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Adopted 04/2412007 4 <br />Orange County Board of Commissioners <br />Proposed <br />Capital Funding Policy <br />Preamble <br />This apital funding policy is the product of extensive analysis and deliberation. ` <br />this � erat�on� The intent <br />of this policy is to reflect greater priority than there has been historically <br />y o n providing <br />funding for county projects, with paficular emphasis directed at enhanced upkeep of <br />existing, <br />county facilities; The policy reflects the implementation of the Board of <br />Commissioners' � <br />rr�issioners resolution of November 1 , 2004 that the Board `'does hereby adopt In <br />policy of allocating a target of 60 percent of capital expenditures for school <br />projects and 40 percent f capital expenditures for court projects over the decade <br />I� l <br />beginning in calendar year 2005 ": This policy continues the County's and <br />hr i � � t principle <br />torical practice of funding all school and county related debt service obligations before <br />allocating an others g <br />School or county capital funds {for other purposes. <br />Long Range capital Investment Flan <br />During October of each fiscal year, the County Manager shall resent <br />p , to the Ford, ten- <br />year county and School capital needs and funding it cans in the form of a Capital <br />pal <br />Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing the Manager's Recommended clP during November and subsequently <br />adopt a ten - <br />year Capital Investment Plan lP). <br />The first year of the adapted tern- -gear Capital Investment Plan shall become une the bass for <br />the annual capital budget and incorporated into the next annual operating p rating budget <br />recommended by the county Manager. <br />County and School recurring capital needs will be identified and reviewed <br />e during each <br />annual operating budget cycle, and recurring capital appropriations will be approved b <br />Board p pp the <br />d of Commissioners a -an element of each annual Orange County Budget Ordinance. <br />The ten -rear plan for long -range capital funding shall include= <br />Anticipated County capital expenditures costing or more equipment g <br />Anticipated school capital expenditures costing $50,000 or more excludin equipment) <br />. . <br />g <br />• Equipment costing $5,000 or more <br />Sources of Funds <br />The county will allocate the following sources of funds for count and B ' <br />. chox�l debt service <br />and long -range and recurring capital: <br />• . All proceeds from the Article 40 and Article 42 half-cent sales takes. <br />(The North Carolina General Statutes require that 30 percent of the Article 40 <br />(NCGS§105-487(a)) and 60 percent of the A►ticle 42 (NCGS§105-502(a)) sales tax <br />