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<br /> offset school related debt issuances. The County then substitutes an equivalent amount of
<br /> County funding to pay-go fund School capital improvements. Chapel Hill Carrboro City
<br /> Schools' funding was $149,709 higher than budgeted, meaning the County will provide an
<br /> additional $149,709 in capital funding to the district in the Fire Safety capital project. This
<br /> amendment increases the authorization in the General Fund, the Debt Service Fund and
<br /> the County Capital Fund by $149,709.
<br /> CHCCS - Fire/Safety/Security($149,709) - Project# 54004
<br /> Revenues for this project:
<br /> Current FY 2024-25 FY 2024-25
<br /> FY 2024-25 Amendment Revised
<br /> Alternative Financing $1,526,173 $1,526,173
<br /> Transfer from General Fund $2,483,159 $149,709 $2,632,868
<br /> 2/3rds Net Debt Bonds $250,000 $250,000
<br /> Lottery Proceeds $80,000 $80,000
<br /> Total Project Funding $4,339,332 $149,709 $4,489,041
<br /> Appropriated for this project:
<br /> Current FY 2024-25 FY 2024-25
<br /> FY 2024-25 Amendment Revised
<br /> Project Expenditures $4,339,332 $149,709 $4,489,041
<br /> Total Costs $4,339,332 $149,709 $4,489,041
<br /> 3. The County is issuing $72 million in Series 2025 Limited Obligation Bonds. This financing
<br /> will incur $475,000 in costs of issuance. These expenses will be budgeted in the Debt
<br /> Service Fund, outside of the General Fund.
<br /> 4. In order to comply with new Governmental Accounting Standards Board (GASB)
<br /> pronouncements on leases and subscriptions, the County is setting up a new GASB Non-
<br /> Cash Fund. This fund will account for the long-term obligations of each new lease or
<br /> subscription, while the operating funds will pay the annual lease or subscription payment
<br /> each year. The County must report all the long-term obligations as budgeted expenditures,
<br /> which impacts the County's budget versus actual reporting. This fund will segregate these
<br /> budgeted expenditures into a discrete location, as to not inflate the actuals in the General
<br /> Fund. This amendment sets up a budget of $10,000,000 for the GASB Non-Cash Fund.
<br /> ALIGNMENT WITH STRATEGIC PLAN: This item supports:
<br /> • MISSION STATEMENT — Orange County is a visionary leader in providing
<br /> governmental services valued by our community, beyond those required by law, in
<br /> an equitable, sustainable, innovative, and efficient way.
<br /> Solid Waste
<br /> 5. Solid Waste has received $42,812 in insurance proceeds from a wrecked non-repairable
<br /> Solid Waste vehicle and $125,089 in sale proceeds from Solid Waste Equipment and
<br /> Vehicles. This amendment recognizes these funds and appropriates $167,901 in
<br /> expenses within the following capital project in the Solid Waste Replacement and Renewal
<br /> Fund, outside of the General Fund.
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