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November 15, 2015 (Regular Meeting) Page 2586 7. The County Manager may enter into and execute change orders or amendments to construction contracts in amounts less than $90,000 when the appropriate annual budget or capital project ordinance contains sufficient appropriated but unencumbered funds. 8. The County Manager may award and execute contracts which are not required to be bid or which G.S. 143 -131 allows to be let on informal bids so long as the annual budget or appropriate capital project ordinance contains sufficient appropriated but unencumbered funds for such purposes. 9. The County Manager may execute contracts with outside agencies to properly document budgeted appropriations to such agencies where G.S. 153 A- 248(b), 259, 449 and any similar statutes require such contracts. 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 16th day of November, 2015. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board (F -5) Finance - Contractual Incentive Payment for SMG (Cabarrus Arena) The contract between Cabarrus County and SMG, the operator of the Cabarrus Arena and Events Center, includes annual incentive payments based on quantitative and qualitative measurements, as well as food sales volume. The attached documents details the calculations of the incentive amounts. This document has been reviewed by Finance staff and is in keeping with the contract. A budget amendment for the incentive payments is also included with this agenda item. UPON MOTION of Commissioner Honeycutt, seconded by Commissioner Mynatt and unanimously carried, the Board approved the incentive payments and adopted the associated budget amendment. Date: 10 /21/2015 Amount:$117,806.00 Dept. Head: Susan Fearrington Department .-Finance - Arena ❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds [9 supplemental Request Purpose: This budget amendment is to appropriate fund balance from FY2015 for the payment of Arena performance management frees to SMG Management Company. These fees are based off calculations that were agreed upon by management and are related to specific profitability and performance