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It is important to note that while projects fall into the unfunded category, it does <br />not mean that the County does not plan to complete the project. It does mean <br />that in order to complete individual project plans, Commissioners and project <br />partners, such as School Boards, must engage in further discussion regarding <br />infrastructure/facility needs, capital funding and annual operating costs. <br />Next Steps for 2008-18 Capital Investment Plan <br />The chart below offers an updated timeline for adoption of the FY 2008-18 Capital <br />Investment Plan. The timeline incorporates the addition of a second FY 2008-18 CIP <br />related Public Hearing and discussions during January and February 2008 regarding <br />the recently authorized local revenue options. <br />February 5, 2008 Second FY 2008-18 CIP Public Hearing <br />2008 <br />February 12 BOCC Work Session - further discussion of CIP, if <br />, needed, and Local Revenue Options <br />February 19, 2008 BOCC Approval of FY 2008-18 School and County CIPs <br />March/April 2008 Formal Adoption of School and County Capital Project <br /> Ordinances <br />Local Revenue Options <br />During the 2007 legislative session, the General Assembly granted counties the ability to <br />enact new revenue options. The new revenue options available for counties include a <br />.4% land transfer tax and an additional %-cent sales tax. There are several important <br />factors related to the new options: <br />Counties must have voter approval in order to enact either of these taxes <br />4. The ballot can include referenda for both the land transfer tax and the %-cent <br />sales tax <br />There are no restrictions on the use of either of the new local revenues <br />Should the Board choose to voluntarily designate the uses of the new revenue(s) <br />(for example for capital infrastructure or to retire debt), the ballot language cannot <br />stipulate uses of the new revenues <br />4 Counties cannot enact both revenues - should Commissioners include both <br />referenda on the ballot and voters agree to both of them, Commissioners would <br />have to choose which local revenue to authorize <br />On September 19, 2007, Commissioners decided to seek voter approval of the local <br />revenue options on the May 6, 2008 ballot.