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AG 2012 01 27-28
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AG 2012 01 27-28
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Last modified
2/29/2012 3:45:50 PM
Creation date
11/27/2017 11:07:12 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/27/2012
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY <br />� - J <br />AGENDA CATEGORY: <br />New Business <br />BOARD OF COMMISSIONERS <br />RETREAT - CAMP SPENCER <br />JANUARY 28, 2012 <br />SUBJECT: <br />Finance - Major Revenue and Expenditure Changes / Jail Annex <br />BRIEF SUMMARY: <br />In reviewing the budget for potential reductions, an opportunity exists to <br />payoff a loan the County entered into in October 2006 at an current interest <br />rate of 4.19% for the construction of the Jail Annex facility. The loan was <br />established as a bridge to start construction of the Law Enforcement Center, <br />Jail Annex portion (due to the over crowding), until the County was ready to <br />issue Certificates of Participation (COPS) for the administration building at <br />the Law Enforcement complex. By paying off the loan, the FY2013 budget will <br />have a $1,386,807 reduction in re- occurring expenditures. The County will <br />save $1,989,854 over the remaining life of the loan period which was <br />scheduled to end in FY2022. A chart is attached to show the budgetary <br />effects for each fiscal year through FY2022. The monies are available should <br />the Board choose to pursue this payoff. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment and payoff the Fifth Third bank loan. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Pamela S. Dubois, Deputy County Manager <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />Page 126 <br />
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