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17 <br /> Option 4 <br /> ■ Ten-Year Funding Totals $162.7 million <br /> • Total School Funding - $97.6 million (60%) <br /> • Orange County Schools - $37.6 million (23%) <br /> • Chapel Hill Carrboro City Schools—$60 million (37%) <br /> • Orange County- $65.1 million (40%) <br /> Cedar Ridge Debt removed from OCS <br /> 3 cents dedicated to school recurring capital added to one cent dedicated to county projects <br /> (for a total of 4 cents dedicated to recurring capital) and split 60/40 between schools and <br /> county <br /> Comparison of Major Capital Funding Policy Components (incorporated by reference) <br /> Commissioner Jacobs suggested having a narrative to go with the charts to make it <br /> easier to understand. <br /> Commissioner Gordon made reference to the three cents and said that you would need <br /> to know how many buildings there are and the square footage in order to know how much to <br /> allocate for recurring capital for both the county and the schools. Donna Dean said that this <br /> information would be in the schools' CIP. <br /> Commissioner Gordon said that the problem with Cedar Ridge is that there is not <br /> enough money for renovations. The answer could be changing the debt service formula, or <br /> something else could also be done. <br /> John Link said that there is an overarching issue for the Board to address. If the staff is <br /> to pursue the 60/40-appropriation policy, the money has to come from existing funds. The <br /> County does not have the ability to issue any additional debt, based on the policy, for two years. <br /> He is recommending that the Board take into account all of the issues and think about how to <br /> make the 60/40 happen with existing revenues and how to go about addressing major new <br /> building needs for both the County and the school systems, which items will pass on a bond, and <br /> which items will not. The voters in Orange County have supported the schools since 1988. <br /> Some of the items that the County has to address will have to be addressed by pay-as-you-go <br /> funding or something other than bonds. <br /> Commissioner Halkiotis said that, based on the work session last week, he was shocked <br /> that the County does not have a steady stream of recurring capital to address County buildings. <br /> He thinks it is unwise that the County has not set aside a specific pot of money for its own <br /> buildings. <br /> Chair Carey said that the County's policy related to capital funding is so convoluted and <br /> it needs to be clarified and cleaned up. <br /> Commissioner Gordon asked about the assumptions that were used. She asked Donna <br /> Dean to indicate the assumptions to the questions on the sheet. She asked that these options <br /> come back at a regular meeting. <br /> Commissioner Foushee asked for clarification on John Link's comment about putting <br /> "everything on the table." Chair Carey said that he meant all funding streams. Commissioner <br /> Foushee thinks that the opportunity should be with most of the funding streams, with the <br /> exception of school impact fees and public school capital funding. She thinks those streams <br /> should be dedicated to school purposes. Chair Carey said that they are dedicated by law. <br /> John Link said that he did not mean those streams that are dedicated by law or <br /> ordinance. These cannot be changed. <br />