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CABARRUS COUNTY <br />10 BOARD OF • • <br />REGULAR MEETING <br />1� <br />p TBcA�a 11ir� FEB RUARY <br />jr f�iffJfl�� <br />6: 30 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Capital Reserve Project Ordinance Update and Related Budget <br />Amendment <br />BRIEF SUMMARY: <br />The Cabarrus County Board of Commissioners and the Cabarrus County <br />Convention & Visitors Bureau (CVB) agreed on July 18, 2011 to increase <br />the amount of occupancy tax collection withholding from 1.5% to 10 %. <br />This 10% is withheld from the gross occupancy tax prior to submission to <br />the CVB. Out of the 10% withholding, 5% is placed in the Capital Reserve <br />Fund and is to be used for future facility /field expansion and <br />improvements for the Active Living and Parks Department. The remaining <br />5% will be used for visitor related events and is included in the Cabarrus <br />Arena & Events Center's Annual Budget. The enclosed budget <br />amendment increases the budget for the collection of the 5% capital <br />reserve portion of funds to incorporate the past collections and future <br />collections estimated through June 30, 2013. The budget amendment also <br />increases the interest income earned on the Capital Reserve Funds <br />estimated through June 30, 2013. An updated Project Ordinance is also <br />included for approval based on the increase in the budget. <br />REQUESTED ACTION: <br />Motion to approve the enclosed Budget Amendment and related Capital <br />Reserve Project Ordinance <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />F -3 Page 72 <br />