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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 4/16/07 Agenda Item # ~ -~ <br />SUBJECT: <br />Budget Amendment -Reduction in Lottery Proceeds Budgeted for School Construction - <br />($888,652) <br />BRIEF SUMMARY: <br />North Carolina Lottery sales are below previous state projections. Therefore, the state has <br />been allocating less money towards school construction. Cabarrus County budgeted <br />$4,181,192 in Lottery proceeds for FY 2007. The revised estimate to be received by the <br />County is $3,292,540, leaving a $888,652 shortfall in the School Bond Fund. The following <br />budget revision reduces the amount of anticipated Lottery Proceeds and funds the shortfall <br />with unbudgeted Interest Earnings on the General Obligation Bonds issued. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Adopt budget amendment. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Susan B. Fearrington, Asst. Finance Director Date: 3/21/07 <br />Name /Job Title <br />Budget Amendment Required: D Yes ^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: Ox Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board of Commissioners for inclusion on the Agenda as a <br />New Business item. <br />Acfion Taken: <br />Approved (] Deferred [ ] <br />Denied [ ] Other [ ] <br />~-~ <br />