Orange County NC Website
Browse       Search
14 <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year <br /> 1 (FY 2021-22) 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 /> Section X. Internal Service Fund - Health and Dental Insurance Fund <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 2021-22 will <br /> be $12,336,336, and projected expenses for claims and administration for fiscal year <br /> 2021-22 will be $12,336,336. <br /> Section XI. Custodial Funds <br /> Custodial Funds are used to report any fiduciary activities not reported in Investment <br /> Trust or Private-Purpose Trust Funds. In North Carolina, examples of Custodial Funds <br /> are the Jail Inmate Fund, and the property taxes collected by the County on behalf of a <br /> municipality (the Chapel Hill-Carrboro City Schools District Tax Fund). <br /> Section XII. Encumbrances <br /> Operating funds encumbered by the County as of June 30, 2021 are hereby <br /> reappropriated to this budget. <br /> Section XIII. Capital Projects & Grants Fund <br /> The County Capital Improvements Fund, Schools Capital Improvements Fund, <br /> Proprietary Capital Funds, and the Grant Projects Fund are hereby authorized. <br /> Appropriations made for the specific projects or grants in these funds are hereby <br /> appropriated until the project or grant is complete. <br /> 8 <br />