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