BC 2017 04 18 Regular Meeting - Laserfiche WebLink

Home Browse Search

April 18, 2017 (Regular Meeting) Page 3094 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 (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 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 18th day of April, 2017. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board (F-2) Finance - Capital Projects to be Funded Through Medicaid Hold Harmless Funds and Capital Reserve Funds The County's annual Medicaid Hold Harmless funds came in $1, 481, 499.00 over budget for FY17. A list of one-time projects in the amount of $1, 035, 551.00 are attached that the County can fund with the excess Medicaid Hold Harmless collections. These projects were included in the department requests for FY18, however, they can be funded now. Two additional needs have been determined for our Capital Reserve Funds. Additional funds in the amount of $141, 264. 00 are needed for the warehouse purchase and renovation contingency. Additional funds in the amount of $640, 554.00 are needed to set aside for the purchase of land for a future elementary school for the Cabarrus County School District. UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and unanimously carried, the Board approved one time projects in the amount of $1, 035, 551.00 to be paid from excess Medicaid Hold Harmless funds and approved Capital Reserve funding in the amount of $141,264.00 for the warehouse project and $640, 554. 00 for the purchase of land for a future elementary school along with the two budget amendments and updates to five project ordinances to record the transactions. Date: 4/18/2017 Amount: $3,299,014.74 Dept. Head: Susan Fearrington Department: Finance-Capital Project Funds ❑ Internal Transfer Within Department 0 Transfer Between Departments/Funds ❑ Supplemental Request Purpose: As part of the FY18 budget process we need to set up the final FY17 projects being funded through the Capital Reserve Fund. This budget amendment will 1) provide funding for a $110,600 Warehouse purchase shortfall, $30,664 of additional Warehouse contingency and move the original $2,000,000 contribution to up-fit the warehouse from Fund 343 Construction and Renovation fund to Fund 369 Limited Obligation 2017 Fund setting up appropriate account numbers for tracking of expenditures and 2) Provide an additional $640,554 for the purchase of land for a new Cabarrus County School Elementary School. This funding will be added to our land bank funds of $517,196.74. All land funds for the new Elementary school will be moved to the LOBS 2018 Fund. Account Number Account Name Approved Budget I Inc Amount I Dec Amount I Revised Budget 34391950-9830-BUILD 10ther Improvements 1 $2,000,000.00 $2,000,000.00 $0.00