Orange County NC Website
Browse       Search
reported in the Orange Transit major operating and capital funds, provided that <br /> financial plans for other counties in the District, if any, have previously been approved <br /> by those counties . <br /> 2 . 017 " Financial Statements" shall mean the statement of financial condition prepared in accordance <br /> with N . C . G . S 159 - 25 . <br /> 2 . 018 " GASB" shall mean the Governmental Accounting Standards Board ( GASB ) which establishes <br /> standards and principles for state and local governmental accounting and financial reporting . <br /> 2 . 019 " Implementation Element" shall mean a discrete project, operation or study or a discrete logical <br /> grouping of projects, operations or studies tracked separately by the Orange County Transit <br /> Annual Work Program . <br /> 2 . 020 Local Government Commission ( " LGC" ) is established by N . C . G . S . 159 - 3 and provides assistance <br /> to local governments and public authorities in North Carolina . It is staffed by the Department of <br /> State Treasurer and approves the issuance of debt for all units of local government and assists <br /> those units with fiscal management . <br /> 2 . 021 " Major Fund " shall be , as defined by the GASB, a fund that is reported in a separated column in <br /> the basic fund financial statements and is subject to a separate audit opinion in the independent <br /> auditor' s report . As defined , the Tax District shall report at a minimum major fund for the <br /> Orange Transit Work Plan Operating Funds and a major fund for the Orange Transit Work Plan <br /> Capital Funds . <br /> 2 . 022 " Global Agreement" shall mean an Operating or Capital Funding agreement that encompasses a <br /> discrete logical grouping of capital projects, transit operations or studies . <br /> 2 . 023 " Enhanced Quarter- 2 Report" shall mean a report delivered approximately 6 months into the <br /> year of current work program implementation that provides information regarding progress <br /> toward strategic objectives outlined in the Orange County Transit Annual Work Program and <br /> includes the performance achieved , the strategies being followed , and performance targets and <br /> key milestones for Capital Projects and operating services identified in the Orange County <br /> Transit Annual Work Program . <br /> 2 . 024 " Multi -Year Capital Improvement Plan " ( " CIP" ) shall mean a multi -year document that identifies <br /> by year projected capital projects, project sponsors responsible for undertaking these projects, <br /> the financial costs, and anticipated sources of funding for those projects, and identifies any <br /> projected operating costs associated with those projects . The CIP shall be coordinated with the <br /> Metropolitan Transportation Plan , Transportation Improvement Program , and annual program <br /> of projects developed and maintained by the DCHC MPO as designated recipient of federal <br /> formula transit grants so as to be consistent with submittal deadlines for the Transportation <br /> Improvement Program and the horizon years of the Metropolitan Transportation Plan . <br /> 2 . 025 "Annual Operating Program " shall mean the annual document describing transit operating <br /> programs, which could include the development of local bus, express bus, Bus Rapid Transit, <br /> Commuter Rail Transit, or other public transportation -type services not specifically highlighted <br /> here to be funded by the Tax District . It will describe service changes planned for the year and <br /> preliminary service proposals and financial projection for the subsequent years . A detailed <br /> report on the status of each bus and rail route shall also be included , along with performance <br /> objectives for the coming year . The document shall also describe administrative , planning, <br /> marketing, or other functions that are not directly accounted for in specific infrastructure <br />