Browse
Search
Agenda - 11-15-2005-5n
OrangeCountyNC
>
Board of County Commissioners
>
BOCC Agendas
>
2000's
>
2005
>
Agenda - 11-15-2005
>
Agenda - 11-15-2005-5n
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/2/2008 12:29:19 AM
Creation date
8/29/2008 10:40:54 AM
Metadata
Fields
Template:
BOCC
Date
11/15/2005
Document Type
Agenda
Agenda Item
5n
Document Relationships
Minutes - 20051115
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2005
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
3
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 15, 2005 <br />Action Agenda <br />Item No. 5_~ <br />SUBJECT: School Sales Tax Reimbursements <br />DEPARTMENT: Manager/Budget/Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />11/07/05 Memo from Bond Counsel Rod Visser, (919) 245-2308 <br />09/20/05 DPI Planning Memo Excerpt Donna Dean, (919) 245-2151 <br />Ken Chavious, (919) 245-2453 <br />Bab Jessup, (919) 755-1800 <br />PURPOSE: To provide direction to staff regarding the possible development of interlocal <br />agreements and related arrangements to preserve sales tax reimbursements for school capital <br />projects. <br />BACKGROUND: At the September 26, 2005 joint meeting of the Board of Commissioners and <br />the two Boards of Education, a suggestion was raised to explore ways to overcome a recent <br />legislative change that will prevent North Carolina school systems from claiming sales tax <br />reimbursements after FY 2005-06 County and school staffs have discussed the desirability of <br />creating arrangements under which the County might "own" major school capital projects so that <br />the County will be eligible to file for the sales tax reimbursements. County staff have also made <br />inquiries to peers across the state about ideas they have developed for recapturing school sales <br />tax payments. Issues and a general approach to resolving this problem are outlined in an <br />accompanying document prepared by Orange County Bond Counsel Bob Jessup. <br />FINANCIAL IMPACT: There will be an appreciable commitment of time and effort from County <br />and school staffs and attorneys to develop a process and supporting agreements and action <br />documents to pursue the recovery, of school sales tax payments. If successful, this effort could <br />save hundreds of thousands of dollars per year from school capital project sales tax <br />reimbursements that would otherwise be retained by the State. By way of example, the Orange <br />County Schools are relying on $350,000 in budgeted sales tax refunds to help fund the Gravelly <br />Hill Middle School project, and the Chapel Hill-Carrboro City Schools are relying on $450,000 in <br />budgeted sales tax refunds to help fund the High School #3 project. <br />RECOMMENDATION(S): The Manager recommends that the Board direct County staff and <br />attorneys to coordinate with school staffs and attorneys to explore options for developing <br />appropriate interlocal agreements and other documents that will result in the savings of sales <br />tax reimbursements, as outlined by bond counsel. <br />
The URL can be used to link to this page
Your browser does not support the video tag.