Orange County NC Website
Browse       Search
Adopted o424/2om 4 <br />• . •i • • • <br />•; - • <br />Proposed <br />Capital Funding Policy <br />Preamble <br />This capital funding policy is the product of extensive analysis and deliberation. The intent <br />of this policy is to reflect greater priority than there has been historically on providing <br />funding for County projects, with particular emphasis directed at enhanced upkeep of <br />existing County facilities. The policy reflects the implementation of the Board of <br />Commissioners' resolution of November 16, 2004 that the Board "does hereby adopt in <br />principle a policy of allocating a target of 60 percent of capital expenditures. for school <br />projects and 40 percent of capital expenditures for county projects over the decade <br />beginning in calendar year 2005' This policy continues the County's principle and <br />historical practice of funding all School and County related debt service obligations before <br />allocating any other School or County capital funds for other purposes. <br />Long Range Capital Investment Plan <br />During October of each fiscal year the County Manager shall present, to the Board, ten- <br />year County and School capital needs and funding plans -in the form of a Capital <br />Investment Plan. Each year, . the Board of Commissioners shall conduct a public hearing <br />on the Manager's Recommended CIP during November and subsequently adopt a ten - <br />year Capital Investment Plan (CIP). <br />The first year of the adopted ten -year Capital Investment Plan shall become the basis for <br />the annual capital budget and incorporated into the next annual, operating budget <br />recommended by the County Manager. <br />County and School recurring capital needs will be identified and reviewed during each <br />annual operating budget cycle, and recurring capital appropriations will be approved by the <br />Board of Commissioners as an element of each annual Orange County Budget Ordinance. <br />The ten -year plan for long -range capital funding shall include: <br />• Anticipated County capital expenditures costing $25,000 or more (excluding <br />equipment) <br />• Anticipated school capital expenditures costing $50,000 or more (excluding equipment) <br />• Equipment costing $5,000 or more <br />Sources of Funds <br />The County will allocate the following sources of funds for County and School debt service <br />and long -range and recurring capital: <br />•. All proceeds from the Article 40 and Article 42 half -cent sales taxes. <br />(The North Carolina General Statutes require that 30 percent of the Article 40 <br />(NCGS §905- 487(a)) and 60 percent of the Article 42 (NCGS §105- 502(a)) sales tax <br />