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15 <br /> would have to include the involvement of recurring capital funding, now earmarked totally for the <br /> school systems, which is about three cents. <br /> Option four would be to remove the debt of Cedar Ridge from the Orange County <br /> system as well as having the County reach its 40% share of existing revenue sources. He said <br /> that, at a very minimum, the County Commissioners need to adopt a policy similar to the debt <br /> policy that says that there will be a threshold, and within the threshold there should be a subset of <br /> funding that addresses recurring capital needs. <br /> Commissioner Gordon asked what was changed from the original sheets. She said that <br /> she is pretty familiar with these kinds of spreadsheets, but did not think the sheets were clear. <br /> Also they were produced with a small type font. <br /> Donna Dean said that the only thing that was changed from the original <br /> spreadsheets is the numbers for the current funding policy. None of the options changed. <br /> Donna Dean explained the spreadsheets, which are incorporated by reference. She <br /> explained the calculations of the current policy and each option as shown below in the <br /> PowerPoint presentation. <br /> Options for Implementing Capital Funding Policy Revisions <br /> Including 60/40 School/County Funding Target <br /> Directions from Commissioners <br /> • Simplify current capital funding policy <br /> • Provide additional resources for <br /> • Repair, maintenance and upkeep of existing County facilities <br /> • Additional County space and facilities <br /> • Funding target of 60 percent of capital expenditures for school projects and 40 percent for <br /> county projects <br /> Examples of Staff Considerations in Developing Funding Options <br /> • Which funding sources to include in formula (e.g. dedicated sales tax, general obligation <br /> bonds, third party financing, etc.) <br /> • Which funding sources not to include in formula (e.g. school construction impact fees, public <br /> school building capital funds, etc.) <br /> • Whether to include long-range capital only or incorporate recurring capital also <br /> • Whether to remove Cedar Ridge High School debt from Orange County Schools side of the <br /> formula and include it in overall debt formula for schools and county or not <br /> Overlying Assumptions <br /> • Conservative estimates for sales tax growth <br /> . 1 percent annual growth for first 4 years of plan (fiscal years 2005-06 through 2008-09) <br /> . 2 percent annual growth for next 6 years (fiscal years 2009-10 through 2014-15) <br /> • Debt service projections include currently programmed debt only (based on BOCC endorsed <br /> October 25, 2004 Debt Issuance Schedule) <br /> . Allows for redistribution of$12.8 million from CHCCS Elementary#10 to other school and <br /> county projects expected to need additional funding in the next one to three years <br /> . Examples include OCS Middle School #3, CHCCS High School #3, Senior Centers <br />