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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> REGULAR MEETING <br /> AUGUST 21 , 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> Consent Agenda <br /> SUBJECT: <br /> Finance - Funding Approval for Incentive Grant <br /> BRIEF SUMMARY: <br /> On July 17, 2017 the Board of Commissioners approved a new incentive <br /> grant for the Project Hercules. The total incentive is not to exceed <br /> $1 ,487,500 paid over a two-year period. Funding for the new grant needs <br /> to be established so the contract can be pre-audited. <br /> Unpaid Incentive Grants are recorded on the year end Financial <br /> Statements as Committed Fund Balance. The Finance Department has <br /> worked with the Tax Administration Department to determine the amount <br /> of unpaid grants to be reported as 6-30-17 Committed Fund Balance. <br /> One large grant can be released along with some smaller balance grants. <br /> This will allow $1 ,138,567 to be Assigned Fund Balance at 6-30-17. The <br /> Project Hercules balance of $348,933 will need to be committed in the <br /> FY18 budget. <br /> REQUESTED ACTION: <br /> Motion to approve the Commitment of Fund Balance in the amount of <br /> $348,933 and authorize the Finance Director to prepare the appropriate <br /> Budget Amendment for Project Hercules in the amount not to exceed <br /> $1 ,487,500. <br /> EXPECTED LENGTH OF PRESENTATION: <br /> SUBMITTED BY: <br /> F-8 Page 131 <br />