Agenda 09-03-19 Item 8-a - Minutes

Browse Search

15 1 request, all books, records, audit reports, and other information bearing on the financial 2 operation of the local school administrative unit. 3 4 The Board of Commissioners hereby directs the following measures for budget administration 5 and review: 6 7 That upon adoption, each Board of Education will supply to the Board of County Commissioners 8 a detailed report of the budget showing all appropriations by function and purpose, specifically 9 to include funding increases and new program funding. The Board of Education will provide to 10 the Board of County Commissioners a copy of the annual audit, monthly financial reports, 11 copies of all budget amendments showing disbursements and use of local moneys granted to 12 the Board of Education by the Board of Commissioners. 13 14 The Board of Commissioners hereby approves the following financial policies: 15 • The County will not initiate pay-as-you-go funding until October 1 of each fiscal year, and 16 pending a review of the first quarter financial report, with the exception of County 17 appropriations to the school districts and any other County Manager exceptions. 18 • The County will initiate measures to recoup sales tax proceeds on school capital 19 projects through the conveyance of school property to the County with the school 20 property reverting back to the school districts at the end of the construction period. 21 • The County will ensure that all monthly general ledger postings occur by the 10th work 22 day of each month. 23 • The County will ensure that monthly financial reports are available by the 15th work day 24 of each month. 25 • The County will not issue debt for a project until a bid award date and construction start 26 date is established. 27 • Whereas, it is a best practice for governments to account for capital assets separate 28 from their operating funds, and; Whereas, enterprise funds generally establish Renewal 29 and Replacement Capital Funds to account for the acquisition of capital assets; 30 Therefore, 31 a. The Solid Waste Renewal and Replacement Capital Fund is established to 32 account for sources of income earmarked to fund the County Capital Investment 33 Plan. Sources of income including debt financing proceeds, pay-as-you-go 34 funds, and any other sources earmarked to finance acquisition of capital assets. 35 b. The Sportsplex Renewal and Replacement Capital Fund is established to 36 account for sources of income earmarked to fund the County Capital Investment 37 Plan. Sources of income including debt financing proceeds, pay-as-you-go 38 funds, and any other sources earmarked to finance acquisition of capital assets. 39 Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY 40 2019-20) of the Capital Investment Plan, will use its own funds to pay initial Project 41 costs, and then reimburse itself from financing proceeds for these early expenditures. 42 The expected primary type of financing for the Projects is installment financing under 43 Section 160A-20. The financing may include more than one installment financing, and 44 may include installment financings with equipment vendors and installment financings 45 that include the use of limited obligation bonds. The Manager and Finance Officer have 46 advised the Board that it should adopt this resolution to document the County's plans for 47 reimbursement, in order to comply with certain federal tax rules relating to 48 reimbursement from financing proceeds. 49 • The Community Loan Fund will issue no interest loans to recipients in this program.