <br />year County and School capital needs and funding plans in the form of a Capital <br />Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing <br />on the Manager's Recommended GIP during March and subsequently adopt a five~year <br />Capital investment Plan GIP} as part of the annual operating budget in June, <br />County and School recurring capital needs will be identified and reviewed during <br />each annual operating budget cycle, and recurring capital appropriations will be <br />approved by the Board of Commissioners as an element of each annual Orange <br />County Budgetordinance. <br />The five-year plan for long-range capital funding shall include anticipated County and <br />School capital expenditures costing $~oo,aao or more. <br />Sources of Funds <br />The County will allocate the following sources of funds for County and School debt service <br />and long-range and recurring capital: <br />• All proceeds from the Article 4o and Article 4Z half~cent sales taxes. <br />(The North Carolina General Statutes require that 30 percent of the Article 40 <br />(NCGS~105-487(a)) and 60 percent of the Article 42 (NCGS§105-502(a)) sales tax <br />revenue be earmarked for public school capital outlay as defined in NCGS§105-4260 <br />or to retire any indebtedness incurred by the county for these purposes) <br />• School Construction Impact Fees for each school system. <br />• Property tax revenue as needed and approved by the Board. <br />