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5 <br /> 1 Slide #7 <br /> FY2024-34 Recommended Capital Investment Plan <br /> Long flange School Qptimizalion Plan <br /> • Planning for General Obligation Bond—p. 136 <br /> — $300 million School Band <br /> • Requires Authorization from Board of Commissioners <br /> Subject to Voter Approval in November <br /> Modeled as Three Installments of$100 million in.FY2026-27,FY2028-29, FY2031-32 <br /> — $100 million Pay-As-You-Go (not borrowed) <br /> Start in FY2025-26 <br /> • Provides Flexibility <br /> • Reduces lmpact of Borrowing on Debt Service to General Fund Revenue Measure <br /> • Enduring Source of Maintenance Funds After Bond is Exhausted <br /> • No Interest <br /> ORANGE COUNTY <br /> 2 <br /> 3 Commissioner Richards asked if the plan will be reconciled with the Woolpert Plan <br /> 4 Recommendations. <br /> 5 Travis Myren said the goal is to get to a plan that everyone agrees with that they can move <br /> 6 forward with. <br /> 7 Chair Bedford said that they will be reviewing policies and powers so they can be educated <br /> 8 on school projects and budgeting before they make the decisions. <br /> 9 Commissioner Richards said that there is a goal and there is a requirement. She said that <br /> 10 she recommends that they say it is a requirement to reconcile. <br /> 11 Travis Myren said that would be a policy decision that the Board will make. <br /> 12 Commissioner Portie-Ascott asked for clarification on the meaning of project-based <br /> 13 funding and how the two different school districts will be funded. She asked if there would be a <br /> 14 formula. <br /> 15 Travis Myren said that based on the Woolpert option C that they reviewed, it is about the <br /> 16 same using the project-based formula as the ADM allocation. He said that it would be a move <br /> 17 from the ADM allocation to the project-based allocation and in reality, the numbers are not much <br /> 18 different. <br /> 19 Chair Bedford said that once the project-based allocation is set, if the project goes over, <br /> 20 the county does not amend the allocation to accommodate that. She said it would need to be the <br /> 21 school district amending their budget. She said that she wants to be very clear about this so that <br /> 22 the public and the school districts understand. <br /> 23 Travis Myren said if the Board chooses to distribute bond money on a project basis, the <br /> 24 money will follow the project and have a not-to-exceed amount identified. <br /> 25 Commissioner Portie-Ascott asked for information on proprietary funds. <br /> 26 Travis Myren said those funds are essentially self-sustaining and don't get any general <br /> 27 fund tax money. He discussed the Solid Waste and Sportsplex Enterprise Funds as examples. <br /> 28 Chair Bedford said that the funds are usually represented as enterprise funds and if the <br /> 29 terms proprietary and enterprise funds are interchangeable. <br /> 30 Travis Myren said that proprietary is a statutory term and enterprise is what they typically <br /> 31 call it. <br /> 32 Commissioner Portie-Ascott asked if appropriations should be equal to revenue. <br />