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ORD-2017-014 Ordinance adopting Fiscal Year 2017-18 Budget Ordinance, County Grant Projects, and County Fee Schedule
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ORD-2017-014 Ordinance adopting Fiscal Year 2017-18 Budget Ordinance, County Grant Projects, and County Fee Schedule
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Last modified
3/13/2019 10:57:28 AM
Creation date
6/28/2017 8:28:13 AM
Metadata
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BOCC
Date
6/20/2017
Meeting Type
Regular Meeting
Document Type
Ordinance
Agenda Item
6a
Document Relationships
Agenda - 06-20-2017 - 6-a - Approval of Fiscal Year 2017-18 Budget Ordinance, County Grant Projects, and County Fee Schedule
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2010's\2017\Agenda - 06-20-2017 - Regular Mtg.
Minutes 06-20-2017
(Attachment)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2017
RES-2017-047 Resolution of Intent to Adopt the 2017-18 Orange County Budget
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2010-2019\2017
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ORD-2017-014 <br /> The Board of Commissioners hereby directs the following measures for budget <br /> administration and review: <br /> That upon adoption, each Board of Education will supply to the Board of County <br /> Commissioners a detailed report of the budget showing all appropriations by <br /> function and purpose, specifically to include funding increases and new program <br /> funding. The Board of Education will provide to the Board of County <br /> Commissioners a copy of the annual audit, monthly financial reports, copies of all <br /> budget amendments showing disbursements and use of local moneys granted to <br /> the Board of Education by the Board of Commissioners. <br /> The Board of Commissioners hereby approves the following financial policies: <br /> • The County will not initiate pay-as-you-go funding until October 1 of each fiscal <br /> year, and pending a review of the first quarter financial report, with the exception <br /> of County appropriations to the school districts and any other County Manager <br /> exceptions. <br /> • The County will initiate measures to recoup sales tax proceeds on school capital <br /> projects through the conveyance of school property to the County with the school <br /> property reverting back to the school districts at the end of the construction <br /> period. <br /> • The County will ensure that all monthly general ledger postings occur by the 10tH <br /> work day of each month. <br /> • The County will ensure that monthly financial reports are available by the 15tH <br /> work day of each month. <br /> • The County will not issue debt for a project until a bid award date and <br /> construction start date is established. <br /> • Whereas, it is a best practice for governments to account for capital assets <br /> separate from their operating funds, and; Whereas, enterprise funds generally <br /> establish Renewal and Replacement Capital Funds to account for the acquisition <br /> of capital assets; Therefore, <br /> a. The Solid Waste Renewal and Replacement Capital Fund is established <br /> to account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> b. The Sportsplex Renewal and Replacement Capital Fund is established to <br /> account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year <br /> 1 (FY 2017-18) of the Capital Investment Plan, as well as approved Vehicle <br /> Replacements for FY 2017-18, use its own funds to pay initial Project costs, and <br /> then reimburse itself from financing proceeds for these early expenditures. The <br /> expected primary type of financing for the Projects is installment financing under <br /> Section 160A-20. The financing may include more than one installment <br /> financing, and may include installment financings with equipment vendors and <br /> installment financings that include the use of limited obligation bonds. The <br /> Manager and Finance Officer have advised the Board that it should adopt this <br /> resolution to document the County's plans for reimbursement, in order to comply <br /> with certain federal tax rules relating to reimbursement from financing proceeds. <br /> 7 <br />
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