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13 <br /> County contribution of $27.50 per pay period and a County contribution <br /> match of up to $63.00 semi-monthly. <br /> Section IX. Budget Control <br /> General Statutes of the State of North Carolina provide for budgetary control measures <br /> to exist between a county and public school system. The statute provides: <br /> Per General Statute 115C-429: <br /> (c) The Board of County Commissioners shall have full authority to call for, and <br /> the Board of Education shall have the duty to make available to the Board of <br /> County Commissioners, upon request, all books, records, audit reports, and <br /> other information bearing on the financial operation of the local school <br /> administrative unit. <br /> The Board of Commissioners hereby directs the following measures for budget <br /> administration 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 <br /> function and purpose, specifically to include funding increases and new program <br /> funding. The Board of Education will provide to the Board of County <br /> Commissioners a copy of the annual audit, monthly financial reports, copies of all <br /> budget amendments showing disbursements and use of local moneys granted to <br /> 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, 2021, and pending <br /> a review of the first quarter financial report, with the exception of County <br /> appropriations to 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 <br /> period. <br /> • The County will ensure that all monthly general ledger postings occur by the 10th <br /> work day of each month. <br /> • The County will ensure that monthly financial reports are available by the 15th <br /> work day of each month. <br /> • The County will not issue debt for a project until a bid award date and <br /> construction start date is established. <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 /> 7 <br />