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CONSENT AGENDA REQUEST |
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Sponsor: |
Board of Supervisors
Meeting Date: |
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Raymond E. Graham, Chairman,
Cedar Run District Supervisor |
August 11, 2005 |
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Staff Lead: |
Department:
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Bryan Tippie, Budget
Director and Interim Finance Director |
Finance |
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Topic: |
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A
Resolution to Amend the Debt Referendum Policy |
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Topic Description: |
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Attached for the Board of
Supervisors’ 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:
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The threshold to hold a
referendum would increase from the current $10 million
to $20 million.
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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.
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Requested Action of the
Board of Supervisors:
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Consider adoption of the
attached resolution.
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Financial Impacts Analysis: |
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No
expenditure impact. |
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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. |