Agenda - 12-17-1985 - Agenda - Laserfiche WebLink

Browse Search

• w11.1;7! FINANCE DEPARTMENT 044 I ."4.1 4160e ORANGE COUNTY GORDON R. BAKER DIRECTOR To: County Commissioner ,From: Finance Director. Subject: Funding for Orange High School Renovation/ Expansicln Project Date: December 11, 1985 Accompanying this memorandum are two alternatives for funding the increase cost of the Orange High 1School Renovation/Expansion Project. These alternatives were discussed at a meeting between myself, the County Manager, and the Orange County Schools Superintendent. • The alternatives are reflected in the two revised School Capital Reserve Fund schedules as follows: Alternative No. 1 The CounIty could request that the School Board delay the Media Center portion of the project until the 1988-89 fiscal year. • The estimated cost of this portion of the project is $243,000. In addition, the amounts for undesignated roofs for 1986-87 and 198788 ($126,000 and $250,000 respectively) would be transfered to the High School project. As can be seen on page 2 of Alternative No. 1, the fund would still incur a deficit in the 1987-88. fiscal year. •Also, under this plan, thereare no funds reserved for the roofs after the current fiscal year. Alternative No. 2 • The 3C per $100 property tax rate designated for long range school capital ould be extended an additional year. This would allow the High School Project to be completed in its entirety during the 1987-88 fiscal year while leaving the undesignated roof funds intact. I want to remind you also that the kc. sales tax revenue projected in these School Capital Reserve Fund schedules are estimates. Based on the growth the County is now experiencing in this revenue source, these estimates will be realized. However,lweare not assured.that this pattern of growth will continue. These schedules will need to be reassessed periodically and revised as the economic factors dictate. 106 EAST MARGARET LANE • HILLSBOROUGH,NORTH CAROLINA 27278 •919/732-8181