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Agenda - 04-30-2007-c
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Agenda - 04-30-2007-c
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4/23/2013 9:15:48 AM
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BOCC
Date
4/30/2007
Document Type
Agenda
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c
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Minutes - 20070430
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\Board of County Commissioners\Minutes - Approved\2000's\2007
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ORANGE COUNTY <br />Meeting Date: April 24, 2007 <br />Action Agenda <br />Item No. <br />SUBJECT: Approval of County Cap itaI Funding Poli <br />DEPARTMENT: Budget PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />County Capital Funding Policy <br />� <br />INFO TION CONTA CT . <br />Donna Coffey, (919) 245 -2151 <br />PURPOSE: To approve the County's Capital Funding Policy to include use of the anticipated. futue <br />NC Education Lottery proceeds intent for funding for recurring capital and presentation <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, 2008-09; <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 />
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