ORD-2026-014-Fiscal Year 2026-27 Budget Ordinance Orange County, North Carolina

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0RD - 2026 -014 budget amendments showing disbursements and use of local moneys granted to the Board of Education by the Board of Commissioners . 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 disposition of such property determined in accordance with applicable agreements and County policy . • The County will ensure that all monthly general ledger postings occur by the 10th work day of each month . • The County will ensure that monthly financial reports are available by the 15th 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 202&27 ) 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 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 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 . 8