ORD-2018-024 FY2018-19 Budget Ordinance approval

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ORD -2018 -024 The Board of Commissioners hereby approves the following financial policies: • The County will not initiate pay -as- you -go funding until October 1 of each fiscal year, and pending a review of the first quarter financial report, with the exception of County appropriations to the school districts and any other County Manager exceptions. • The County will initiate measures to recoup sales tax proceeds on school capital projects through the conveyance of school property to the County with the school property reverting back to the school districts at the end of the construction period. • The County will ensure that all monthly general ledger postings occur by the 10th work day of each month. • The County will ensure that monthly financial reports are available by the 15th work day of each month. • The County will not issue debt for a project until a bid award date and construction start date is established. • Whereas, it is a best practice for governments to account for capital assets separate from their operating funds, and; Whereas, enterprise funds generally establish Renewal and Replacement Capital Funds to account for the acquisition of capital assets; Therefore, a. The Solid Waste Renewal and Replacement Capital Fund is established to account for sources of income earmarked to fund the County Capital Investment Plan. Sources of income including debt financing proceeds, pay -as- you -go funds, and any other sources earmarked to finance acquisition of capital assets. b. The Sportsplex Renewal and Replacement Capital Fund is established to account for sources of income earmarked to fund the County Capital Investment Plan. Sources of income including debt financing proceeds, pay -as- you -go funds, and any other sources earmarked to finance acquisition of capital assets. • Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY 2018 -19) of the Capital Investment Plan, will use its own funds to pay initial Project costs, and then reimburse itself from financing proceeds for these early expenditures. The expected primary type of financing for the Projects is installment financing under Section 160A -20. The financing may include more than one installment financing, and may include installment financings with equipment vendors and installment financings that include the use of limited obligation bonds. The Manager and Finance Officer have advised the Board that it should adopt this resolution to document the County's plans for reimbursement, in order to comply with certain federal tax rules relating to reimbursement from financing proceeds. • The Community Loan Fund will issue no interest loans to recipients in this program. Section X. Internal Service Fund - Health and Dental Insurance Fund The Health and Dental Insurance Fund accounts for receipts of premium payments from the County and its employees, employees for their dependents, all retirees and the payment of employee and retiree claims and administration expenses. Projected receipts and fund reserves from the County and employees for fiscal year 2018 -19 will be $17,897,029, and projected expenses for claims and administration for fiscal year 2018 -19 will be $17,897,029. rA