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z <br />few counties that received their allocations had dedicated the proceeds from the PSBCF to <br />offset debt service related to school capital projects. <br />Given the uncertainty of the State's current and future fiscal condition, staff recommends that <br />the Board pursue the draw dawn of these funds as quickly as possible to eliminate any <br />possibility that these funds might be sequestered, The Governor's budget for the upcoming <br />year does include a proposal to withhold these funds again this year, <br />The attached application requests that the State release funds, for $138,516 to offset debt <br />service related to A.L., Stanback Middle School. These funds do not represent additional, <br />unanticipated funds for the Capital Investment Plan, They have already been programmed as a <br />revenue source into the allocations of pay-as-you-go funds to the two school systems under the <br />County's present ten-year capital plan. <br />The application process requires formal request for funding for bath the Board of County <br />Commissioners and the Board of Education of the School system concerned, The Orange <br />County Schools Board of Education is scheduled to approve their application at its .)une 7, 2004 <br />meeting. <br />FINANCIAL IMPACT: Consistent with the County's current Capital Funding Policy, these <br />PSBCF monies are one source of funding for the ten-year capital plan (CIP), The funds have <br />been included in the GIP revenue estimates and there is no additional financial impact <br />anticipated. <br />RECOMMENDATION (S): The Manager recommends that the Board of County Commissioners <br />approve, and authorize the Chair to sign, the application far Public School Building Capital <br />Funds for Orange County Schools share of the 2003-04 debt service payment related to <br />construction of A,L, Stanback Middle Schooh <br />