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2 <br />(c) It is the intent of the Board of County Commissioners to dedicate the equivalent <br />of four cents on the annual ad valorem property tax to funding recurring capital <br />expenditures for schools (three cents) and county ( 1 cent). However, there will. <br />be times when the County will be bound fiscally and unable to achieve depart <br />fundingce <br />. During those times, Commissioners may find it necessary P <br />from the Policy. During the 2008 -18 Capital investment n the additional development' process, the Board will consider a timetable for phasing <br />cents necessary to fully the recurring capital component of this policy. <br />(d) During October of each fiscal year, the County Manager shall present, to the <br />Board, ten -year County and School capital needs and funding plans in the form <br />of a Capital Investment Plan. Each year, the Board of Commissioners shall <br />conduct a public hearing on the Manager's Recommended CIP during <br />November and subsequently adopt a ten -year Capital Investment Plan (CIP). <br />(e) The first year of the adopted ten-year Capital Investment Plan shall become <br />the basis for the annual capital budget and in�� oaraeed into the next annual <br />operating budget recommended by the County 9 <br />fa Ili <br />2) Request that the CHCCS and OCS Boards of Educarnti n Group ting school o revew <br />needs and present those 'needs with the School Colla <br />during Summer 2007. Based on the outcome of the Collaboration Work, Group's review and <br />recommendations: . <br />(a) Direct County staff to analyze how the school facility needs can be <br />accommodated in the County's debt issuance plans for fiscal year 2007 -08 and <br />beyond. <br />(b) Present the outcomes of these recommendations at the September 2007 Joint <br />Meeting of the Boards of Education and County Commissioners. <br />3) Commissioners also directed staff to: <br />(a) Prepare an interim County and School pay -as- you -go capital budget for fiscal <br />year 2007 -08 to be presented to Commissioners in conjunction with the <br />County's annual operation budget in. May 2007. <br />(b) Present, in October 2007, ten -year Capital Investment Plan that includes the <br />outcomes of the School - Collaboration Work Group as outlined in item 2 <br />(above). <br />During the April 10 meeting, Commissioner Gordon requested staff to contact state officials to <br />see if there was a way for the County to request Lottery NC Department of Public Instruction <br />prior to them being expended <br />by the County. Budget Director Donna Coffey spoke <br />and was advised that the County can request Lottery�reds�before e actually expending <br />nd (2) there are <br />long as (1) the County anticipates making the expend <br />funds in the account to request. It is important to note that <br />nto in <br />the accordance <br />ool construction account <br />the Lottery Commission is required to make a deposit <br />This year, for <br />times per year. The Statute is silent on specific dates or timing on a of those <br />dep sits one in October <br />example, the Lottery Commission has made two deposits quarterly <br />of <br />2006 and the other in February 2007. However, according to staff- <br />fo consecutive days at <br />Public Instruction, if the Commission chose to make four deposits <br />the end of the fiscal year, they would comply with the statute. <br />To that end, it is suggested that an additional amendment to the County's Capital Funding <br />Policy be made: <br />