BC 2016 09 19 Regular Meeting - Laserfiche WebLink

Home Browse Search

September 19, 2016 (Regular Meeting) Page 2883 Ordinance No. 2016 -37 CABARRUS COUNTY SCHOOL CONSTRUCTION DEBT FUND 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 construction and renovations of Public Schools. Details of the projects are listed in section D. of this Project Ordinance. 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. Capital Reserve Contribution General Fund Contribution Limited Obligation Bonds Public School Building - Lottery funds Interest Income TOTAL REVENUES D. The following appropriations are made as listed. Royal Oaks Elementary School Mt. Pleasant Middle School Kannapolis Middle School Legal Fees /Closing Costs TOTAL EXPENDITURES GRAND TOTAL - REVENUES GRAND TOTAL - EXPENDITURES Section II. $6,821,366 1,336,500 84,944,452 1,600,000 18,818 $94,721,136 $22,076,480 33,870,692 38,033,594 740,370 $94,721,136 $94,721,136 $94,721,136 A. Special appropriations to non - profit organizations shall be distributed after the execution of an agreement which ensures that all County funds are used for statutorily permissible public purposes. B. The County Manager or designee is hereby authorized to transfer appropriations within or between funds, or modify revenue and expenditure projections as contained herein under the following conditions: 1. The Manager may transfer amounts between objects of expenditure and revenues within a function without limitation. 2. The County Manager may transfer amounts up to $500,000 between functions of the same fund. 3. The County Manager may transfer amounts between contingency funds which are set aside for a specific project for budgetary shortfalls or upon the appropriate approval of a change order. 4. The County Manager is authorized to transfer funds from the General Fund or Capital Reserve Fund to the appropriate fund for projects approved within the Capital Improvement Plan for the current fiscal year. 5. Upon notification of funding increases or decreases to existing grants or revenues, or the award of grants or revenues, the Manager or designee may adjust budgets to match, including grants that require a County match for which funds are available. 6. The Manager or designee may adjust debt financing from estimated projections to actual funds received.