AG 2002 10 21 (Regular) - Laserfiche WebLink

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October 15, 2002 ICASARRUSCOUNTYI NORTH CAROLINA MEMORANDUM TO: Board of Commissioners RE: October 21st Cabarms Board of Education's Request Attached is a request from the Cabarrus Board of Education (BOE) to advance fund (County to be reimbursed from a 2003 COP - ?) aspects of a Bethel Elementary replacement school. Items I and II total $612,131. Item III totals $649,600. IF you agreed to proceed with these obligations, the County would be using available undesignated fund balance until the COP is sold in 2003. Additionally, but not included in this request, the BOE is pursuing a Pitts School Road site for another elementary school (estimated cost $1 million). A request to "pre-fund" architectural fees would also be expected. Those items, along with your previous approval for Bethel (outside the land purchase) advance funding for approximately $500,000, bring the potential use of undesignated fund balance reserves to $3 million (plus). I bring these issues to your attention prior to beginning the FY 04 Budget process so that you will be aware of the impending impact of the future debt payments you have authorized. Tentatively, you have obligated the County to the sale of a new COP sometime in early 2003 of approximately $40 million (two elementary schools and a middle school). That debt service would impact FY 04 along with the 2002 COP done for school gyms, administrative building and the EXPO. Pending development of the FY 04 Budget, projections on revenue growth and State mandated spending obligations, the Board may wish to reserve the option to delay the three new schools until later in 2003 to delay the added debt service to FY 05. Respectfully, FWC/sb Office of the County Manager P.O. Box 707 · Concord, NC 28026-0707 · 704-920-2100 · Fax 704-920-2820 · Charlotte 704-375-0829 www. co.cabarrus.nc.us