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24 <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 year, <br /> and pending a review of the first quarter financial report, with the exception of County <br /> appropriations to the school districts and any other County Manager 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 period. <br /> • The County will ensure that all monthly general ledger postings occur by the 10th work <br /> day of each month. <br /> • The County will ensure that monthly financial reports are available by the 15th work day <br /> of each month. <br /> • The County will not issue debt for a project until a bid award date and construction start <br /> date is established. <br /> • Whereas, it is a best practice for governments to account for capital assets separate <br /> from their operating funds, and; Whereas, enterprise funds generally establish Renewal <br /> and Replacement Capital Funds to account for the acquisition of capital assets; <br /> Therefore, <br /> a. The Solid Waste Renewal and Replacement Capital Fund is established to <br /> account for sources of income earmarked to fund the County Capital Investment <br /> Plan. Sources of income including debt financing proceeds, pay-as-you-go <br /> funds, and any other sources earmarked to finance 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 Investment <br /> Plan. Sources of income including debt financing proceeds, pay-as-you-go <br /> funds, and any other sources earmarked to finance acquisition of capital assets. <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY <br /> 2017-18) of the Capital Investment Plan, as well as approved Vehicle Replacements for <br /> FY 2017-18, use its own funds to pay initial Project costs, and then reimburse itself <br /> from financing proceeds for these early expenditures. The expected primary type of <br /> financing for the Projects is installment financing under Section 160A-20. The <br /> financing may include more than one installment financing, and may include installment <br /> financings with equipment vendors and installment financings that include the use of <br /> limited obligation bonds. The Manager and Finance Officer have advised the Board <br /> that it should adopt this resolution to document the County's plans for reimbursement, <br /> in order to comply with certain federal tax rules relating to reimbursement from <br /> financing proceeds. <br /> Section X. Internal Service Fund - Dental and Health Insurance Fund <br /> The Dental Insurance Fund accounts for the receipt of premium payments from the County for <br /> its employees and from the employees for their dependents, and the payment of employee <br /> claims and administration expenses. Projected receipts from the County and employees for <br /> fiscal year 2017-18 are $521,054 and projected expense for claims and administration for <br /> fiscal year 2017-18 is $521,054. <br /> The Health Insurance Fund accounts for the receipt of premium payments from the County for <br /> its employees and from the employees for their dependents, and the payment of employee <br /> claims and administration expenses. Projected receipts from the County and employees for <br />