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MEMORANDUM <br />Page 2 <br />September 15, 1999 <br /> <br />FY 2000 budget amendments to reflect the available revenue adjustments will be prepared for <br />your approval at the October Board meeting. Suggested appropriation options are provided as <br />noted: <br /> <br />(1) $1.5 million property purchase <br /> (Future Fair site) <br /> <br />(2) $2.5 million property purchases <br /> (Three new school sites) <br /> <br />(3) $2.5 million school design/engineering <br /> (Estimate for the new schools) <br /> <br />(4) $2.0 million Capital Reserve Fund <br /> (Funds for future projects as approved by Board) <br /> <br />(5) $3.0 million Debt Service FY 2001 <br /> (School bonds $30 million - new issue, Summer 2000) <br /> <br />(6) <br /> <br />$2.5 million Board designated contingency <br />· property tax rate reduction FY 2001 (2.5¢) <br />· cost over-runs/debt reduction - three new schools <br />· reduction of existing non-school debt <br /> '94 Coddle Creek note ($400,000 ~ 4.58%) <br /> '98 Computer equipment note ($1.9 million ~ 4.03%) <br /> '94 Muddy Creek Waste & Water Treatment ($450,000 ~ 4.58%) <br />· other Board directed expenditures <br /> <br />As noted in the attached documentation, the Philip Morris tax payment is a one-time adjustment <br />to deferred property tax revenues that should not reoccur. The deferral of the planned school <br />debt service payments on the delayed bond issue would not normally be anticipated again. <br /> <br />These adjustments reflect positively on the County's current financial condition and its ability to <br />address future needs. Accounting hardware/software enhancements and reporting procedure <br />modifications should provide far more accurate monitoring of these issues throughout the fiscal <br />year in the future. <br /> <br /> <br />