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53 <br /> reported in the Orange Transit major operating and capital funds, provided that <br /> financial plans for other counties in the District, if any, have previously been approved <br /> by those counties. <br /> 2.017 "Financial Statements" shall mean the statement of financial condition prepared in accordance <br /> with N.C.G.S 159-25. <br /> 2.018 "GASB"shall mean the Governmental Accounting Standards Board (GASB)which establishes <br /> standards and principles for state and local governmental accounting and financial reporting. <br /> 2.019 "Implementation Element"shall mean a discrete project,operation or study or a discrete logical <br /> grouping of projects,operations or studies tracked separately by the Orange County Transit <br /> Annual Work Program. <br /> 2.020 Local Government Commission ("LGC") is established by N.C.G.S. 159-3 and provides assistance <br /> to local governments and public authorities in North Carolina. It is staffed by the Department of <br /> State Treasurer and approves the issuance of debt for all units of local government and assists <br /> those units with fiscal management. <br /> 2.021 "Major Fund"shall be,as defined by the GASB,a fund that is reported in a separated column in <br /> the basic fund financial statements and is subject to a separate audit opinion in the independent <br /> auditor's report.As defined,the Tax District shall report at a minimum major fund for the <br /> Orange Transit Work Plan Operating Funds and a major fund for the Orange Transit Work Plan <br /> Capital Funds. <br /> 2.022 "Global Agreement"shall mean an Operating or Capital Funding agreement that encompasses a <br /> discrete logical grouping of capital projects,transit operations or studies. <br /> 2.023 "Enhanced Quarter-2 Report" shall mean a report delivered approximately 6 months into the <br /> year of current work program implementation that provides information regarding progress <br /> toward strategic objectives outlined in the Orange County Transit Annual Work Program and <br /> includes the performance achieved,the strategies being followed, and performance targets and <br /> key milestones for Capital Projects and operating services identified in the Orange County <br /> Transit Annual Work Program. <br /> 2.024 "Multi-Year Capital Improvement Plan" ("C1P")shall mean a multi-year document that identifies <br /> by year projected capital projects, project sponsors responsible for undertaking these projects, <br /> the financial costs, and anticipated sources of funding for those projects,and identifies any <br /> projected operating costs associated with those projects.The CIP shall be coordinated with the <br /> Metropolitan Transportation Plan,Transportation Improvement Program, and annual program <br /> of projects developed and maintained by the DCHC MPO as designated recipient of federal <br /> formula transit grants so as to be consistent with submittal deadlines for the Transportation <br /> Improvement Program and the horizon years of the Metropolitan Transportation Plan. <br /> 2.025 "Annual Operating Program" shall mean the annual document describing transit operating <br /> programs,which could include the development of local bus,express bus, Bus Rapid Transit, <br /> Commuter Rail Transit, or other public transportation-type services not specifically highlighted <br /> here to be funded by the Tax District. It will describe service changes planned for the year and <br /> preliminary service proposals and financial projection for the subsequent years.A detailed <br /> report on the status of each bus and rail route shall also be included, along with performance <br /> objectives for the coming year.The document shall also describe administrative, planning, <br /> marketing, or other functions that are not directly accounted for in specific infrastructure <br />