Agenda - 12-10-2024; 8-a - Minutes

Browse Search

27 1 Kirk Vaughn, Budget Director, introduced the item and made the following presentation: 2 3 Slide #1 ORANGE COUNTY NORTH CAROLINA Additional School Capital Funding Policy November 12,2024 BOCC Worksession 4 5 Kirk Vaughn noted that the bond on the November 5th ballot passed. He said it was the 6 largest bond to pass in North Carolina. 7 8 Slide #2 UPDATE TO SCHOOL CAPITAL FUNDING POLICY • Two new sections — Defining that sales tax and property tax are the underlying source for school capital funding — Providing additional language on amending Major Project budgets • Language changes throughout, providing additional flexibility to future boards 10 Chair Bedford asked questions based on attachment B in the agenda packet. She asked 11 for a refresher on what "pay-go" is. 12 Kirk Vaughn said pay-go is cash. 13 Chair Bedford said deleting the word "or" from the parentheses, so it reads (cash) makes 14 it clearer that pay-go is cash. She said her next question is about the "Oversight and 15 Amendments" section of attachment B. She asked what the timing will be like for budget 16 amendment requests from the school districts. 17 Kirk Vaughn said school districts are asked to submit the budget amendment request 18 before the end of the fiscal year and give county staff enough time to make the change so there 19 are no surprises at year end. 20 Chair Bedford said suggested adding the phrase "and high priority needs" after "...for all 21 Major Projects..." in the second paragraph in the "Oversight and Amendments" section of 22 attachment B. She said this would allow the working group to stay better informed. Chair Bedford 23 suggested being specific about at which type of board meeting funds will be reallocated in the last 24 sentence of the "Emergencies" section. She also indicated that the "Recission" section should 25 read "This policy supersedes any school capital funding policy in place prior to this date."