Agenda - 04-10-2007-6b - Laserfiche WebLink

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Presentation of Future Capital Investment Plans Over the last few years, while the Board has adopted annual capital budgets for School and County pay-as-you-go projects, adoption of a full ten-year capital plan has been deferred. During the March 20 work session, Commissioners articulated the need to get back on track and adopt a full ten-year CIP each year. The Board also expressed a desire for staff to present the plan earlier in the fiscal year and to conduct a related public hearing before Board approval. FINANCIAL IMPACT: Financial impacts are included in the background information above. RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners: (1) Direct staff to amend the current County Capital Funding Policy to include the following provisions: a. Beginning in fiscal year 2007-08, the County will budget NC Education Lottery proceeds "in arrears" -meaning that funds will be budgeted in the year after the State distributes them. For example, lottery proceeds distributed to the County during the upcoming 2007-08 fiscal year would be budgeted the following fiscal year, 2008-09; b. NC Education Lottery monies will be dedicated to repay debt service for debt issued after fiscal year 2006-07 to address school facility renovation needs; c. It is the intent of the Board of County Commissioners to dedicate the equivalent of four cents on the annual ad valorem property tax to funding recurring capital expenditures for schools (three cents) and county (1 cent). However, there will be times when the County will be bound fiscally and unable to achieve full funding. During those times, Commissioners may find it necessary to depart from the Policy. d. During October of each fiscal year, the County Manager shall present, to the Board, ten-year County and School capital needs and funding plans in the form of a Capital Investment Plan. Each year, the Board of Commissioners shall conduct a public hearing on the Manager's Recommended CIP during November and subsequently adopt aten-year Capital Investment Plan (CIP). e. The first year of the adopted ten-year Capital Investment Plan shall become the annual capital budget and incorporated into the next annual operating budget recommended by the County Manager. Upon approval of the amendments outline above, staff will update the County Capital Funding Policy and include adoption of the final Policy as a Consent Agenda item on the April 24, 2007 agenda. (2) Request that the CHCCS and OCS Boards of Education prioritize existing school facility needs and present those needs with the School Collaboration Work Group for their review during Summer 2007. Based on the outcome of the Collaboration Work Group's review and recommendations: a. Direct County staff to .analyze how the school facility needs can be accommodated in the County's debt issuance plans for fiscal year 2007-08; b. Present the outcomes of these recommendations at the September 2007 Joint Meeting of the Boards of Education and County Commissioners;