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<br />7 <br />• Whereas, it is a best practice for governments to account for capital assets <br />separate from their operating funds, and; Whereas, enterprise funds generally <br />establish Renewal and Replacement Capital Funds to account for the acquisition <br />of capital assets; Therefore, <br />a. The Solid Waste Renewal and Replacement Capital Fund is established <br />to account for sources of income earmarked to fund the County Capital <br />Investment Plan. Sources of income including debt financing proceeds, <br />pay-as-you-go funds, and any other sources earmarked to finance <br />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 <br />Investment Plan. Sources of income including debt financing proceeds, <br />pay-as-you-go funds, and any other sources earmarked to finance <br />acquisition of capital assets. <br />• Whereas, the County intends to undertake Capital Projects as approved in Year <br />1 (FY 2020-21) of the Capital Investment Plan, will use its own funds to pay initial <br />Project costs, and then reimburse itself from financing proceeds for these early <br />expenditures. The expected primary type of financing for the Projects is <br />installment financing under Section 160A-20. The financing may include more <br />than one installment financing, and may include installment financings with <br />equipment vendors and installment financings that include the use of limited <br />obligation bonds. The Manager and Finance Officer have advised the Board that <br />it should adopt this resolution to document the County’s plans for reimbursement, <br />in order to comply with certain federal tax rules relating to reimbursement from <br />financing proceeds. <br />• The Community Loan Fund will issue no interest loans to recipients in this <br />program. <br />• The County has adopted a policy to fund no interest loans to Non-Profit <br />organizations that meet certain financial criteria, as adopted on September 20, <br />2018. <br />• The County will include in its Travel Policy that travel expenses for <br />Commissioners and County Staff will include the purchase of carbon offsets for <br />any airfare and the miles traveled by Car Share vehicles. <br /> <br /> <br />Section X. Internal Service Fund - Health and Dental Insurance Fund <br /> <br />The Health and Dental Insurance Fund accounts for receipts of premium payments from <br />the County and its employees, employees for their dependents, all retirees and the <br />payment of employee and retiree claims and administration expenses. Projected <br />receipts and fund reserves from the County and employees for fiscal year 2020-21 will <br />be $14,085,214, and projected expenses for claims and administration for fiscal year <br />2020-21 will be $14,085,214. <br /> <br />Section XI. Agency Funds <br /> <br />These funds account for assets held by the County as an agent for other government <br />units, and by State Statutes, these funds are not subject to appropriation by the Board of <br />County Commissioners, and not included in this ordinance. <br /> <br /> <br />Section XII. Encumbrances <br /> <br />Operating funds encumbered by the County as of June 30, 2020 are hereby <br />reappropriated to this budget. <br /> <br />14