Agenda - 10-05-1993 - Agenda - Laserfiche WebLink

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ill .-- Page C I A ON Appendix C. Funds Reserved from Pay-as-you-Go Allocations for Elementary Schools Ill OM1993-94 1994-95 1995-96 1996-97 1997-98 Total Chapel Hill/Carrboro City Schools $81,859 93,795 403,032 538,776 491,041 $1,608,503 Orange County Schools $85,794 97,287 172,727 552,775 505,041 $1,413,624 Total $167,653 $191,082 $575,759 $1,091,551 $996,082 $3,022,127 ON MI Both school systems have identified the need for additional elementary school space. The Chapel Hill-Carrboro City School System estimates that by the end of the decade, enrollment will support the need for two that additional facilities. The Orange to County Sch a System estimates school enrollment will increase to for that district to open in FY 1997-98. In this Capital Improvements Plan, funds have be space aside e each reserve account to address additional elementary P school 111 system. 1 To establish this reserve, pay-as-you-go a -as-you-go capital funding for the two school im systems is frozen at the level adopted in the 1992-97 Capital Improvements Plan. This two year freeze results in an estimated $358,735 in a reserve account. This reserve could be applied toward debt service payments, if the ,1 om decision is made to finance additional school space through issuing debt. the Board of Commissioners adopted an impact fee on all In May 1993, new residential dwelling units constructed (and permitted) after July 1, 1993. Because the number of new units tructe varies veeue widely, generated estimate of the revenue is shown here. However, from this impact fee will likely be used to address elementary school space needs. ., The various options for addressing and financing elementary school space will be discussed by the Board of County Commissioners in Fall 1993, in I a special worksession. CAPITAL IMPROVEMENTS PLAN ORANGE COUNTY