ORD-2025-022- Approval of Fiscal Year 2025-26 Budget Ordinances and County Fee Schedule

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0131) - 2025 - 022 The Board of Commissioners hereby approves the following financial policies : • The County will initiate measures to recoup sales tax proceeds on school capital projects through the conveyance of school property to the County with the school property reverting back to the school districts at the end of the construction period . • The County will ensure that all monthly general ledger postings occur by the 10tn work day of each month . • The County will ensure that monthly financial reports are available by the 15rn work day of each month . • The County will not issue debt for a project until a bid award date and construction start date is established . • Whereas , it is a best practice for governments to account for capital assets separate from their operating funds , and ; Whereas , enterprise funds generally establish Renewal and Replacement Capital Funds to account for the acquisition of capital assets ; Therefore , a . The Solid Waste Renewal and Replacement Capital Fund is established to account for sources of income earmarked to fund the County Capital Investment Plan . Sources of income including debt financing proceeds , pay-as -you -go funds , and any other sources earmarked to finance acquisition of capital assets . b . The Sportsplex Renewal and Replacement Capital Fund is established to account for sources of income earmarked to fund the County Capital Investment Plan . Sources of income including debt financing proceeds , pay-as-you -go funds , and any other sources earmarked to finance acquisition of capital assets . • Whereas , the County intends to undertake Capital Projects as approved in Year 1 ( FY 2025-26) of the Capital Investment Plan , will use its own funds to pay initial Project costs , and then reimburse itself from financing proceeds for these early expenditures . The expected primary type of financing for the Projects is installment financing under Section 160A.20 . The financing may include more than one installment financing , and may include installment financings with equipment vendors and installment financings that include the use of limited I obligation bonds . The Manager and Finance Officer have advised the Board that it should adopt this resolution to document the County ' s plans for reimbursement , in order to comply with certain federal tax rules relating to reimbursement from financing proceeds . • The Community Loan Fund will issue no interest loans to recipients in this program . • The County has adopted a policy to fund no interest loans to Non - Profit organizations that meet certain financial criteria , as adopted on September 20 , 2018 . • The County will include in its Travel Policy that travel expenses for Commissioners and County Staff will include the purchase of carbon offsets for any airfare and the miles traveled by Car Share vehicles . • The Governmental Accounting Standards Board (GASB ) established GASB Statement Number 87 for Leases and GASB 96 for Subscription - Based Information Technology Arrangements (SBITAs) . The purpose of these two statements are to provide uniform accounting and financial reporting on government entities ' financial statements . • To effectively comply with GASB 87 and 96 , the County will establish a capitalization threshold for Leases and SBITAs of $ 50 , 000 or higher . Leases and SBITAs at $ 50 , 000 and higher will be reported on the County ' s financial ? statements to meet the GASB requirements . I i 3 8