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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />TNcARO ���� NOVEMBER 18 20 <br />1 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />County Manager - Qualified School Construction Bond (QSCB) Interest Earnings <br />BRIEF SUMMARY: <br />As of September 2013, the QSCB fund has earned $12,298 in interest. Interest can only be spent <br />on the defined projects listed to the state in the initial application, per bond counsel. Last month, <br />the balance of Kannapolis City Schools funds was approved for the purchase of a generator for <br />Kannapolis Intermediate School (KIS). The balance of the funds needed for the purchase were <br />provided by the County's fund balance in the amount of $38,138. A request is being made to <br />allocate the interest earnings to the KIS generator purchase and to reduce the County's fund <br />balance contribution, respectively. Interest will continue to be earned until all the funds are <br />expended. A final adjustment between fund balance appropriated and interest earnings will need <br />to be made at the close of the fund. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment and permit a final adjustment to the fund balance <br />appropriation based on the final interest earnings figure upon closing of the fund. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Pamela S. Dubois, Deputy County Manager <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: 11/18/2013 Amount: $12,298.00 <br />Dept. Head: Pamela S. Dubois, Deputy County Manager Department: Finance <br />F -3 Page 72 <br />