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50 <br /> overhead costs related to Tax District functions.The annual operating budget shall be budgeted <br /> by major fund.The annual operating budget shall also contain the annual administrative <br /> functions,the details of which shall be provided independently of operating costs associated <br /> with transit operating projects. <br /> 2.03 "Annual Orange Transit Report"shall mean a report that provides information regarding <br /> meeting strategic public transit objectives and includes the performance achieved,the <br /> strategies being followed, and performance targets and key milestones for capital projects and <br /> operating services. <br /> 2.04 "Annual Work Program Development Calendar" shall refer to the agreed upon schedule that is <br /> developed at the start of each fiscal year.This schedule outlines critical milestone-dates for <br /> which elements supporting the Annual Work Program are to be developed,drafted, and <br /> coordinated for review and approval by the SWG,and presented as information to all governing <br /> boards that are parties to this agreement. <br /> 2.05 "Audited Financial Statements"shall refer to financial statements which have been audited by a <br /> Certified Public Accountant and for which an opinion has been expressed to meet US generally <br /> accepted accounting principles or principles adopted by Governmental Accounting Standards <br /> Board (GASB) and prepared in accordance with N.C.G.S. 159-34. <br /> 2.06 "Capital Funding Agreement" shall mean an agreement between agencies to provide funding <br /> supporting an Implementation Element for specified capital improvements.Any such agreement <br /> will include details of the capital improvements to be provided and detail expectations on <br /> Orange County Transit Annual Work Program resource funding, responsibilities,schedule, and <br /> performance and shall adhere to any and all standards outlined in the supporting <br /> Comprehensive Participation Agreement. <br /> 2.07 "Capital Projects" shall mean purchase of land or interests in land; purchase,construction or <br /> demolition of buildings or other physical facilities; purchase of services of architects, engineers, <br /> as well as other studies; site improvements or development necessary for the implementation <br /> of transit projects; purchase or installation of fixed or moveable equipment necessary for the <br /> installation and operation of transit services; rolling stock or vehicles as defined by the Federal <br /> Transit Administration; corridor and project planning studies; infrastructure projects; and <br /> information technology costs that result in a long-term asset. <br /> 2.08 "Capital Projects Ordinance" shall mean the annual financial ordinance budgeted for the Orange <br /> Transit major capital fund pursuant to N.C.G.S Chapter 159.,tied to the multi-year Capital <br /> Improvement Plan,the Annual Capital Budget and planned capital project funding agreements <br /> that implement needed capital projects. <br /> 2.09 "Component Unit"or"Separate Component Unit"shall refer to a unit of local government <br /> within the Tax District if the primary entity has administrative responsibility for the budget <br /> adoption and operation and management of transit services provided by the unit. The primary <br /> entity shall report in its financial statements information about the relationship between any <br /> component unit(s) and the primary entity.The primary entity also is required to report Orange <br /> Transit Plan Revenues, including Dedicated Local Transit Funding Sources, expenditures and <br /> fund balance in columns separate from the primary entity's financial data in its annual audited <br /> statements. <br />