Agenda - 10-15-1996 - 9a - Laserfiche WebLink

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ti 1 Orange County Board of County Commissioners Action Agenda g� Action Agenda Item Abstract Item No a Meeting Date: October 15, 1996 Subject: Long Range School Capital Funding Options Department Public Hearing Yes No x County Manager — — Budget Office Budget Amendment Needed Yes No_x_ Attachment(s) Information Contact Capital Financing Sally Kost ext. 2151 Spreadsheets Telephone and Extension Number Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 Purpose To adopt a plan for financing long range school capital needs. Background At the August 20, 1996 Commissioners meeting, County staff presented a report on long range school capital funding options. The Board reviewed this plan again at their meeting on September 17, and endorsed the plan's conceptual approach, asking for additional staff work on three issues: • The Board of Commissioners asked Staff to explore ways to address the concerns expressed by the Chapel Hill/Carrboro City Schools board members and the superintendent. Their concern was that Option 5A would reduce Capital Improvements Plan funding in the early years of the planning period, although through the nine year planning period, funding would be more than currently available. • In addition to the concerns expressed by the Chapel Hill/Carrboro City Schools, the Board of Commissioners directed that the annual revenue from the one cent on the tax rate that is currently earmarked for a capital reserve should remain for that purpose. The plan as it was presented at the September 17 Commissioners' meeting, included shifting in fiscal year 1998-99, the earmarking of these funds to County capital projects.