OTHER-2023-011 Transit Governance Interlocal Agreement between Orange County Durham-Chapel Hill-Carrboro Metropolitan Planning Organization and Research Triangle Regional Public Transportation Authority

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t' overhead costs related to Tax District functions . The annual operating budget shall be budgeted by major fund . The annual operating budget shall also contain the annual administrative is functions, the details of which shall be provided independently of operating costs associated with transit operating projects . ; 2 . 03 "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 . 2 . 04 "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 . 2006 " 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 Comprehensive Participation Agreement . 2 . 07 " Capital Projects" shall mean purchase of land or interests in lands 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 . 2 . 09 " 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 .