Orange County NC Website
September 1998 will be the basis of the 1999-2009 Capital hnprovements Plan. These <br />percentages will be rounded to one decimal place. <br />hnpact fees will be projected and allocated to each school system, although these fees maybe <br />used to pay debt service, When impact fees are used to pay debt service, the equivalent amount <br />of the projected impact fee will be allocated to each school system. For the first tluee years of <br />the planning period (1997-98, 1998-99 and 1999-2000) impact fees are dedicated to the cost of <br />the new schools. <br />All fiords allocated to capital projects are to be accounted for in a Capital Project Fund under a <br />Project Ordinance adopted by the Board of Connnissionet°s. The Project Ordinance will include <br />a detailed break down of each cost category related to the project, as outlined in the Sample <br />Capital Project Ordinance at Attachment 1, which is incorporated by reference into this policy. <br />Whenever County or School project bids exceed budget or come in lower than projected, or any <br />other factor affecting the project budget occurs, County departments or the school systems <br />would be expected to present revised capital project ordinances for adoption by the Board of <br />Commmissioners.. <br />D Funding Levels <br />It is the intent of the Board of Commissioners to "hold harmless" School projects and County <br />projects as identified by the amount of funding projected in the 1996-2006 Capital <br />Improvements Plan. To achieve this intention, the following funding options will be used: <br />• The difference between the amount of general obligation debt service payments <br />at the peals year of the debt schedule and the actual debt service pa}nnent will be <br />eam7arlced for the Orange County Schools until the time that any shortfall that <br />would have been realized by that system is made up. <br />• For County projects, beginning in 1998-99 the equivalent of one cent on the <br />general fund property tax rate will be necessary. The Board of Commissioners in <br />adopting this policy instructed staff to identify other funding options rather than a <br />tax increase to make up this shortfall. The Board of Connnissioners may <br />consider shifting the one cent capital reserve fiord to be dedicated to County <br />projects (see Capital Reserve section below). <br />L. School/Parks Capital Reserve <br />The school/parks capital reserve fiord, established by the Board of Connnissioners in 1995- <br />96, receives annual allocations equivalent to one cent on the General Fund Property Tax <br />Rate (not adjusted for the 1997 revaluation of'property but adjusted for revaluation of real <br />property beyond the 1997 revaluation.) This reserve will acctmrulate during 1996-97 and <br />1997-98 with these fiords used for site acquisition for schools and or recreation, or the <br />combination of both. The Board of Connnissioners will evaluate this reserve fiord duuing <br />1998-99 to determine if this one cent reserve should continue. <br />F School/Parks/Recreation <br />it is the intent of the Board of County Connnissioners to evaluate each new proposed school in both <br />School Districts for,joint use to include par]< and recreation use. <br />G. Recurring Capital <br />