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July 18, 20116 (Regular Meeting) Page 2825 when the appropriate annual budget or capital project ordinance contains sufficient appropriated but unencumbered funds. 8. The County Manager may award and execute contracts which are not required to be bid or which G.S. 143 -131 allows to be let on informal bids so long as the annual budget or appropriate capital project ordinance contains sufficient appropriated but unencumbered funds for such purposes. 9_ The County Manager may execute contracts with outside agencies to properly document budgeted appropriations to such agencies where G.S. 153 A- 248(b), 259, 449 and any similar statutes require such contracts. 10. The County Manager may reject formal bids when deemed appropriate and in the best interest of Cabarrus County pursuant to G.S. 143- 129(x). 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 Project Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Director 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 associated with the project is closed. Adopted this the 16th day of July, 2016. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Ste hen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board Ordinance No. 2016 -32 CABARRUS COUNTY CAPITAL RESERVE CAPITAL PROJECT BUDGET ORDINANCE 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.