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15 <br /> 1 That upon adoption, each Board of Education will supply to the Board of County <br /> 2 Commissioners a detailed report of the budget showing all appropriations by function and <br /> 3 purpose, specifically to include funding increases and new program funding. The Board of <br /> 4 Education will provide to the Board of County Commissioners a copy of the annual audit, <br /> 5 monthly financial reports, copies of all budget amendments showing disbursements and use of <br /> 6 local moneys granted to the Board of Education by the Board of Commissioners. <br /> 7 <br /> 8 The Board of Commissioners hereby approves the following financial policies: <br /> 9 1. The County will not initiate pay-as-you-go funding until October 1 of each fiscal year, <br /> 10 and pending a review of the first quarter financial report, with the exception of County <br /> 11 appropriations to the school districts and any other County Manager exceptions. <br /> 12 2. The County will initiate measures to recoup sales tax proceeds on school capital <br /> 13 projects through the conveyance of school property to the County with the school <br /> 14 property reverting back to the school districts at the end of the construction period. <br /> 15 3. The County will ensure that all monthly general ledger postings occur by the 10th work <br /> 16 day of each month. <br /> 17 4. The County will ensure that monthly financial reports are available by the 15th work day <br /> 18 of each month. <br /> 19 5. The County will not issue debt for a project until a bid award date and construction start <br /> 20 date is established. <br /> 21 <br /> 22 Section X. Internal Service Fund - Dental and Health Insurance Fund <br /> 23 <br /> 24 The Dental Insurance Fund accounts for the receipt of premium payments from the County for <br /> 25 its employees and from the employees for their dependents, and the payment of employee <br /> 26 claims and administration expenses. Projected receipts from the County and employees for <br /> 27 fiscal year 2016-17 are $521,054 and projected expense for claims and administration for fiscal <br /> 28 year 2016-17 is $521,054. <br /> 29 <br /> 30 The Health Insurance Fund accounts for the receipt of premium payments from the County for <br /> 31 its employees and from the employees for their dependents, and the payment of employee <br /> 32 claims and administration expenses. Projected receipts from the County and employees for <br /> 33 fiscal year 2016-17 is $9,304,200 and projected expense for claims and administration for fiscal <br /> 34 year 2016-17 is $9,304,200. <br /> 35 <br /> 36 Section XI. Internal Service Fund -Vehicle Replacement Fund <br /> 37 The Vehicle Replacement Fund will centralize and account for the purchase and replacement of <br /> 38 County vehicles purchased with revenues and funding provided by the Governmental Funds of <br /> 39 Orange County (General Fund, Special Revenue and Grants Funds). Projected sources of <br /> 40 revenues and funds for fiscal year 2016-17 will be $789,722 of short-term installment financing <br /> 41 and internal reserves, and the projected expenses for the purchase of vehicles for fiscal year <br /> 42 2016-17 will be $789,722. <br /> 43 <br /> 44 Section XII. Agency Funds <br /> 45 <br /> 46 These funds account for assets held by the County as an agent for other government units, and <br /> 47 by State Statutes, these funds are not subject to appropriation by the Board of County <br /> 48 Commissioners, and not included in this ordinance. <br /> 49 <br /> 50 Section XIII. Other Post-Employment Benefits (OPEB) Trust Fund <br />