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AG 1999 09 20
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AG 1999 09 20
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Last modified
3/25/2002 6:01:29 PM
Creation date
11/27/2017 11:50:01 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/20/1999
Board
Board of Commissioners
Meeting Type
Regular
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possible $10.7 M unspent at 6/30/99. These projects were rebudgeted in FY 2000 budget, <br />however some budget amendments may be needed to adjust the carry forward amounts <br />correctly. <br /> <br />Board of Commissioners Undesignated Fund Balance Policy <br /> <br />At 6/30/99 the undesignated fund balance is $30,155,982. The Board of Commissioners <br />policy established 15% of expenditures as a safe retainage balance tbr Cabarrus County. <br />Using the budgeted expenditures for FY 2000 of $105,299,403 retaining a 15% minimum <br />would require $15,794,910. This would make approximately $14 million available for <br />funding priorities and objectives. The calculation is as follows: <br /> <br />Undesignated Fund Balance Calculation <br /> <br />Undesignated <br />Less Retainage: <br /> 15% of expenditures <br /> $105,299,403 X 15% <br /> <br />$30,155,982 <br /> <br />15,794,910 <br /> <br />Batance Available for Funding Priorities <br /> <br />$14,361.072 <br /> <br />Considerations for Use of Available Funds <br /> <br />My first consideration was to examine all outstanding debt issues with an outstanding life <br />of less than 5 years. We have 3 issues which are within that parameter but the interest <br />rates we are paying range from 4.03% to 4.58%. Since we are now being paid interest on <br />our investments in a range of 5.50 to 6.00%, theoretically, if the county retains the <br />excessive revenues in fund balance, the spread at which we are earning interest would not <br />make it wise to liquidate that debt. <br /> <br />Other considerations which the Board of Commissioners are now pursuing include <br />purchase of land for schools, hiring of architects and borrowing funds thereby incurring <br />future debt service payments. Another consideration would be to move forward some of <br />the county projects identified in the 5 year capital plan or to direct funds to the Capital <br />Reserve Fund for future projects. I know from our discussions that you will be working <br />closely with the Board of Commissioners to guide and assist in the best plan and setting <br />those goals and objectives necessary to accomplish that end. <br /> <br /> <br />
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