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16 <br />from the Town of Carrboro. The estimated project cost is $450,000, which would translate <br />into $225,000 each from Carrboro and Orange County. The Board has decided in concept to <br />pursue a first phase of this project with $75,000 provided by the Town of Carrboro and with <br />a $75,000 match from the County. Before this money.is appropriated, however, the County <br />should receive and approve a written proposal concerning this project and its associated <br />costs. <br />Long-Term Reserve Fund Recommendations <br />As of December 1, 1999, the School/Parks Reserve Fund balance is $2.38 million, with $2.24 <br />million in revenue to the fund and $0.14 million in accrued interest. The fund has received one- <br />cent on the tax base each year in revenue, which translates into an estimated $682,000 in FY <br />99-00. In June, the Board changed the future funding allocation from one cent to 1/3 cent on <br />the tax base per year, with 2/3 cent going to county capital facilities needs. <br />A. It is recommended that the School/Parks Reserve not be used for the current needs, and <br />instead be designated for longer-term land acquisition needs, with the following parameters: <br />1. The creation of the Parks Council is currently deferred pending discussion of the Joint <br />Master Recreation and Parks Work Group report. <br />2. The interest accumulated in the Reserve Fund should be available for possible use to <br />address facility development needs not addressed through bonds or other means. <br />There is currently an estimated $147,000 in interest accrued to this fund. However, <br />County funding assistance for facility development should be contingent the Board of <br />Commissioners having a say in the development of the site and that value <br />engineering is pursued for the project. <br />3. The existing $2.24 million in the fund (minus the interest above) should be retained <br />for future land acquisition. Bond funds and other sources should be used for facility <br />development. <br />4. In the interest of maintaining maximum flexibility for the Board of Commissioners, the <br />school/recreation nexus need not always be readily apparent at the time of <br />acquisition. <br />5. The Committee recommended that future one-cent allocations to this fund be split <br />and re-allocated as follows: <br />a. 50% to County capital facility needs (this will amount to <br />approximately $341,000 in FY 99-00) <br />b. b. 50% retained for land acquisition in the reserve <br />fund (also $341,000 in FY 99-00) <br />Note: In June, the board changed the future funding allocation from one cent to 1/3 <br />cent on the tax base per year, with 2/3 cent going to county capital facilities needs.