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i <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 13, 2005 <br />Action Agenda <br />Item No. 4 <br />SUBJECT: Capital Funding Matters <br />DEPARTMENT: Manager /Budget/Finance PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />As noted in "Background" John Link or Rod Visser, 245 -2300 <br />Donna Dean, 245 -2151 <br />Ken Chavious, 245 -2453 <br />PURPOSE: To review various topics related to the 2005 -15 Capital Investment Plan and <br />related policy and debt matters. <br />BACKGROUND: During 2005 -06 budget deliberations in June 2005, there were a number of <br />capital and debt related matters that were slated for further discussion during a fall 2005 work <br />session. Topics to be addressed as part of this agenda item are synopsized briefly below: <br />Revised Capital Funding Poliic <br />In May 2005, the Board formally approved an approach to implementation of the 60 -40 Capital <br />Funding Policy. This policy provides that 60 percent of capital funding for the next ten years will <br />go towards school capital projects with 40 percent going to County capital projects. The Board <br />reviewed, but had insufficient time during June budget work sessions to formally adopt, a <br />revised Capital Funding Policy that would lay out in narrative terms the 60-40 policy provisions, <br />while superseding the Board's existing 1998 Capital Funding Policy. The Board may wish to <br />consider formally adopting the draft revised policy provided as an attachment to this agenda <br />item. <br />The Board's deliberation should also consider the passage by the General Assembly in late <br />August 2005 of a North Carolina lottery bill. Preliminary estimates developed by the Association <br />of County Commissioners indicate that Orange County might expect to receive approximately <br />$2.6 million in funding for school construction or debt service during the first full year of lottery <br />operation. The Board may wish to review the accompanying information related to the lottery <br />bill, and to discuss any direction it may wish to provide to staff about how to factor lottery <br />proceeds into the calculations of school and County capital funding shares. <br />Attachment 4a — Proposed Capital Funding Policy <br />Attachment 4b — North Carolina Association of County Commissioners Update — <br />Estimated Lottery Proceeds for School Construction <br />