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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR MEETING <br />��8�a ��i ►� JUNE 2 0 9 20 <br />`�iri�JJ1 /J� <br />6: 30 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Project Ordinance Updates and Related Budget Amendments <br />BRIEF SUMMARY: <br />The Governmental Accounting Standards Board (GASB) issued GASB <br />Statement No. 54 entitled Fund Balance Reporting and Governmental Fund <br />Type Definitions. GASB No. 54 will be effective for Cabarrus County on June <br />30, 2011. A summary memo has been provided for guidance on the new <br />statement. <br />Based on the new statement and review of all Special Revenue and Capital <br />Projects Funds 1) five of the County's Special Revenue funds will now be <br />changed to Capital Project Funds 2) twenty project ordinances have been <br />updated for consistency between all ordinances, and 3) two budget <br />amendments have been prepared updating revenue and expenditure <br />accounts where needed to match the project ordinances. <br />REQUESTED ACTION: <br />Motion to approve the Project Ordinances and related Budget Amendments. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F -8 Page 179 <br />