Orange County NC Website
Browse       Search
1 <br /> ORD-2022-011 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 26, 2022 <br /> Action Agenda <br /> Item No. 8-h <br /> SUBJECT: Fiscal Year 2021-22 Budget Amendment #10 <br /> DEPARTMENT: Finance and Administrative Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Year-to-Date Budget Rebecca Crawford, (919) 245-2152 <br /> Summary Gary Donaldson, (919) 245-2453 <br /> PURPOSE: To approve a budget amendment for Fiscal Year 2021-22. <br /> BACKGROUND: <br /> School Funding <br /> 1. $1,232,000 in General Obligation bond capacity is available for the remaining $14.4 million <br /> final tranche in 2016 school bonds, which were originally intended to reimburse the County <br /> for initial planning funds provided to the schools as included in the FY 2015-20 Capital <br /> Investment Plan (CIP). Due to increased need in the school districts and the advice of the <br /> County's Bond Counsel, staff proposes that the County instead release this funding for <br /> both school districts. The funds will be allocated to the schools based on the April 2022 <br /> most recent average daily membership (ADM), providing $724,200 to Chapel Hill-Carrboro <br /> City Schools (CHCCS) and $507,800 to Orange County Schools (OCS). CHCCS will apply <br /> its funds towards the Chapel Hill High School Renovation project, and OCS will apply its <br /> funds to the Mechanical Systems Project. This amends the following capital project <br /> ordinances in the School Capital Fund. <br /> Chapel Hill High School ($724,200) - Project# 53001 <br /> Revenues for this project: <br /> Current FY 2021-22 FY 2021-22 <br /> FY 2021-22 Amendment Revised <br /> 2016 Bonds $70,561,132 $724,200 $71,285,332 <br /> Alternative Financing $1,724,900 $0 $1,724,900 <br /> Transfer from General Fund $8,992 $0 $8,992 <br /> Total Project Funding $72,295,024 $724,200 $73,019,224 <br />