Agenda - 09-22-1987 - Laserfiche WebLink

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ORANGE COUNTY CAPITAL POLICIES 1. Eighty percent (80%) of the original half-cent sales tax revenue and sixty percent (60%) of the additional half-cent sales tax revenue shall be dedicated to school capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $50,000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the School Capital Reserve Fund. 2. twenty percent (20%) of the original half-cent sales tax revenue and forty percent (40%) of the additional half-cent sales- tax revenue shall be dedicated to county capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $30,000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the County Capital Reserve Fund. 3. The School Capital Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for school purposes costing $50,000 or more. 4_ The County Capital Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for county purposes costing $30,000 or more. 5. A vehicle Capital Reserve Fund shall be established and used to accumulate funds for the acquisition of county vehicles. 6. Each year, an amount equal to $800,000 minus the amount required for that year's debt service on school bonds issued prior to the 1987-88 fiscal year shall be appropriated in the. General Fund budget and transferred to the School Capital Reserve Fund. 7. Debt incurred under the "two-thirds net debt reduction" rule shall be limited to instances, where the health and safety of Orange County citizens are threatened. 8. The amount to be appropriated to each school system for recurring capital expenditures shall be $750,000. This appropriation shall be in effect for a period of at least five years and includes funds for roof repairs. 9. County capital expenditures with a cost of $30,000 or more and a useful life of at least five years shall be considered capital projects and accounted for in capital project funds. 10. During each fiscal year, the Board shall adopt a Five-Year. Capital Improvement Program. The Five-Year Program shall include anticipated county capital expenditures costing $30,000 or more and anticipated school capital expenditures costing $50,000 or more, as well as available financing sources. The first year of the adopted Five-Year Capital Improvement Program shall be incorporated into the next annual operating budget recommended to the Board by the County Manager.