Orange County NC Website
a <br /> 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No.- <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 2, 1996 <br /> SUBJECT: Revised Capital Funding Policy for School and County Capital Projects <br /> DEPARTMENT: County Manager/Budget PUBLIC HEARING: YES: NO: x <br /> BUDGET AMENDMENT: YES: NO: x <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Revised Policy (1) John Link, ext 2300 <br /> Sally Kost, ext 2151 <br /> Current Capital Policy (2) TELEPHONE NUMBERS: <br /> Hillsborough -732-8181 <br /> Chapel Hill -968-4501. <br /> Durham -688-7331 <br /> Mebane -227-2031 <br /> PURPOSE <br /> To adopt a revised capital funding policy for School and County Capital Projects. <br /> BACKGROUND <br /> At the November 19 Board meeting,the Commissioners discussed the revised capital <br /> funding policy, which outlines the capital policy used in developing the Ten Year Capital <br /> Improvements Plan. This policy implements the funding approach as presented in Option <br /> 5B of the long range school capital funding plan,approved by the Board of <br /> Commissioners at their October 15, 1996 meeting. This option includes a combination of <br /> sales tax and property tax revenue for capital projects. The current policy (Attachment 2) <br /> provides that 80 percent of the Article 40 one half cent sales tax revenue and 60 percent <br /> of the Article 42 one half cent sales tax revenue is dedicated to School projects, with the <br /> balance of this revenue dedicated to County projects. <br /> The Board of Commissioners asked Staff to make certain revisions to the draft policy <br /> presented at the November 19 meeting. These revisions are: <br /> 1. Include in the policy,reference to the required uses (as stated in the General Statutes) <br /> of the Half Cent Sales Tax Revenue. <br /> • This information is included under Al of the policy. <br />