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May 15, 2017 (Regular Meeting) Page 3125 <br /> contracts. <br /> 10. The County Manager may reject formal bids when deemed appropriate <br /> and in the best interest of Cabarrus County pursuant to G.S. 143- <br /> 129 (a) . <br /> 11. The County Manager may reduce revenue projections consistent with <br /> prevailing economic conditions, and also reduce expenditures <br /> correspondingly. <br /> Section III. <br /> This ordinance and the budget documents shall be the basis of the financial <br /> plan for the County of Cabarrus. <br /> a. The Finance Director is hereby directed to maintain within the <br /> Capital Project Fund sufficient detailed accounting records to <br /> satisfy the requirements of the law. <br /> b. The Finance Director is directed to report, at the request of the <br /> Board, on the financial status of each project element in Section I <br /> and on the total revenues received or claimed. <br /> c. Copies of this capital project ordinance shall be furnished to the <br /> Clerk to the governing Board, and to the Finance Director for <br /> direction in carrying out this project. <br /> d. At the completion of a construction project, all unrestricted excess <br /> funds are transferred to the General Fund and the portion of the <br /> Capital Project associated with the project is closed. <br /> Adopted this the 15th day of May, 2017. <br /> CABARRUS COUNTY BOARD OF COMMISSIONERS <br /> BY: /s/ Stephen M. Morris <br /> Stephen M. Morris, Chairman <br /> ATTEST: <br /> /s/ Megan Smit <br /> Clerk to the Board <br /> Ordinance No. 2017-24 <br /> CABARRUS COUNTY CAPITAL RESERVE <br /> CAPITAL PROJECT 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 purpose of accumulating and <br /> appropriating funds specifically for future County and School capital <br /> projects. <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 /> Contributions from General Fund $69, 336,508 <br /> Contributions from CVB 573,771 <br /> Contribution from Capital Projects Fund 6, 600 <br /> Interest on Investments 415, 142 <br /> TOTAL REVENUES $70, 332, 021 <br /> D. The following appropriations are made as listed: <br /> Cabarrus County Schools mobile units (20) FY17 2, 400, 000 <br /> Cabarrus County Schools yellow buses (10) FY17 880, 000 <br /> Kannapolis City Schools yellow buses (5) 441,739 <br />