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March 16, 2015 (Regular Meeting)
<br />direction in carrying out this project.
<br />Page 2331
<br />d. At the completion of a construction project, all unrestricted
<br />excess funds are transferred to the General Fund and the portion
<br />of the Capital Project associated with the project is closed.
<br />Adopted this the 16th day of March, 2015.
<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 />(G -5) County Manager - Update of Capital Reserve Project Ordinance and
<br />Related Budget Amendment
<br />Pam Dubois, Senior Deputy County Manager, stated at the March 2, 2015
<br />Board of Commissioners" work session, direction was given to update the
<br />Capital Reserve Project ordinance and related budget amendment to allocate
<br />funds to the Odell 3 -5 School Road Improvements ($527,326.25), to allocate
<br />funds to the Royal Oaks Elementary School surveying, geotechnical and Phase I
<br />expenditures ($30,000.00) and to release funds ($11,486,500.00) to be used
<br />for other county projects.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved the updated Capital Reserve Project
<br />Ordinance and related budget amendment.
<br />Date: 3/3/2015 Amount:$10,929,173.75
<br />Dept. Head:Susan Fearrington Department: Finance - Capital Reserve Fund
<br />© Internal Transfer within Department U Transfer Between Departments /Funds C1 Supplemental Request
<br />Purpose: This budget amendment commits $527,325.25 of Capital Reserve Funds for the Odell 3 -5
<br />School Road Improvements, $30,000 for the Royal oaks surveying, geotechnical and Phase I
<br />expenditures, and releases ($11,486,500) in funds to be used for other County projects.
<br />Account Number
<br />Account Name
<br />lApproved Budget
<br />Inc Amount
<br />Dec Amount
<br />lRevised Budget
<br />45097220 -9708
<br />Cont to Cap Proj Fd
<br />$41,255,871.56
<br />$10,929,173.75
<br />$30,326,697.81
<br />45097220 -9821
<br />113ullding Renovations
<br />$3,255,977.49
<br />$10,929,173.75
<br />1
<br />1$14,185,151.24
<br />Ordinance No. 2015 -09
<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 />D. The following appropriations are made as listed:
<br />Odell 3 -5 Elementary School
<br />Mt. Pleasant Middle School
<br />$45,074,750
<br />$398,000
<br />$307,142
<br />$45,779,892
<br />$18,471,492
<br />$2,000,000
<br />
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