Agenda - 10-08-2024; 2 - School Capital Funding Policy Discussion

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11 Attachment C May 7, 2024 with the NC Department of Public Instructions and make withdrawals of lottery proceeds for both school systems. Allocation Capital funding for each ten-year capital planning period will be allocated between the two school districts based on the student membership planning allotments, provided by the NC Department of Public Instruction by March 1 of each year. Capital Project Ordinances — Form and Purpose All funds allocated to capital projects are to be accounted for in a Capital Project Fund as authorized by a Board of County Commissioner approved Capital Project Ordinance. The Capital Project Ordinance will include a detailed breakdown of each major cost category related to the project. In accordance with the Board of County Commissioners November 2000 adopted "Policy on Planning and Funding School Capital Projects", whenever School capital project bids are either higher or lower than originally projected, or any other factor affecting the project budget occurs, the affected school system is expected to work with County Management and Budget staff to present revised capital project ordinances for adoption by the Board of Commissioners. The same expectations shall be applicable for changes to County Capital project budgets. Capitalization Thresholds for Government Auditing Standards Board (GASB) 87 (Leases) and 96 Subscription Based Information Technology Agreements (SBITA) The County implemented GASB Statements Number 87 and 96 in fiscal years 2022 and 2023, respectively. To further streamline implementation of both GASB 87 (Leases) and GASB 96 (Subscription Based Information Technology Arrangements) (SBITA), the County will establish capital thresholds of $50,000 for meeting the reporting requirements. This policy threshold of $50,000 is effective for the fiscal year ending June 30, 2024, for both GASB 87 and 96. Community Use of Schools It is the intent of the Board of County Commissioners to evaluate each new proposed school in both School Districts for joint community use opportunities, including, but not limited to, park and recreation use. Schools Adequate Public Facilities Ordinance Orange County's Schools Adequate Public Facilities Ordinance (SAPFO) and Memoranda of Understanding (MOUs) between the County and its municipal and school partners establish the machinery to assure that, to the extent possible, new development will take place only when there are adequate public school facilities available, or planned, which will accommodate such new development. The Board of County Commissioners is committed to the principle that new school space documented as needed through the annual SAPFO technical review process will be reflected in the next adopted CIP, and will be funded so as to be constructed to be available before the relevant level of service threshold is exceeded.