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Agenda - 04-24-2007-4i
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Agenda - 04-24-2007-4i
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Last modified
3/23/2017 11:57:13 AM
Creation date
8/28/2008 11:40:03 AM
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BOCC
Date
4/24/2007
Document Type
Agenda
Agenda Item
4i
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Minutes - 20070424
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Path:
\Board of County Commissioners\Minutes - Approved\2000's\2007
P-0290 - Summary of Capital Policy Revision - 4-24-2007
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Path:
\BOCC Archives\Policies
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Adopted 04/24/2007 6 <br /> Beginning in fiscal year 2008-09, during the first quarter of each year, County staff will <br /> request, from the State, the amount of monies accumulated in the Lottery fund for both <br /> school districts with the intent of expending those funds during the fiscal year for either <br /> debt service payments or individual School capital projects as identified by each districts <br /> during their annual update of their ten-year capital plan. <br /> Allocation <br /> With the exception of the revenues earmarked for School and County recurring capital and <br /> the Construction Management function, the net proceeds of all programmed revenue <br /> sources after debt service obligations have been satisfied will be allocated on the basis of <br /> 60% to schools and 40% to the County. <br /> Capital funding for each ten-year capital planning period will be allocated between the two <br /> school systems based on certified student membership as of November 15 each year. <br /> Capital Project Ordinances — Form and Purpose <br /> All funds allocated to capital projects are to be accounted for in a Capital Project Fund as <br /> authorized by a Board of County Commissioner approved Capital Project Ordinance. <br /> The Capital Project Ordinance will include a detailed break down of each major cost <br /> category related to the project. <br /> In accordance with the Board of County Commissioners November 2000 adopted "Policy <br /> on Planning and Funding School Capital Projects", whenever School capital project bids <br /> are either higher or lower than originally projected, or any other factor affecting the project <br /> budget occurs, the affected school system is expected to work with County Management. <br /> and Budget staff to present revised capital project ordinances for adoption by the Board of <br /> Commissioners. The same expectations shall be applicable for changes to County Capital <br /> project budgets. <br /> Community Use of Schools <br /> It is the intent of the Board of County Commissioners to evaluate each new proposed <br /> school in both School Districts for joint community use opportunities, including, but not <br /> limited to, park and recreation use. <br /> Recurring Capital <br /> As outlined in the "Sources of Funds" section of this policy, recurring capital funding for the <br /> Schools and County will be based on the estimated proceeds of 4 cents on the annual <br /> General Fund property tax rate. The proceeds from 3 cents will be earmarked for schools, <br /> with funds allocated to each school system for the next fiscal year based on each system's <br /> respective share of the student membership as of November 15 immediately preceding the <br /> next fiscal year. Proceeds from 1 cent on the tax rate will be earmarked for County <br /> recurring capital needs. <br /> With regard to County Equipment and Vehicle acquisitions accomplished using third party <br /> financing, the Board of County Commissioners will determine the source of funding to <br /> repay the associated debt service at the point that the Board approves the financing <br /> arrangement. <br />
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