OTHER-2022-057-Transit Governance Interlocal Agreement between Orange County Durham-Chapel Hill-Carrboro Metropolitan Planning Organization and Research Triangle Regional Public Transporation Authority

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by major fund . The annual operating budget shall also contain the annual administrative functions, the details of which shall be provided independently of operating costs associated with transit operating projects . 2003 "Annual Orange Transit Report" shall mean a report that provides information regarding meeting strategic public transit objectives and includes the performance achieved , the strategies being followed , and performance targets and key milestones for capital projects and operating services . 2004 "Annual Work Program Development Calendar" shall refer to the agreed upon schedule that is developed at the start of each fiscal year . This schedule outlines critical milestone - dates for which elements supporting the Annual Work Program are to be developed , drafted , and coordinated for review and approval by the SWG , and presented as information to all governing boards that are parties to this agreement . 2 . 05 "Audited Financial Statements" shall refer to financial statements which have been audited by a Certified Public Accountant and for which an opinion has been expressed to meet US generally accepted accounting principles or principles adopted by Governmental Accounting Standards Board ( GASB ) and prepared in accordance with N . C . G . S . 159 - 34 . 2 . 06 " Capital Funding Agreement" shall mean an agreement between agencies to provide funding supporting an Implementation Element for specified capital improvements . Any such agreement will include details of the capital improvements to be provided and detail expectations on Orange County Transit Annual Work Program resource funding, responsibilities, schedule , and performance and shall adhere to any and all standards outlined in the supporting Master Participation Agreement . 2 . 07 " Capital Projects" shall mean purchase of land or interests in land ; purchase , construction or demolition of buildings or other physical facilities; purchase of services of architects, engineers, as well as other studies , site improvements or development necessary for the implementation of transit projects ; purchase or installation of fixed or moveable equipment necessary for the installation and operation of transit services ; rolling stock or vehicles as defined by the Federal Transit Administration ; corridor and project planning studies , infrastructure projects; and information technology costs that result in a long-term asset . 2 . 08 " Capital Projects Ordinance " shall mean the annual financial ordinance budgeted for the Orange Transit major capital fund pursuant to N . C . G . S Chapter 159 . , tied to the multi -year Capital Improvement Plan , the Annual Capital Budget and planned capital project funding agreements that implement needed capital projects . 2009 " Component Unit" or "Separate Component Unit" shall refer to a unit of local government within the Tax District if the primary entity has administrative responsibility for the budget adoption and operation and management of transit services provided by the unit . The primary entity shall report in its financial statements information about the relationship between any component unit ( s ) and the primary entity . The primary entity also is required to report Orange Transit Plan Revenues, including Dedicated Local Transit Funding Sources, expenditures and fund balance in columns separate from the primary entity' s financial data in its annual audited statements . 2 . 010 "Annual Comprehensive Financial Report" ( "ACFR" ) shall mean the report prepared by governmental entities that complies with the accounting regulations promulgated by the Governmental Accounting Standards Board ( GASB ) .