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15 <br /> ORD-2026-014 <br /> budget amendments showing disbursements and use of local moneys granted to <br /> the Board of Education by the Board of Commissioners. <br /> The Board of Commissioners hereby approves the following financial policies: <br /> • The County will initiate measures to recoup sales tax proceeds on school capital <br /> projects through the conveyance of school property to the County, with the <br /> disposition of such property determined in accordance with applicable <br /> agreements and County policy. <br /> • The County will ensure that all monthly general ledger postings occur by the 10th <br /> work day of each month. <br /> • The County will ensure that monthly financial reports are available by the 15th <br /> work day of each month. <br /> • The County will not issue debt for a project until a bid award date and <br /> construction start date is established. <br /> • Whereas, it is a best practice for governments to account for capital assets <br /> separate from their operating funds, and; Whereas, enterprise funds generally <br /> establish Renewal and Replacement Capital Funds to account for the acquisition <br /> of capital assets; Therefore, <br /> a. The Solid Waste Renewal and Replacement Capital Fund is established <br /> to account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> b. The Sportsplex Renewal and Replacement Capital Fund is established to <br /> account for sources of income earmarked to fund the County Capital <br /> Investment Plan. Sources of income including debt financing proceeds, <br /> pay-as-you-go funds, and any other sources earmarked to finance <br /> acquisition of capital assets. <br /> • Whereas, the County intends to undertake Capital Projects as approved in Year <br /> 1 (FY 2026-27) of the Capital Investment Plan, will use its own funds to pay initial <br /> Project costs, and then reimburse itself from financing proceeds for these early <br /> expenditures. The expected primary type of financing for the Projects is <br /> installment financing under Section 160A-20. The financing may include more <br /> than one installment financing, and may include installment financings with <br /> equipment vendors and installment financings that include the use of limited <br /> obligation bonds. The Manager and Finance Officer have advised the Board that <br /> it should adopt this resolution to document the County's plans for reimbursement, <br /> in order to comply with certain federal tax rules relating to reimbursement from <br /> financing proceeds. <br /> • The Community Loan Fund will issue no interest loans to recipients in this <br /> program. <br /> • The County has adopted a policy to fund no interest loans to Non-Profit <br /> organizations that meet certain financial criteria, as adopted on September 20, <br /> 2018. <br /> • The Governmental Accounting Standards Board (GASB) established GASB <br /> Statement Number 87 for Leases and GASB 96 for Subscription-Based <br /> Information Technology Arrangements (SBITAs). The purpose of these two <br /> statements are to provide uniform accounting and financial reporting on <br /> government entities' financial statements. <br /> • To effectively comply with GASB 87 and 96, the County will establish a <br /> capitalization threshold for Leases and SBITAs of$50,000 or higher. Leases and <br /> SBITAs at $50,000 and higher will be reported on the County's financial <br /> statements to meet the GASB requirements. <br /> 8 <br />