AG 2009 11 16 - Laserfiche WebLink

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CABARRUS COUNTY BOARD OF COMMISSIONERS REGULAR MEETING NOVEMBER 16, 2009 6:30 P.M. AGENDA CATEGORY: Consent Agenda SUBJECT: Finance -For Accounting Purposes Only -Combine School Construction Projects into One Fund for Tracking Purposes, Close Out Completed or Canceled Projects in the School Construction Fund, and Close Out the $98 Million Bond Fund and Transfer Excess Funds to the General Fund for Payment of Debt Service as Directed by the Project Ordinance BRIEF SUMMARY: 1) The 2009 School Construction Fund (funded through Capital Reserve) was established to pay engineering, architects, and land acquisition costs before the 2009 Certificates of Participation (COPS) were sold. For accounting and tracking purposes, it is requested that the 2009 School Construction Fund and the 2009 COPS Funds be merged for the following projects: AT Allen Elementary, Hickory Ridge Middle, Patriots Elementary, Harold Winkler Middle, and School Directed Expenses. Wing additions at Charles E. Boger and Carl A. Furr will remain in the 2009 School Construction Fund, and will be completed and closed out during the 2010 fiscal year. The 2009 COPS Fund was established with a budget amendment at the July 20, 2009 Board of Commissioners meeting. However, the associated Project Ordinance was inadvertently omitted; an updated Project Ordinance is presented for approval. The amount of funds to be combined total $1,674,404.38. 2) A budget adjustment is requested for the School Construction Fund and the Public School Building Capital Fund to address the following issues: (1) An elementary school in the Northwest Area will not be built at the present time. (2) Funds remain after the land was .purchased for a new Kannapolis city school. (3) Interest has been earned that was not budgeted. And, (4) A small adjustment is needed to the Public School Building Capital Fund to match actual project balances. The amount of funds to be adjusted total F-6 Page 63