BC 2013 06 17 Regular Meeting - Laserfiche WebLink

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June 17, 2013 (Regular Meeting) Page 1576 UPON MOTION of Vice Chairman White, seconded by Commissioner Burrage and unanimously carried, the Board approved the budget amendment reduction and updated Adequate Public Facilities Capital Projects Ordinance. Date :5 /22/2013 Amount:$355,869.90 Susan Fearrington, Asst. Finance Finance - Adequate Public Facilities Dept. Head: Director Department: Fund ❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds 0 Supplemental Request Purpose: On January 22, 2013 the Board of Commissioners deleted Section 17, Adequate Public Facilities Standards from the Cabarrus County Subdivision Ordinance. Through the recommendation of the County Attorney, the last Adequate Public Facility fee was collected on August 31, 2012. This budget amendment reduces the Adequate Facilities Fee budget to the actual amount collected through August 31, 2012. Interest income is also being increased with this budget amendment to align the budget with the actual anticipated interest income. A corresponding Building and Renovation expenditure budget has been reduced for the net of the decreased facility fee and the increased interest income. Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget 46267220 -6518 Adequate Facilities $7,499,999.90 $360,569.90 $7,139,430.00 46267220 -6701 Interest on Invest $245,986.00 $4,700.00 $250,686.00 46297220 -9821 Building & Renovation $2,170,098.00 $355,869.90 $1,814,228.10 Ordinance No. 2013 -11 CABARRUS COUNTY ADEQUATE PUBLIC FACILITIES CAPITAL PROJECT BUDGET ORDINANCE BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section I. A. The project authorized is for the purpose of collecting and appropriating Adequate Facility Fees for school facilities, land, architect, improvements or furniture and fixtures at the discretion of the Cabarrus County Board of Commissioners. B. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. C. It is estimated that the following revenues will be available to complete capital projects as listed. Adequate Facilities Fees Interest on Investments Contribution from General Contribution from Capital Fund Contribution from Capital Fund $8,419,775 $245,986 Fund $97,750 Projects $700,764 $445,915 Reserve TOTAL REVENUES $9,910,190 D. The following appropriations are made as listed:: Facility Projects $2,570,098 Construction & Renovation of $7,340,092 Schools TOTAL EXPENDITURES $9,910,190 GRAND TOTAL - REVENUES $ 9 GRAND TOTAL - EXPENDITURES $ 9 Section II. A. Special appropriations to non - profit organizations shall be distributed after the execution of an agreement which ensures that all County funds are used for statutorily permissible public purposes. B. The County Manager or designee is hereby authorized to transfer appropriations within or between funds, or modify revenue and expenditure projections as contained herein under the following conditions: