Agenda - 09-01-20; 8-a - Minutes

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10 1 to exist between a county and public school system. The statute provides: 2 3 Per General Statute 115C-429: 4 (c) The Board of County Commissioners shall have full authority to call for, and the Board of 5 Education shall have the duty to make available to the Board of County Commissioners, upon 6 request, all books, records, audit reports, and other information bearing on the financial 7 operation of the local school administrative unit. 8 9 The Board of Commissioners hereby directs the following measures for budget administration 10 and review: 11 That upon adoption, each Board of Education will supply to the Board of County 12 Commissioners a detailed report of the budget showing all appropriations by function and 13 purpose, specifically to include funding increases and new program funding. The Board of 14 Education will provide to the Board of County Commissioners a copy of the annual audit, 15 monthly financial reports, copies of all budget amendments showing disbursements and use of 16 local moneys granted to the Board of Education by the Board of Commissioners. 17 18 The Board of Commissioners hereby approves the following financial policies: 19 • The County will not initiate any capital funding until October 1, 2020, and pending a 20 review of the first quarter financial report, with the exception of County appropriations to 21 the school districts and any other County Manager exceptions. 22 • The County will initiate measures to recoup sales tax proceeds on school capital 23 projects through the conveyance of school property to the County with the school 24 property reverting back to the school districts at the end of the construction period. 25 • The County will ensure that all monthly general ledger postings occur by the 10t" work 26 day of each month. 27 • The County will ensure that monthly financial reports are available by the 151" work day 28 of each month. 29 • The County will not issue debt for a project until a bid award date and construction start 30 date is established. 31 • Whereas, it is a best practice for governments to account for capital assets separate 32 from their operating funds, and; Whereas, enterprise funds generally establish Renewal 33 and Replacement Capital Funds to account for the acquisition of capital assets; 34 Therefore, 35 a. The Solid Waste 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 b. The Sportsplex Renewal and Replacement Capital Fund is established to 40 account for sources of income earmarked to fund the County Capital Investment 41 Plan. Sources of income including debt financing proceeds, pay-as-you-go 42 funds, and any other sources earmarked to finance acquisition of capital assets. 43 Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY 44 2020-21) of the Capital Investment Plan, will use its own funds to pay initial Project 45 costs, and then reimburse itself from financing proceeds for these early expenditures. 46 The expected primary type of financing for the Projects is installment financing under 47 Section 160A-20. The financing may include more than one installment financing, and 48 may include installment financings with equipment vendors and installment financings 49 that include the use of limited obligation bonds. The Manager and Finance Officer have 50 advised the Board that it should adopt this resolution to document the County's plans for