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1 <br />CABARRUS COUNTY <br />~~s cot, <br />~~~ `~ BOARD OF COMMISSIONERS <br />', * ~ REGULAR MEETING <br />c <br />c~~ JUNE 15 200 <br />9 <br />6:30 P.M. <br />' AGENDA CATEGORY: <br />Consent Agenda <br />' SUBJECT: <br />Finance -Budget Amendment - (Fund Balance Transfer to Capital Reserve <br />t Fund per Board Policy - $4,307,062.00) <br />' BRIEF SUMMARY: <br />Upon completion of the annual audit of the County finances, any <br />undesignated fund balance above 15 percent will be transferred to the capital <br />' reserve fund, consistent with board policy. It will be used to reduce reliance <br />on debt financing for capital projects, thereby saving taxpayers money by <br />reducing interest payments on financing instruments. Normally, this transfer is <br />' made in the fall of the fiscal year; however, due to economic conditions, <br />the request was delayed until the end of the fiscal year. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />REQUESTED ACTION: <br />Motion to adopt budget amendment. <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 <br />Consent item. Approval is recommended. <br />BUDGET AMENDMENT: <br />F-5 Page 119 of 433 <br />