CONSENT  AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham, Chairman, Cedar Run District Supervisor

August 11, 2005

Staff Lead:

Department: 

 Bryan Tippie, Budget Director and Interim Finance Director

Finance

Topic: 

A Resolution to Amend the Debt Referendum Policy

Topic Description:

Attached for the Board of Supervisorsí consideration is a revised Debt Referendum Policy on public participation in the decision making on large construction projects. The original policy was adopted on June 11, 2003, and revised November 17, 2003. Based on the number of major construction projects estimated in the next 10 years, the time and expense to hold a referendum, and the significant escalation of construction costs, a revision to the Debt Referendum Policy is recommended. A summary of the changes follows:

 

  1. The threshold to hold a referendum would increase from the current $10 million to $20 million.

 

  1. To provide the Board of Supervisors with the greatest flexibility, the limitation due to possible exceeding the debt limit was also removed, as well as a requirement that the referendum be held in conjunction with a General Election.

 

 

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

No expenditure impact.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

 

County and School Division and any other agencies seeking County funding support for large construction projects.