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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />JUNE 15, 2015 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Lottery Proceeds Allocated for Rowan County Schools within the Kannapolis City <br />Schools District <br />BRIEF SUMMARY: <br />Lottery revenue projects approved and allocated for Kannapolis City Schools that are located <br />within Rowan County are being transferred by the State to the Cabarrus County Disbursing <br />Account. We are the caretakers of these funds, therefore Cabarrus County is responsible for <br />recording the revenue and expenditures for the Rowan County projects in the Cabarrus County <br />Public School Building Capital Fund. <br />Rowan County will be submitting a $300,000 request to the State of North Carolina to be used for <br />Debt Service. Because the funds are passed through Cabarrus County's general ledger, we are <br />required to prepare an updated Project Ordinance and related budget amendment. <br />REQUESTED ACTION: <br />Motion to approve the updated Public School Building Capital Fund Project Ordinance and related <br />budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />COUNTY MANAGER'S RECOMMENDATIONS /COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. <br />BUDGET AMENDMENT: <br />Cabarrus County Budget Amendment Request <br />Date: 5/27/2015 <br />Amount: $300,000.00 <br />F -7 Page 114 <br />