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27 <br /> <br />request, all books, records, audit reports, and other information bearing on the financial <br />operation of the local school administrative unit. <br /> <br />The Board of Commissioners hereby directs the following measures for budget administration <br />and review: <br /> <br />That upon adoption, each Board of Education will supply to the Board of County Commissioners <br />a detailed report of the budget showing all appropriations by function and purpose, specifically <br />to include funding increases and new program funding. The Board of Education will provide to <br />the Board of County Commissioners a copy of the annual audit, monthly financial reports, <br />copies of all budget amendments showing disbursements and use of local moneys granted to <br />the Board of Education by the Board of Commissioners. <br /> <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, and <br />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 /> <br />• Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY <br />2018-19) of the Capital Investment Plan, will use its own funds to pay initial Project <br />costs, and then reimburse itself from financing proceeds for these early expenditures. <br />The expected primary type of financing for the Projects is installment financing under <br />Section 160A-20. The financing may include more than one installment financing, and <br />may include installment financings with equipment vendors and installment financings <br />that include the use of limited obligation bonds. The Manager and Finance Officer have <br />advised the Board that it should adopt this resolution to document the County’s plans for <br />reimbursement, in order to comply with certain federal tax rules relating to <br />reimbursement from financing proceeds. <br />• The Community Loan Fund will issue no interest loans to recipients in this program. <br />