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January 5, 2015 (Work Session) Page 2241
<br />Canada awarded a Certificate of Achievement for Excellence in Financial
<br />Reporting to Cabarrus County for its Comprehensive Annual Financial Report
<br />for the fiscal year ended June 30, 2013. This was the 29th consecutive year
<br />that Cabarrus County has received this prestigious award. She advised the
<br />department has also submitted for the current year's award. She then
<br />reviewed the CAFR for the fiscal year ended June 30, 2014, including the
<br />general fund balance sheet which identified assets of $83,588,436.00,
<br />liabilities of $7,160,875.00, deferred inflows of resources of $7,525,799.00,
<br />and total fund balance of $68,901,762.00. The net change in fund balance for
<br />the general fund totaled $(26,837,768.00) as identified on the Statement of
<br />Revenues, Expenditures and Changes in Fund Balance. She explained the fund
<br />balance calculation in excess of the 15 Percent Policy, stating adoption of a
<br />budget amendment and related project ordinances will be needed to appropriate
<br />these funds.
<br />Erica Brown, Audit Manager with Martin Starnes and Associates, gave a
<br />brief summary of the audit process with the county throughout the year and
<br />stated an unmodified audit opinion was issued. She expressed appreciation to
<br />county staff for their efforts throughout the audit process.
<br />A brief discussion ensued. During discussion, Ms. Fearrington
<br />responded to questions from the Board.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Honeycutt
<br />and unanimously carried, the Board suspended its Rules of Procedures in order
<br />to take action on this item.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Shue and
<br />unanimously carried, the Board accepted the Fiscal Year 2014 Comprehensive
<br />Annual Financial Report as presented; approved the budget amendment to the
<br />Capital Reserve Fund and adopted the Cabarrus County Capital Reserve Capital
<br />Project Budget Ordinance and the Cabarrus County Construction and Renovation
<br />Project Budget Ordinance.
<br />Date: 12 /31/2014 Amount: $2, 968,713.00
<br />Dept. Head: Susan Fearrington Department: Finance
<br />1_1 Internal Transfer within Department ❑ Transfer Between Departments /Funds 0 Supplemental Request
<br />Purpose: Transfer per 15% Fund Balance Policv based on 6 -30 -14 Audit.
<br />Account Number
<br />Account Name
<br />Approved Budget
<br />Inc Amount
<br />Dec Amount
<br />Revised Budget
<br />00191960 -9707
<br />Contribution to CRF
<br />$2,066,294.00
<br />$2,968,713.00
<br />$5,035,007.00
<br />00161960 -6901
<br />Fund Balance
<br />$2,066,294.00
<br />$2,968,713.00
<br />$5,035,007.00
<br />45067220 -6902
<br />Contribution from GF
<br />$42,106,036.91
<br />$2,968,713.00
<br />$45,074,749.91
<br />45097220 -9821
<br />Bldg & Renovations
<br />$1,165,136.49
<br />$2,968,713.00
<br />$4,133,849.49
<br />Ordinance No. 2015 -01
<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
<br />Statutes of North Carolina, the following capital project ordinance is hereby
<br />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
<br />capital 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
<br />Accounting 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
<br />Contributions from CVB
<br />Interest on Investments
<br />TOTAL REVENUES
<br />$45,074,750
<br />$398,000
<br />$307,142
<br />$45,779,892
<br />D. The following appropriations are made as listed:
<br />
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