Orange County NC Website
Commissioner Dorosin suggested removing the $280,000 out of the CIP, approving the <br /> CIP and returning the money to the CIP on Tuesday, if it is not used in any other way. <br /> Bonnie Hammersley said it was the understanding of staff that this is exactly what <br /> would happen. She said even if an intent to adopt is passed the Board may make additional <br /> changes prior to the final adoption of the budget. <br /> Commissioner Jacobs said he is not suggesting that a decision be made tonight about <br /> $100,000 but rather that the amount be set aside until Tuesday night. <br /> Commissioner Price said the CIP can still be approved since it is intent only. <br /> Chair McKee said he will not vote for this. <br /> Commissioner Rich asked if the Board is in agreement that Fairview Park needs to be a <br /> line item in the CIP. She said the park was overlooked and it needs to be put in the CIP. <br /> Bonnie Hammersley said she is not sure a motion is needed to allow for Commissioner <br /> Rich's suggestion as staff will insure that Fairview Park does become a line item. She said <br /> the CIP and the budget will be presented differently in the future. <br /> VOTE: Ayes, 4 (Commissioner Jacobs, Commissioner Price, Commissioner Rich and <br /> Commissioner Dorosin); Nays, 3 (Chair McKee, Commissioners Pelissier, and Commissioner <br /> Burroughs) <br /> A motion was made by Commissioner Rich, seconded by Commissioner Price to accept <br /> the Five Year Capital Investment Plan and Approve the Intent to Adopt Capital Funding for <br /> FY2015-16, with caveat that the Board will discuss the Fairview Park project on Tuesday. <br /> VOTE: UNANIMOUS <br /> Chair McKee noted the remaining funds available for allocation are $645,000. <br /> 2. FY2015-16 Annual Operating Budget Decision Items <br /> • Mark Up/Mark Down Items for the County's Annual Operating Budget and Outside <br /> Agencies <br /> • County Departments <br /> Commissioner Dorosin asked if the $645,000 is the remaining funds available for <br /> allocation, without raising taxes. He also asked if this includes reserve funds. <br /> Bonnie Hammersley said no. She said the County's projected reserves meets Orange <br /> County's financial policy of 17 percent. She said the State's financial policy is 8%. <br /> Commissioner Dorosin asked what would happen if a majority voted to go below the <br /> County policy. <br /> Paul Laughton said it is a policy that rating agencies will review. He said these <br /> agencies see this policy as a strong fiscal control that the County has in place and it helps the <br /> County achieve and maintain the Triple AAA bond rating so crucial when seeking financing. <br /> Commissioner Dorosin asked if it is a conservative policy. <br /> Paul Laughton said it was chosen by looking at peer counties, and 17% is a <br /> benchmark. He said staying within that policy helps the County with the rating agencies. <br /> Bonnie Hammersley agreed with Paul Laughton, and said it is just one of the measures <br /> that rating agencies look at. She said Orange County does have strong fiscal policies; <br /> however, it is a board policy, and, as such, can be changed. <br /> Commissioner Jacobs said he believed that this policy is something the Board could <br /> discuss in the fall as it is a very conservative policy. <br />