AG 2013 02 18 - Laserfiche WebLink

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BUDGET AMENDMENT REQUIRED: Yes COUNTY MANAGER'S RECOMMENDATIONS /COMMENTS: This item was approved by the Board for inclusion on the Agenda as a Consent item. BUDGET AMENDMENT: Amoun Date: 1/17/2013 t: $240,000 Dept. Depart Head: Susan Fearrington, Asst. Finance Director ment: Finance - Capital Reserve Fund "Internal Transfer Within Department "Transfer Between Departments /Funds pSupplemental Request Purpose: On July 18, 2011 the Cabarrus County Commissioners and the Cabarrus County Convention & Visitors Bureau (CVB) agreed to increase the amount of Occupancy tax collection withholding from 1.5% to 10 %. This 10% is withheld from the gross Occupancy tax prior to submission to the CVB. Of the 10% withholding, 5% is placed in the Capital Reserve Fund and is to be used for future Facility /Field expansion and improvements for the Active Living and Parks Department. The remaining 5% will be used for visitor related events and is included in the Cabarrus Arena & Events Center's Annual Budget. This budget amendment increases the budget for the collection of the 5% Capital Reserve portion of funds to incorporate the past collections and future collections estimated through June 30, 2013. This budget amendment also increase the interest income earned on the Capital Reserve Funds estimated through June 30, 2013. Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget 45068140 -6923 Contribution CVB $175,000.00 $223,000.00 $398,000.00 45098140 - 9708 -PARKS Cont to Cap Proj -Parks $175,000.00 $223,000.00 $398,000.00 45067220 -6701 Interest Income $269,142.00 $17,000.00 $286,142.00 45097220 -9821 Building /Renovations $2,727,556.49 $17,000.00 $2,744,556.49 Total ATTACHMENTS o Capital Reserve Project Ordinance F -3 Page 73