BC 2016 06 20 Regular Meeting - Laserfiche WebLink

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June 20, 2016 (Regular Meeting) Page 2 &00 and in the best interest of Cabarrus County pursuant to G.S. 143- 129 (a). 11. The County Manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. Section III. This ordinance and the budget documents shall be the basis of the financial plan for the County of Cabarrus. a. The Finance Director is hereby directed to maintain within the Capital Projects Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section I and on the total revenues received or claimed. c. Copies of this capital project ordinance shall be furnished to the Clerk to the Governing Board, and to the Finance Director for direction in carrying out this project. d. At the completion of a construction project, all unrestricted excess funds are transferred to the General Fund and the portion of the Capital Project Ordinance associated with the project is closed. Adopted this 20th day of June, 2016. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board Date: 6/20/2016 Amount: $11, 697, 950 Dept. Head: Pamela S Dubois Department: 450 fund /Capital Prof Fds u Internal Transfer Within Department ❑ Transfer Between Departments /Funds II Supplemental Request Puroose: To allocate capital projects funding approved as part of the FY2017 Ludoet arocess. Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget 45097220 -9709 Cant Capital projects $36,032,772.81 $11,697,950.00 $47,730,722.51 45097220.9821 Build /Renovations $22,066,497.24 $11,697,950.00 $10,368,547.24 CABARRUS COUNTY CAPITAL RESERVE CAPITAL PROJECT BUDGET ORDINANCE Ordinance No. 2016 -26 BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section I. A. The project authorized is for the purpose of accumulating and appropriating funds specifically for future County and School capital projects. B. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. C. It is estimated that the following revenues will be available to complete capital projects as listed. Contributions from General Fund Contributions from CVB Contribution from Capital Projects Fund Interest on Investments $63,853,907 843,617 6,600 329,142 TOTAL REVENUES $65,033,266