HomeMy WebLinkAboutAgenda - 06-18-2002 - 8n ORANGE COUNW
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: June 18, 2002
Action Agen e
Henri
SUBJECT: Application for State Public School B 'Id Capital F d
DEPARTMENT: Budget PUBLIC HEARING: (YIN)
ATTACHMENT(S): INFORMATION CONTACT:
Applications for Public School Building Donna Dean, 245-2151
Capital Funds
TELEPHONE NUMBERS:
Hillsborough 7328181
Chapel Hill 9684501
Durham 688-7331
Mebane 336-2274031
PURPOSE: To approve applications to the State Budget Office to resume funds from Orange
County's Public School Building Capital Fund account.
BACKGROUND: In 1987, the General Assembly established the Public School Building
Capital Fund(PSBCF)to assist county governments in meeting their public school needs. The
State uses a portion of its corporate income tax receipts (inducting interest earned) to fund Me
PSBCF. Monies from the Fund are allocated to counties on a per average daily membership
(ADM) basis according M the Department of Public Instruction's codified ADM for the current
fiscal year. Counties can use Mesa funds M offset costs in three major areas:
• New school construction projects (including the purchase of land) and
repairinglrenovating older facilities;
• Implementation of local school technology plans;
• Repayment of debt service.
Since to creation of this fund, Orange County has used its allocations to cover a portion of the
renovation Posts at Ephesus Elementary, Chapel Hill High, Stanford Middle School, and
Hillsborough Elementary. In addition, these funds have offset a portion of Me construction
coats at East Chapel Hill High School, McDougle Elementary, Scroggs Elementary, and New
Hope Elementary. Last year, these funds were used to pay a potion of Me debt service
associated with 1992 and 1997 bona.
As of April 2002, Orange County has accumulated $713,024 since the last draw down of funds
in March 2001. Given the uncertainty of the State's current and future fiscal condition, staff
recommends that Me Board pursue the draw down of these funds as quickly as possible to
eliminate any passibility that these funds might be sequestered (although there has been no
indication from me State that such a step might be taken). The attached applications request
that the State release Mesa funds to offset debt service related to the 1992 voter approved
bonds. These (antl$ do not represent additional. unanticipated funds from the State. They
have already been programmed as a revenue source into the allocations of 'pay-as-you go"
funds to the two school systems under the County's present ten-year capital plan.
The application process requires formal request for funding from both the Board of County
Commissioners and the Board of Education of the school system concerned. The Orange
County Board of Education approved their applications at their May 20, 2002 meeting. The
Chapel Hill-CaRbom Board of Education approved their application at their May 23, 2002
meeting.
FINANCIAL IMPACT: Consistent with the County's current Capllal Funding Policy, these
PSBCF molds are one source of funding for the ten-year capital plan (CIP). The funds have
been included in the CIP revenue estimates and there is no additional financial impact
anticipated.
RECOMMENDATION(S): The Manager recommends that the Board of County
Commissioners approve, and authorize the Chair to sign, the appllcabons for Public School
Building Capital Funds for the following projects:
• Chapel Hill-Caoboro City Schools share of the 2000-01 debt service payment related to
1992 voter approved bonds;
• Orange County Schools share of the 2000-01 debt service payment related to 1992 voter
approved bonds.
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