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Susan B. Fearrington, Assistant Finance Director <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 <br />Consent item. <br />BUDGET AMENDMENT: <br />Date: 6/22/2011 <br />Amount: $175,000 <br />Dept. Head: Susan Fearrington Department: Finance <br />El Internal Transfer Within Departmentâť‘ Transfer Between Departments /Funds IJ r Supplemental Request <br />Purpose: <br />Beginning with July 2011 Occupancy Tax Collections, Cabarrus County will begin withholding 10% of the collections and transmitting the <br />remaining 90% to the Cabarrus County Convention & Visitors Bureau. Of the 10% withholding, 5% will be placed in the Capital Reserve Fund <br />to be used for Facility /Field expansion and improvements for Parks and Recreation. The remaining 5% will be used for Visitor Related Events <br />and has been budgeted in the Cabarrus Arena and Events Center Fund. This budget amendment records the Capital Reserve portion of the <br />transactions. <br />Account Number <br />Account Name <br />Approved Budget <br />Inc Amount <br />Dec Amount <br />Revised Budget <br />45068140 -6923 <br />Cont from CVB <br />$0.00 <br />$175,000.00 <br />$175,000.00 <br />45098140 - 9708 - PARKS <br />Cont to Cap Proj Fd <br />$0.00 <br />$175,000.00 <br />$175,000.00 <br />Total <br />ATTACHMENTS <br />o Capital Reserve Project Ordiance <br />o CVB Occupancy Tax Fee Summary <br />F -3 <br />Page 80 <br />