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10 <br /> (c) The Board of County Commissioners shall have full authority to call for, and the Board of <br /> Education shall have the duty to make available to the Board of County Commissioners, upon <br /> request, all books, records, audit reports, and other information bearing on the financial <br /> operation of the local school administrative unit. <br /> The Board of Commissioners hereby directs the following measures for budget administration <br /> and review: <br /> That upon adoption, each Board of Education will supply to the Board of County <br /> Commissioners a detailed report of the budget showing all appropriations by function and <br /> purpose, specifically to include funding increases and new program funding. The Board of <br /> Education will provide to the Board of County Commissioners a copy of the annual audit, <br /> monthly financial reports, copies of all budget amendments showing disbursements and use of <br /> local moneys granted to the Board of Education by the Board of Commissioners. <br /> The Board of Commissioners hereby approves the following financial policies: <br /> • The County will not initiate any capital funding until October 1, 2020, and pending a <br /> review of the first quarter financial report, with the exception of County appropriations to <br /> the school districts and any other County Manager exceptions. <br /> • The County will initiate measures to recoup sales tax proceeds on school capital <br /> projects through the conveyance of school property to the County with the school <br /> property reverting back to the school districts at the end of the construction period. <br /> • The County will ensure that all monthly general ledger postings occur by the 10th work <br /> day of each month. <br /> • The County will ensure that monthly financial reports are available by the 151h work day <br /> of each month. <br /> • The County will not issue debt for a project until a bid award date and construction start <br /> date is established. <br /> • Whereas, it is a best practice for governments to account for capital assets separate <br /> from their operating funds, and; Whereas, enterprise funds generally establish Renewal <br /> and Replacement Capital Funds to account for the acquisition of capital assets; <br /> Therefore, <br /> a. The Solid Waste Renewal and Replacement Capital Fund is established to <br /> account for sources of income earmarked to fund the County Capital Investment <br /> Plan. Sources of income including debt financing proceeds, pay-as-you-go <br /> funds, and any other sources earmarked to finance 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 Investment <br /> Plan. Sources of income including debt financing proceeds, pay-as-you-go <br /> funds, and any other sources earmarked to finance acquisition of capital assets. <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year 1 (FY <br /> 2020-21) of the Capital Investment Plan, will use its own funds to pay initial Project <br /> costs, and then reimburse itself from financing proceeds for these early expenditures. <br /> The expected primary type of financing for the Projects is installment financing under <br /> Section 160A-20. The financing may include more than one installment financing, and <br /> may include installment financings with equipment vendors and installment financings <br /> that include the use of limited obligation bonds. The Manager and Finance Officer have <br /> advised the Board that it should adopt this resolution to document the County's plans for <br /> reimbursement, in order to comply with certain federal tax rules relating to <br /> reimbursement from financing proceeds. <br /> • The Community Loan Fund will issue no interest loans to recipients in this program. <br />