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CABARRUS COUNTY <br />REGULAR MEETING <br />1 <br />�A CAI �l� NOVEMBER 1 <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />BOC - Transfer and Allocation of Excess Fund Balance for FY14 to the <br />New Mount Pleasant Middle School <br />BRIEF SUMMARY: <br />Each year, upon completion of the County's Comprehensive Annual <br />Financial Report by an independent audit firm and approval of the Local <br />Government Commission (LGC), the approved audit is presented to the <br />Board of Commissioners for their review and approval. Upon the Board's <br />approval, County policy provides for all funds in excess of 15 percent of <br />FY15 current amended budget shall be transferred to the Capital Reserve <br />Fund for future capital projects as approved by the Board. <br />At the Board's work session on November 3, 2014, the Board of <br />Commissioners voted, as requested by Commissioner Oesterreich, to <br />consider transferring the identified excess funds in the amount of <br />$5,373,678 prior to the completion of the established audit review and <br />approval process to the Capital Reserve Fund for the purpose of providing <br />additional funds to the new Mount Pleasant Middle School project. <br />REQUESTED ACTION: <br />Discuss the request to amend the audit preparation, review and approval <br />process by transferring (potential) identified excess funds to Capital <br />Reserve Fund prior to approval of the annual audit by the Local <br />Government Commission. <br />Provide direction to staff on how to proceed. <br />EXPECTED LENGTH OF PRESENTATION: <br />G -3 Page 102 <br />