Browse
Search
Agenda - 04-24-2007-4i
OrangeCountyNC
>
Board of County Commissioners
>
BOCC Agendas
>
2000's
>
2007
>
Agenda - 04-24-2007
>
Agenda - 04-24-2007-4i
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/23/2017 11:57:13 AM
Creation date
8/28/2008 11:40:03 AM
Metadata
Fields
Template:
BOCC
Date
4/24/2007
Document Type
Agenda
Agenda Item
4i
Document Relationships
Minutes - 20070424
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2007
P-0290 - Summary of Capital Policy Revision - 4-24-2007
(Linked From)
Path:
\BOCC Archives\Policies
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
7
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 24, 2007 <br /> Action Agenda <br /> Item No. <br /> SUBJECT: Approval of County Capital Funding Policy <br /> DEPARTMENT: Budget PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> County Capital Funding Policy Donna Coffey, (919) 245-2151 <br /> PURPOSE: To approve the County's Capital Funding Policy to include use of the anticipated <br /> NC Education Lottery proceeds intent for funding for recurring capital and presentation of future <br /> Capital Investment Plans. <br /> BACKGROUND: Over the last few months, staff has provided the Board with a number of <br /> items of interest that may potentially affect the development of the upcoming 2007-17 County <br /> Capital Investment (CIP) Plan, the 2007-08 Annual Operating Budget, or future years' budgets. <br /> Examples of recent updates include discussions related to the anticipated decrease in projected <br /> revenues from the North Carolina Education Lottery along with the General Assembly's interest <br /> in providing local property tax assistance to taxpayers throughout the State. Both of those items <br /> would have negative impacts on the County's budget. <br /> On April 10, 2007, the Board took a number of actions related to the County's Capital Funding <br /> Policy and Capital Investment Plan (CIP) process. The items below summarize actions taken <br /> by the Board: <br /> 1) Amend the County's Capital Funding Policy with the following changes: <br /> (a) Beginning in fiscal year 2007-08, the County will budget NC Education Lottery <br /> proceeds "in arrears" — meaning that funds will be budgeted in the year after <br /> the State distributes them. For example, lottery proceeds distributed to the <br /> County during the upcoming 2007-08 fiscal, year would be budgeted the <br /> following fiscal year, 2008709; <br /> (b) Each school district will have the option to dedicate its share of the annual NC <br /> Education Lottery monies either (1) to repay debt service for debt issued after <br /> fiscal year 2006-07 to address school facility renovation needs or (2) as an <br /> additional revenue to the districts pay-as-you-go funding to address school <br /> facility renovation needs. If either district chooses to dedicate Lottery proceeds <br /> to repay debt service, Lottery proceeds, sufficient to cover annual debt <br /> payments for principal and interest, will be dedicated for the life of the <br /> financing. <br />
The URL can be used to link to this page
Your browser does not support the video tag.