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DRAFT <br /> <br />in Concord, North Carolina on ~onday, January 6, 2003, at 6 00 p m <br /> <br /> Vice Chal~n~an R~chard D Suggs <br /> <br /> Robert W Carruth <br /> Coy C Prlvette <br /> <br />h Nartsell, Jr , County Attorney, Ms Pam DuboAs, As$&stant Finance <br />Director, Ms Cathie Btraub, Budget Officer, and Mrs Frard~ze F Bonds. Clerk <br />to the Board <br /> <br /> Chal~an Freeman called the meet~nB ~o order at 6 10 p m <br />those present to the work session <br /> <br />and welcomed <br /> <br />~OAL-SETTING 2-yEARI LON~ TE~M <br /> <br /> Mr Day asked each Board member to offer short-term and long-term goals <br />as to what ghey wish to see accomplished an Cabarrus County <br /> <br />Board metabers identified the following short-term and long-term goals <br /> <br />SHORT-TERM GOALS <br /> <br />bONG-TERM GO;tLS <br />1 Jail/Justice Faclllty that meets County's needs <br /> 2 Pay off Arena through self-supporting efforts <br /> <br />Pro~ected Shortfalls - FY 2004 and FY 2005 Budgets <br /> <br /> MS Pam Dilbols, Assistant Fznance Director, presented a two-year budget <br />forecast predlctlng a shortfall of $8 7 mllllo~ during Fiscal Year (FY) 2004 <br />and a shortfall of $11 8 million an FY 2005 The forecasts did not include <br />any capital funding for County departments or Schools, nor any CPI for <br />current expense monies Also, Ms Dubols reviewed the County's pollcy to <br />maintain a fund balance reserve level of 15 percent The North Carolina <br /> <br /> There was lengthy discussion regarding ~he County's financial condition <br />and the projected budget shortfalls Issues addressed during the discussion <br />included the following {1) Reserve level of 15 percent, (2) OmlSSlOn of all <br />capital Items xn the FY 2004 and FY 2005 budget forecasts, (3) County <br />services, (4) Revaluation process, (5) Additional one-half cent local option <br />sales tax, (6) Current incentive gr~tnts, and (7) Possible need to raise <br />property t~es in the future The Board asked Ms Dttbols to determine the <br />impact of reducing the 15 percent reset"is level policy <br /> <br /> <br />