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