Agenda - 09-05-2017 - 8-a - Minutes

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23 1 The Board of Commissioners hereby approves the following financial policies: 2 • The County will not initiate pay-as-you-go funding until October 1 of each fiscal year, 3 and pending a review of the first quarter financial report, with the exception of County 4 appropriations to the school districts and any other County Manager exceptions. 5 • The County will initiate measures to recoup sales tax proceeds on school capital 6 projects through the conveyance of school property to the County with the school 7 property reverting back to the school districts at the end of the construction period. 8 • The County will ensure that all monthly general ledger postings occur by the 10th work 9 day of each month. 10 • The County will ensure that monthly financial reports are available by the 15th work day 11 of each month. 12 • The County will not issue debt for a project until a bid award date and construction start 13 date is established. 14 • Whereas, it is a best practice for governments to account for capital assets separate 15 from their operating funds, and; Whereas, enterprise funds generally establish Renewal 16 and Replacement Capital Funds to account for the acquisition of capital assets; 17 Therefore, 18 a. The Solid Waste Renewal and Replacement Capital Fund is established to 19 account for sources of income earmarked to fund the County Capital Investment 20 Plan. Sources of income including debt financing proceeds, pay-as-you-go 21 funds, and any other sources earmarked to finance acquisition of capital assets. 22 b. The Sportsplex Renewal and Replacement Capital Fund is established to 23 account for sources of income earmarked to fund the County Capital Investment 24 Plan. Sources of income including debt financing proceeds, pay-as-you-go 25 funds, and any other sources earmarked to finance acquisition of capital assets. 26 • Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY 27 2017-18) of the Capital Investment Plan, as well as approved Vehicle Replacements for 28 FY 2017-18, use its own funds to pay initial Project costs, and then reimburse itself from 29 financing proceeds for these early expenditures. The expected primary type of financing 30 for the Projects is installment financing under Section 160A-20. The financing may 31 include more than one installment financing, and may include installment financings with 32 equipment vendors and installment financings that include the use of limited obligation 33 bonds. The Manager and Finance Officer have advised the Board that it should adopt 34 this resolution to document the County's plans for reimbursement, in order to comply 35 with certain federal tax rules relating to reimbursement from financing proceeds. 36 37 Section X. Internal Service Fund - Dental and Health Insurance Fund 38 The Dental Insurance Fund accounts for the receipt of premium payments from the County for 39 its employees and from the employees for their dependents, and the payment of employee 40 claims and administration expenses. Projected receipts from the County and employees for 41 fiscal year 2017-18 are $521,054 and projected expense for claims and administration for fiscal 42 year 2017-18 is $521,054. 43 44 The Health Insurance Fund accounts for the receipt of premium payments from the County for 45 its employees and from the employees for their dependents, and the payment of employee 46 claims and administration expenses. Projected receipts from the County and employees for 47 fiscal year 2017-18 is $9,435,744 and projected expense for claims and administration for fiscal 48 year 2017-18 is $9,435,744. 49 50 Section XI. Internal Service Fund -Vehicle Replacement Fund