[Added 9-9-2014 by P14-01]
This Policy establishes a special fund to be known as the "Community Projects Contribution Fund" for the expressed purpose of creating a funding source to be used at the discretion of Kent County Levy Court by majority vote to provide limited capital financing assistance to non-County-owned capital projects that Kent County Levy Court, by majority vote, has determined to be of significant public benefit and importance to the citizens of Kent County. The Community Projects Contribution Fund is further described as follows:
A fund to be known and referred to as the "Community Projects Contribution Fund" shall be established as part of the adopted Fiscal Year 2015 Budget. The initial monetary allocation to this fund shall be $1,000,000. At the discretion of Levy Court, appropriations to the Community Projects Contribution Fund may be made on an annual basis as part of the adoption of the County Operating Budget utilizing unrestricted excess revenue over expenses from the most recently concluded and closed fiscal year of the General Fund as expressed in the audited financial statements for that fiscal year as the primary funding source. If Levy Court determines that an appropriation should be made, the amount budgeted in any fiscal year budget shall not exceed a maximum of 50% of the surplus revenue from the most recently concluded and audited fiscal year or $150,000, whichever is less.
Levy Court may allocate portions of the Community Projects Contribution Fund balance as contributory funding to specific non-County-owned capital projects through the adoption of the annual County budget. Such projects and corresponding funding allocations shall be identified and described in the annual budget. Project allocations may also be accomplished by Levy Court at any time during a given budget year through the budget amendment process. Levy Court shall not be obligated to allocate any or to exhaust funds from the Community Projects Contribution Fund in any given fiscal year. No applicant shall receive more than $500,000 in any given fiscal year. Accumulated or leftover funding shall carry forward from year to year and remain within the Community Projects Contribution Fund until allocated or reprogrammed by action of the Levy Court. The fund balance shall not exceed $2,000,000 in any given fiscal year.
The allocation of funding from the Community Projects Contribution Fund shall be limited to only those non-County-owned capital projects deemed by Levy Court to be of significant public benefit. Such projects may include, but not be limited to: educational buildings and facilities; recreational equipment and buildings; libraries; specialized transportation units; and similar community facilities and amenities.