Agenda - 09-24-2001 - 1 - Laserfiche WebLink

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allocated based on the 20'b day enrollment adjusted each year. For example,the 20'h day enrollment as of September 1998 will be the basis of the 1999-2009 Capital Improvements Plan. These percentages will be rounded to one decimal place. Impact fees will be projected and allocated to each school system, although these fees may be used to pay debt service. When impact fees are used to pay debt service,the equivalent amount of the projected impact fee will be allocated to each school system. For the first three years of the planning period(1997-98, 1998-99 and 1999-2000)impact fees are dedicated to the cost of the new schools. All funds allocated to capital projects are to be accounted for in a Capital Project Fund under a Project Ordinance adopted by the Board of Commissioners. The Project Ordinance will include a detailed breakdown of each cost category related to the project, as outlined in the Sample Capital Project Ordinance at Attachment 1,which is incorporated by reference into this policy. Whenever County or School project bids exceed budget or come in lower than projected, or any other factor affecting the project budget occurs, County departments or the school systems would be expected to present revised capital project ordinances for adoption by the Board of Commissioners. D. Funding Levels It is the intent of the Board of Commissioners to"hold harmless" School projects and County projects as identified by the amount of funding projected in the 1996-2006 Capital Improvements Plan. To achieve this intention,the following funding options will be used: • The difference between the amount of general obligation debt service payments at the peak year of the debt schedule and the actual debt service payment will be earmarked for the Orange County Schools until the time that any shortfall that would have been realized by that system is made up. • For County projects,beginning in 1998-99 the equivalent of one cent on the general fund property tax rate will be necessary. The Board of Commissioners in adopting this policy instructed staff to identify other funding options rather than a tax increase to make up this shortfall. The Board of Commissioners may consider shifting the one cent capital reserve fund to be dedicated to County projects(see Capital Reserve section below). E. School/Parks Capital Reserve The school/parks capital reserve fund, established by the Board of Commissioners in 1995- 96,receives annual allocations equivalent to one cent on the General Fund Property Tax Rate (not adjusted for the 1997 revaluation of property but adjusted for revaluation of real property beyond the 1997 revaluation.) This reserve will accumulate during 1996-97 and 1997-98 with these funds used for site acquisition for schools and or recreation, or the combination of both. The Board of Commissioners will evaluate this reserve fund during 1998-99 to determine if this one cent reserve should continue.