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March 20, 2017 (Regular Meeting) Page 3060
<br /> Date: 3/20/2017 Amount: $4,000,000
<br /> Dept. Head: Susan Fearrington Department: Finance - LOBS 2017
<br /> ❑ Internal Transfer within Department ❑ Transfer Between Departments/Funds Q Supplemental Request
<br /> Purpose: The Capital Reserve Fund will advance fund $4,000,000 of the new Warehouse purchase until
<br /> the Limited Obligation Bond (LOBS 2017) proceeds have been received. A Reimbursement Resolution for
<br /> this project was approved by the BOC on 3-20-17.
<br /> Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br /> 45097220-9821 Building & Reno $9,762,408.20 $4,000,000.00 $5,762,408.20
<br /> 45097220-9708 Cont to Cap Proj Fd $51,577,612.10 $4,000,000.00 $55,577,612.10
<br /> 36991950-9826 Building Acquisition $0.00 $4,000,000.00 $4,000,000.00
<br /> 36961950-6921 Cont from Cap Res Fd $0.00 $4,000,000.00 $4,000,000.00
<br /> Ordinance No. 2017-10
<br /> CABARRUS COUNTY
<br /> LIMITED OBLIGATION BONDS 2017 PROJECT
<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 of a Parking Deck.
<br /> Details of the project are listed in section C. 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 /> It is estimated that the following revenues will be available to
<br /> complete capital projects as listed.
<br /> General Fund Contribution $802, 000
<br /> Capital Reserve Contribution 12,565, 495
<br /> TOTAL REVENUES $13,367, 495
<br /> C. The following appropriations are made as listed.
<br /> Parking Deck Downtown Concord $1, 062, 000
<br /> New Cabarrus County High School 8, 086, 495
<br /> Performance Learning Center 219, 000
<br /> Warehouse 4,000, 000
<br /> TOTAL EXPENDITURES $13,367, 495
<br /> GRAND TOTAL - REVENUES $13,367, 495
<br /> GRAND TOTAL - EXPENDITURES $13, 367, 495
<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
<br /> 4. The County Manager is authorized to transfer funds from the General
<br /> Fund or Capital Reserve Fund to the appropriate fund for projects
<br /> approved within the Capital Improvement Plan for the current fiscal
<br />
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