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June 20, 2016 (Regular Meeting)
<br />Page 2804
<br />request for design changes at Royal Oaks Elementary in the amount of $21,600.00
<br />and authorized the Finance Director to prepare the budget revision using
<br />contingency from the capital reserve fund and prepare the project ordinances.
<br />Date-6/20/2016 Amount:$21,600
<br />Dept. Head: Susan Fearrington Department: Finance
<br />❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds ® supplemental Request
<br />Purpose: This budget amendment records the Capital Reserve funding for $21,600 of design changes
<br />at Royal Oaks Elementary for the STEAM magnet program. The funds are being taken out of 7contingency
<br />held in the Capital Reserve Fund for ROES. The contincTencv balance for ROES will now be $528.400.
<br />Account Number
<br />Account Name
<br />Approved Budget
<br />Inc Amount
<br />Dec Amount
<br />Revised Budget
<br />36867305 -9607
<br />Architects -ROES
<br />$950,500.00
<br />$21,600.00
<br />$972,100.00
<br />36867305 -6921
<br />Cent fr CRG -ROES
<br />$1,992,600.00
<br />$21,600.00
<br />$2,034,200.00
<br />45097220 -9708
<br />Cont to Cap Proj Fd
<br />$47,730,722.81
<br />$21,600.00
<br />$47,752,322.81
<br />45097220 -9821
<br />Build /Renovations
<br />$10,368,547.24
<br />$21,600.00
<br />$10,346,947.24
<br />Ordinance too. 2016 -27
<br />CABARRUS COUNTY SCHOOL CONSTRUCTION DEBT FUND
<br />BUDGET ORDINANCE
<br />BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North
<br />Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes
<br />of North Carolina, the following capital project ordinance is hereby adopted:
<br />Section I.
<br />A. The project authorized is for the construction and renovations of Public
<br />Schools. Details of the projects are listed in section D. of this Project
<br />Ordinance.
<br />B. The officers of this unit are hereby directed to proceed with this
<br />capital project within the terms of the Generally Accepted Accounting
<br />Principles (GAAP) and the budget contained herein.
<br />C. It is estimated that the following revenues will be available to
<br />complete capital projects as listed.
<br />Capital Reserve Contribution $6,473,992
<br />General Fund Contribution 1,336,500
<br />Limited Obligation Bonds 84,944,452
<br />TOTAL REVENUES $92,754,944
<br />D. The following appropriations are made as listed.
<br />Royal Oaks Elementary School $21,781,200
<br />Mt. Pleasant Middle School 32,370,692
<br />Kannapolis Middle School 37,881,500
<br />Legal Fees /Closing Costs 721,552
<br />TOTAL EXPENDITURES $92,754,944
<br />GRAND TOTAL - REVENUES $92,754,944
<br />GRAND TOTAL - EXPENDITURES $92,754,944
<br />Section II.
<br />A. Special appropriations to non- profit organizations shall be distributed
<br />after the execution of an agreement which ensures that all County funds
<br />are used for statutorily permissible public purposes.
<br />B. The County Manager or designee is hereby authorized to transfer
<br />appropriations within or between funds, or modify revenue and
<br />expenditure projections as contained herein under the following
<br />conditions:
<br />1. The Manager may transfer amounts between objects of expenditure and
<br />revenues within a function without limitation.
<br />2. The County Manager may transfer amounts up to $500,000 between
<br />functions of the same fund.
<br />3. The County Manager may transfer amounts between contingency funds
<br />which are set aside for a specific project for budgetary shortfalls
<br />or upon the appropriate approval of a change order.
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