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June 19, 2017 (Regular Meeting) Page 3207
<br /> Date: 6/19/2017 Amount: $1,002,630
<br /> Dept. Head: Susan Fearrington Department: Finance - LOBS 2017
<br /> ❑ Internal Transfer Within Department ❑ Transfer Between Departments/Funds S Supplemental Request
<br /> Purpose: This budget amendment records $1,000,000 of future debt proceeds and a corresponding Legal
<br /> Fee expenditure. The LOBS 2017 proceeds will be received in October 2017. Until that time several
<br /> contracts will need to be pre-audited. A pre-audit cannot be signed without a budget in place. This
<br /> budget amendment also reallocates $2,630 in Parking Deck Architect funds to the Land Acquisition
<br /> expenditure account to cover property taxes incurred at the Parking Deck land closing and for the
<br /> 2017 property taxes that will be owed in July 2017.
<br /> Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br /> 36960000-6918 Proceeds from LOBS $0.00 $1,000,000.00 $1,000,000.00
<br /> 36990000-9609 Legal Fees $0.00 $1,000,000.00 $1,000,000.00
<br /> 36991110-9607-DECK Architects $1;009,035.00 $2,630.00 $1,006,405.00
<br /> 36991110-9801-DECK Land Acquisition $260,000.00 $2,630.00 $262,630.00
<br /> Ordinance No. 2017-40
<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 $1, 083, 000
<br /> Capital Reserve Contribution 14, 866, 759
<br /> Debt Proceeds 11000, 000
<br /> TOTAL REVENUES $16, 949, 759
<br /> C. The following appropriations are made as listed.
<br /> Parking Deck Downtown Concord $1, 308, 000
<br /> New Cabarrus County High School 8, 086, 495
<br /> Performance Learning Center 414, 000
<br /> Warehouse 6, 141,264
<br /> Financing Costs 1, 000, 000
<br /> TOTAL EXPENDITURES $16, 949, 759
<br /> GRAND TOTAL - REVENUES $16, 949, 759
<br /> GRAND TOTAL - EXPENDITURES $16, 949, 759
<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 />
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