Agenda - 04-08-2008-3 - Laserfiche WebLink

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3~F Adopfed 04124/2007 Beginning in fiscal year 2008-09, during the first quarter of each year, County staff will request, from the State, the amount of monies accumulated in the Lottery fund for both school districts with the intent of expending those funds during the fiscal year for either debt service payments or individual School capital projects as identified by each districts during their annual update of their ten-year capital plan. Allocation With the exception of the revenues earmarked for School and County recurring capital and the Construction Management function, the net proceeds of all programmed revenue sources after debt service obligations have been satisfied will be allocated on the basis of 60% to schools and 40% to the County. Capital funding far each ten-year capital planning period will be allocated between the two school systems based on certified student membership as of November 15 each year. Capital Project Ordinances -Form and Purpose All funds allocated to capital projects are to be accounted for in a Capital Project Fund as authorized by a Board of County Commissioner approved Capital Project Ordinance. The Capital Project Ordinance will include a detailed break down of each major cost category related to the project. In accordance with the Board of County Commissioners November 2000 adopted "Policy on Planning and Funding Schoo/ Capital Projects'; whenever School capital project bids are either higher or lower than originally projected, or any other factor affecting the project budget occurs, the affected school system is expected to work with County Management and Budget staff to present revised capital project ordinances for adoption by the Board of Commissioners. The same expectations shall be applicable for changes to County Capital project budgets. Community Use of Schools It is the intent of the Board of County Commissioners to evaluate each new proposed school in both School Districts far joint community use opportunities, including, but not limited to, park and recreation use. Recurring Capital As outlined in the "Sources of Funds" section of this policy, recurring capital funding for the Schools and County will be based on the estimated proceeds of 4 cents on the annual General Fund property tax rate. The proceeds from 3 cents will be earmarked for schools, with funds allocated to each school system for the next fiscal year based on each system's respective share of the student membership as of November 15 immediately preceding the next fiscal year. Proceeds from 1 cent an the tax rate will be earmarked far County recurring capital needs. With regard to County Equipment and Vehicle acquisitions accomplished using third party financing, the Board of County ~ Commissioners will determine the source of funding to repay the associated debt service at the point that the Board approves the financing arrangement.