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June 14, 2004 <br /> <br />DRAFT <br /> <br />Page 498 <br /> <br />Total: 1,343,520.00 <br /> **Delay Purchase of Voting Equipment to FY 2006 Budget <br /> <br /> Vice Chairman Suggs stated for the record that in his opinion the C~ty <br />of Concord should contribute to the cost of the new Jail since the new <br />facility w~ll remain in downtown Concord. <br /> <br /> Mr. Day advised that, with Commissioner Carpenter's proposed cuts, <br />another $2.6 million would need to be cut from the budget to get the tax rate <br />~o 53 cents He recommended that fund balance not be used as this would <br />reduce the fund balance below the County's policy of 15 percent and could <br />endanger the County's bond rating. Mr. Day reported on the possible <br />opportunity to restructure County debt by changing the County,s loans from <br />fixed rate to variable rate and getting enough money up-front to balance the <br />budget However, information about the proposed debt restructuring will not <br />be available until Tuesday morning. <br /> <br />There was discussion regarding the revenue anticipated from the <br />revaluation, a reduction in the tax rate, the use of fund balance, the <br />importance of maintaining the County's bond rating and the need for <br />information about the cost of the proposed restructuring of debt. <br /> <br /> Commissioner Carpenter made a motion, seconded by Commissioner <br />Privet=e, to approve in principle the fire district tax rates as recommended <br />by the fire district hoard of directors for each d~strict with the exception <br />of the M~dland Fire District. By a straw vote, the Board unanlmously <br />approved the mo~ion. <br /> <br /> Vice Chairman Suggs made a motion, seconded by Commissioner Privet=e, <br />to agree in principle to a tax rate of 53 cents with none of the cuts <br />proposed by the County Manager and to make up the difference in revenue by <br />restructuring the County's debt; and if the restructuring of debt does not <br />provide sufficient funds, to implement the cuts proposed by Commissioner <br />Carpenter. By a straw vote, the motion was approved with Vice Chairman <br />Suggs, Chairman Freeman and Commissioner Privette voting for and <br />Commissioners Carpenter and Carruth voting against. <br /> <br /> UPON MOTION of Commissioner Carruth, seconded by Commissioner Privette <br />and unanimously carried, the Board agreed it would not enact any of the <br />employee cuts proposed by the County Manager to reduce the tax rate. <br /> <br />Closed Session <br /> <br /> UPON MOTION of Commissioner Carruth, seconded by Commissioner Privette <br />and unanimously carried, the Board moved to go ~nto Closed Session to consult <br />with the County Attorney to preserve =he attorney-client privilege as <br />authorized by North Carolina General Statute 143-318.11(a) (3) and to invite <br />Mike Downs, Deputy County Manager, to join the Board ~n Closed Session. <br /> <br /> UPON MOTION of Commissioner Privet=e, seconded by Commissioner <br />Carpenter with Commissioners Privette and Carpenter, Vice Chairman Suggs and <br />Chairman Freeman voting for, the Board moved to come out of the Closed <br />Session. <br /> <br /> Commissioner Carruth was excused at 9:34 p.m. during the Closed <br />Session. <br /> <br /> No action was taken following the Closed Session. <br />Adjournment <br /> <br /> UPON MOTION of Commissioner Carpenter, seconded by Vice Chairman Suggs <br />with Commissioners Carpenter and Privet=e, Vice Chairman Suggs and Chairman <br />Freeman voting for, the meeting was adjourned at 10:15 p.m. <br /> <br />Clerk to the Board <br /> <br /> <br />