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Agenda - 04-08-2008-3
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Agenda - 04-08-2008-3
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Last modified
8/29/2008 4:13:47 PM
Creation date
8/28/2008 9:57:07 AM
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BOCC
Date
4/8/2008
Document Type
Agenda
Agenda Item
3
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Minutes - 20080408
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\Board of County Commissioners\Minutes - Approved\2000's\2008
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<br />Adopted 04/24/2007 <br />Orange County Board of Commissioners <br />Approved <br />Capital Funding Policy <br />Preamble <br />This capital funding policy is the product of extensive analysis and deliberation. The intent <br />of this policy is to reflect greater priority than there has been historically on providing <br />funding for County projects, with particular emphasis directed at enhanced upkeep of <br />existing County facilities. The policy reflects the implementation of the Board of <br />Commissioners' resolution of November 16, 2004 that the Board "does hereby adopt in <br />principle a policy of allocating a target of 60 percent of capital expenditures for school <br />projects and 40 percent of capital expenditures for county projects over fhe decade <br />beginning in calendar year 2005" This policy continues the County's principle and <br />historical practice of funding all School and County related debt service obligations before <br />allocating any other School or County capital funds for other purposes. <br />Long Range Capital Investment Plan <br />During October of each fiscal year, the County Manager shall present, to the Board, ten- <br />year County and School capital needs and funding plans in the form of a Capital <br />Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing <br />on the Manager's Recommended CIP during November and subsequently adopt aten- <br />year Capital Investment Plan (CIP). <br />The first year of the adopted ten-year Capital Investment Plan shall become the basis for <br />the annual capital budget and incorporated into the next annual operating budget <br />recommended by the County Manager. <br />County and School recurring capital needs will be identified and reviewed during each <br />_ annual operating budget cycle, and recurring capital appropriations will be approved by the <br />Board of Commissioners as an element of each annual Orange County Budget <br />Ordinance. <br />The ten-year plan for long-range capital funding shall include: <br />® Anticipated County capital expenditures casting $25,000 or more (excluding <br />equipment) <br />• Anticipated school capital expenditures costing $50,000 or more (excluding equipment) <br />Equipment costing $5,000 or more <br />Sources of Funds <br />The County will allocate the following sources of funds for County and School debt service <br />and long-range and recurring capital: <br />• All proceeds from the Article 40 and Article 42 half-cent sales taxes. <br />(The North Carolina General Statutes require that 30 percent of the Artic% 40 <br />(NCGS§105-487(a)) and 60 percent of the Article 42 (NCGS§705-502(a)) sales tax <br />
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