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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 12/17/07 Agenda Item # <br />SUBJECT: <br />Finance Department -Budget Amendment (Fund Balance Transfer to Capital Reserve <br />Fund per Board Policy) <br />BRIEF SUMMARY: <br />Upon the completion of the annual audit of the county finances, any undesignated fund <br />balance above 15% will be transferred to the capital reserve fund, consistent with Board <br />policy. There it will be used to reduce reliance on debt financing for capital projects, <br />thereby saving taxpayers money by reducing interest payments on financing instruments. <br />The amount of the transfer is reduced by the amount of fund balance appropriated this <br />fiscal year. Calculations for the $10,880,987 transfer to Capital Reserve are provided. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Motion to adopt budget amendment, as attached. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 12/3/07 <br />Budget Amendment Required: ^D Yes ^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^X Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. <br />Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />. 4' <br />