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State of Notch Carolina Office of State Budget and Management James G. Martin C.C. Cameron MEMORANDUM TO: County Managers Superintendents, Local School Administrative Units FRObl:Susan Adams ~ Budget Analyst SUB3ECT: March Monthly Statement - Public School Building Oapital Fund Attached is the March statement for the Public School Building Capital Fund. During the second week in March copies of the Procedures Manual for the Public School Building Capital Funq were mailed to county and school offices. Only one copy was provided to each office. Since only one copy was sent to each office, extra copies may need to be made for the appropriate staff in each county and each school offtce. As stated on page 8 of the Procedures Manual applications can be submitted for more than the accumulated cash balance, in a county fund if the contracts have been signed using the county's financial backing as authority to sign the contract. Quarterly reports are required on projects as long as the account is open, even if the actual construction has been completed. Therefore, if an application is submitted for a project which will be completed by a specific date, but the cash flow projections show that the full amount of the funds will not be accumulated for an extended period of time after the completion, quarterly reports will still be required, which will provide an increase in the paperwork for the county and the school system. I strongly suggest that applications be timed so that the completion of the construction and the availability of the full funding are relatively close. This will also help on the financial records, which will be audited under the single-audit procedures until the project is cl, osed. If you have any questions, please-do not hesitate to contact me. WEST JONESST~EE¥--RAL~IGH 27603.e00s(919) 733-7061 I