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The attached spreadsheet provides a revenue and expenditure breakdown of the 2008-09 capital outlay budget.
The spreadsheet reflects total revenues/sources of $11,291,861. Of that amount, $7,000,000 are county appropriation dollars and $4,291,861 are projected Public School Building Capital Fund (PSBCF) dollars.
Recall that the PSBCF program is funded using a portion of the corporate income taxes assessed corporations doing business in the state of North Carolina. Monies in the fund are allocated to Guilford County on the basis of the average daily membership (ADM) for the Guilford County Board of Education as determined and certified by the State Board of Education. PSBCF must be used for public school building capital needs. The definition of public school buildings in NCGS 115C-546.2(b)] "...only includes facilities for individual schools that are used for instructional and related purposes and does not include centralized administration, maintenance, or other facilities."
Allowable types of PSBCF expenditures include:
- purchase of land for public school buildings;
- planning/design fees;
- construction;
- renovation;
- enlargement;
- repair; and
- school technology.
Mobile or modular classrooms are not an allowable category of expenditure for PSBCF dollars.
The board of education and the board of county commissioners must approve applications requesting the release of PSBCF dollars from the NC Department of Public Instruction to Guilford County Schools. PSBCF monies also require a match of one dollar of local funds (i.e., ½ percent sales tax, local bond proceeds, and general county revenues) for every three dollars of PSBCF dollars.
RECOMMENDATION: The administration recommends approval of the 2008-09 capital outlay budget as reflected on the attached spreadsheet. Prior year carryover funds will be addressed in a future 2008-09 capital outlay fund budget amendment.
Attachment - Budget
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