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ORD - 2024- 016 <br /> Section VIII . 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 I I5C =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 15tn <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 />