[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.
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.
B.
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.
C.
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.
