Agenda - 09-08-1987 - Laserfiche WebLink

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in the five year capital improvement program and ca ital 7 proposed by Chair Shirley Marshall. P� Policies as With reference to the use of the 1/2 cent sales tax revenues and the use of capital reserve funds he suggested that they should probably be considered as separate policy issues. He suggested that the County's portion of the two 1/2 cent sales tax revenues be restricted to capital expenditure items costing $15, 000 or more rather than to items costing over $50, 000. Chair Marshall stated disagreement with lowering the figure to $15, 000. The small items should be taken out of current capital with the larger items prioritized and taken out of capital reserve. She stated that if the County expects to move into pay-as-you-go after one more bond issue, the County must be extremely conservative in how the money is spent. Baker agreed that the portion of the 1/2 cent sales tax which is dedicated to school capital expenditures should be restricted to buildings, land and building improvements, renovations, major restorations and lease purchase of equipment costing over $50, 000 as suggested by Chair Marshall. He suggested that the use of capital reserve funds not be restricted by a blanket dollar limit but that each such fund be considered separately based upon the purpose for which it is established. At the present time the County has three capital reserve funds capital, (2) county capital and (3) recreation capital. He suggested oa $50, 000 restriction for the School Capital Reserve, Capital Reserve Fund and as little as $1, 000 for $5, 000 for the apital Reserve Fund. These amounts are in aseparatefund -R not in general or fund balance accounts. general The Board agreed by consensus that a $30,000 restriction would be placed on the County Capital Reserve Fund and to wait on placing a re- striction on the Recreation Capital Reserve Fund until the Master Park Plan is presented. It was decided that a separate fund should be created for vehicles. Baker suggested that any capital expenditure costing at least $25, 000 and having a useful life of at least five years be considered a capital project and accounted for in a capital project fund. This amount was increased to $30, 000 by the Board. Baker suggested that all County capital expenditures with a unit cost of $10, 000 or more, with the exception of vehicles, be included in the CIP. This amount was increased to $30, 000 by the Board. The policy as suggested by Chair Marshall for the use of the 2/3 net debt reduction bond option was approved by the Board. That policy is stated below: "Use of the 2/3 net debt reduction bond option be limited to either the policy adopted in relation to the Efland sewer or to an even stricter policy that limits use only to a major emergency. By consensus of the Board, the following policies were a "Continue appropriating $800, 000 a year toward interestVeand capital on the school debt. As the payment decreases in the school capital reserve fund rather than have it lost all little in the general fund. After 1999, a full appropriated to that fund each year. " $800, 000 would be "Set school current capital at $750, 000 for a period of five years and limit the portion of current capital that may come from the school capital reserve fund to the items listed for the county under policy #1. Roof repair and replacement would be included in the $750, 000. " "Create a special capital reserve for vehicle purchase.