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15 <br /> ORD-2024-016 <br /> equipment vendors and installment financings that include the use of limited <br /> obligation bonds. The Manager and Finance Officer have advised the Board that <br /> it should adopt this resolution to document the County's plans for reimbursement, <br /> in order to comply with certain federal tax rules relating to reimbursement from <br /> financing proceeds. <br /> • The Community Loan Fund will issue no interest loans to recipients in this <br /> program. <br /> • The County has adopted a policy to fund no interest loans to Non-Profit <br /> organizations that meet certain financial criteria, as adopted on September 20, <br /> 2018. <br /> • The County will include in its Travel Policy that travel expenses for <br /> Commissioners and County Staff will include the purchase of carbon offsets for <br /> any airfare and the miles traveled by Car Share vehicles. <br /> • The Governmental Accounting Standards Board (GASB) established GASB <br /> Statement Number 87 for Leases and GASB 96 for Subscription-Based <br /> Information Technology Arrangements (SBITAs). The purpose of these two <br /> statements are to provide uniform accounting and financial reporting on <br /> government entities' financial statements. <br /> • To effectively comply with GASB 87 and 96, the County will establish a <br /> capitalization threshold for Leases and SBITAs of$50,000 or higher. Leases and <br /> SBITAs at $50,000 and higher will be reported on the County's financial <br /> statements to meet the GASB requirements. <br /> Section IX. Internal Service Fund - Health and Dental Insurance Fund <br /> The Health and Dental Insurance Fund accounts for receipts of premium payments from <br /> the County and its employees, employees for their dependents, all retirees and the <br /> payment of employee and retiree claims and administration expenses. Projected receipts <br /> and fund reserves from the County and employees for fiscal year 2024-25 will be <br /> $18,045,547 and projected expenses for claims and administration for fiscal year 2024-25 <br /> will be $18,045,547 <br /> Section X. Other Post Employment Benefits Fund <br /> Orange County, North Carolina <br /> Other Post-Employment Benefits (OPEB) Investment and Funding Policy <br /> • Each fiscal year the County funds its OPEB benefits coming due to current retires on <br /> a pay-as—you-go (PAYGO) basis from the Health and Dental Fund. <br /> • The County recognizes that by setting additional funds from the PAYGO amounts <br /> now to pay future benefits, the County can pay a portion of those future benefits <br /> from investment earnings on those funds. <br /> • The County strives to make investments consistent with the long-term nature of <br /> assets set aside for payment of OPEB benefits. The County will invest funds through <br /> the NC Treasurer's Office in Equites, Long-term Bonds and other investments as <br /> authorized by North Carolina General Statutes 147-69.2(b5). <br /> • The Finance Officer will regularly evaluate the appropriate allocation of such OPEB <br /> investments between Equities, Long-term Bonds and Shorter-term investments and <br /> make adjustments as necessary. <br /> Section XI. Custodial Funds <br /> Custodial Funds are used to report any fiduciary activities not reported in Investment <br /> Trust or Private-Purpose Trust Funds. In North Carolina, examples of Custodial Funds <br /> are the Jail Inmate Fund, and the property taxes collected by the County on behalf of a <br /> municipality (the Chapel Hill-Carrboro City Schools District Tax Fund). <br /> 9 <br />