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2 <br /> t <br /> • The Board of Commissioners encouraged staff to see if funding for <br /> County projects could be "held harmless" without tapping the funds <br /> earmarked for a land capital reserve. <br /> Option 5B presented here, addresses each of these concerns as will be <br /> explained below. <br /> Option 5A as presented on September 17, included the following key elements: <br /> • All funding currently earmarked for capital projects would continue. <br /> Debt service (existing and planned) would be deducted before funds <br /> are allocated to the two School systems and to County capital projects. <br /> • The equivalent of three cents on the general fund property tax rate <br /> would be earmarked for recurring capital for the Schools. These funds <br /> would be allocated to each school system based on the State <br /> Department of Public Instruction planning allocation (projected student <br /> enrollment) which is prepared in April each year. <br /> • Orange County citizens would be asked to vote on a $40 million bond <br /> referendum in November 1997. This referendum would include $35 <br /> million for Schools with the balance used for County projects, and <br /> possibly housing and parks/recreation. <br /> The funding plan as presented here is based on the new facility needs as <br /> presented by the two school systems during the Capital Improvements Plan <br /> process last Spring. The cost for the new facilities was based on the School <br /> Construction Standards approved by the Board of Commissioners in May 1996, <br /> adjusted for five percent annual inflation until each project is bid. The School <br /> systems can decide to construct a school at less than the Level Two standards <br /> adopted, therefore freeing up funds for on-going capital projects. <br /> A fundamental element of the conceptual plan endorsed by the Commissioners <br /> is review of the capital needs identified, by a Commissioner appointed Capital <br /> Needs Advisory Committee. As the needs assessment process is conducted, the <br /> committee studying school and county capital needs may want to review the <br /> projects that have already been identified, to determine if other adjustments <br /> should be made in the capital funds distribution formula to ensure that the <br /> highest priority capital needs are being addressed. <br />