Orange County NC Website
Browse       Search
14 <br /> ORD-2024-016 <br /> Section Vill. Budget Control <br /> General Statutes of the State of North Carolina provide for budgetary control measures <br /> to exist between a county and public school system. The statute provides: <br /> Per General Statute 115C-429: <br /> (c)The Board of County Commissioners shall have full authority to call for, and the <br /> Board of Education shall have the duty to make available to the Board of County <br /> Commissioners, upon request, all books, records, audit reports, and other <br /> information bearing on the financial operation of the local school administrative <br /> unit. <br /> The Board of Commissioners hereby directs the following measures for budget <br /> administration and review: <br /> That upon adoption, each Board of Education will supply to the Board of County <br /> Commissioners a detailed report of the budget showing all appropriations by <br /> function and purpose, specifically to include funding increases and new program <br /> funding. The Board of Education will provide to the Board of County <br /> Commissioners a copy of the annual audit, monthly financial reports, copies of all <br /> budget amendments showing disbursements and use of local moneys granted to <br /> the Board of Education by the Board of Commissioners. <br /> The Board of Commissioners hereby approves the following financial policies: <br /> • The County will initiate measures to recoup sales tax proceeds on school capital <br /> projects through the conveyance of school property to the County with the school <br /> property reverting back to the school districts at the end of the construction <br /> period. <br /> • The County will ensure that all monthly general ledger postings occur by the 10tn <br /> work day of each month. <br /> • The County will ensure that monthly financial reports are available by the 15t" <br /> work day of each month. <br /> • The County will not issue debt for a project until a bid award date and <br /> construction start date is established. <br /> • Whereas, it is a best practice for governments to account for capital assets <br /> separate from their operating funds, and; Whereas, enterprise funds generally <br /> establish Renewal and Replacement Capital Funds to account for the acquisition <br /> of capital assets; Therefore, <br /> a. The Solid Waste Renewal and Replacement Capital Fund is established <br /> to account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> b. The Sportsplex Renewal and Replacement Capital Fund is established to <br /> account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year <br /> 1 (FY 2024-25) of the Capital Investment Plan, will use its own funds to pay initial <br /> Project costs, and then reimburse itself from financing proceeds for these early <br /> expenditures. The expected primary type of financing for the Projects is <br /> installment financing under Section 160A-20. The financing may include more <br /> than one installment financing, and may include installment financings with <br /> 8 <br />