Agenda - 08-20-1996 - X-A - Laserfiche WebLink

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Appendix 2.0ptiow for school Capital Funding 10 Options for School Capital Funding 1. Leave funding (basically) as presented in the 1996-2006 CIP, adjusting for the State bond funds. The State bond money would be used for the high school addition for the Chapel Hill/Carrboro City Schools and for the elementary school for Orange County Schools • Chapel Hill/Carrboro City Schools Elementary School and High School Addition are funded through private placement in the CIP with the debt service payments made from funds which would be allocated in the CIP. • The Orange County Schools elementary school is funded through private placement with the debt service paid from funds which would otherwise be allocated. The high school addition is funded with PAYG funds. This option does not address: • Consideration of redistribution of funds between the two school systems. • Funding for the Chapel Hill/Carrboro City Schools middle school. • Reimbursement for impact fees and Recurring Capital distribution. • Simplifying the formula for distribution of capital 2. Adopt Option I and fund the Chapel Hill/Carrboro City Schools middle school with funds from the district tax. 3. Adopt Option 1 but deduct funding for Recurring Capital and Impact Fee Reserve Fund. 4. Adopt Option 1 but deduct private.placement funding before funds are allocated to the two school systems for CIP projects. 5. Hold a bond referendum in November 1997 to fund the Chapel Hill/Carrboro City Schools middle school, the balance of the Orange County Schools elementary school, and renovation funds for both school systems. In addition, the bond would include funding for parks and County capital projects. The impact on the property tax rate could be minimized by changes in the formula for calculating CIP funding.