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May 19, 2014 (Regular Meeting) Page 2032 limitation. b. The Manager may transfer amounts up to $100,000 between functions of the same ordinance. c. The Manager may transfer amounts between contingency funds which are set aside for a specific project for budgetary shortfalls or upon the appropriate approval of a change order. d. The Manager may enter into and execute change orders or amendments to County construction contracts in amounts up to $90,000 when the project ordinance contains sufficient appropriated but unencumbered funds. Adopted this 19th day of May, 2014. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Elizabeth F. Poole Elizabeth F. Poole, Chairman ATTEST: /s/ Megan Smit Clerk to the Board (G -7) County Manager - Presentation of the Proposed FY15 Cabarrus County Budget and Scheduling of a Public Hearing Mike Downs, County Manager, announced the proposed FY15 budget will be distributed to the Board following the meeting, electronically and by hard copy, per the Boards' request. He requested the Board review the proposed budget over the next few weeks and send any questions they may have. He stated the budget process will begin at the May 27, 2014 budget work session and presented the following budget message to the Board: Honorable Chairman and Members of the Cabarrus County Board of Commissioners, I am pleased to submit to you the recommended Cabarrus County Operating Budget for fiscal year 2015. This budget was prepared in accordance with the General Statutes of North Carolina and the Local Government Budget and Fiscal Control Act. The Board of Commissioners' mission, vision, and strategic goals provided valuable structure and guidance in the preparation of this balanced budget. Included in this comprehensive document are the expected revenue projections and proposed operational expenses for the 2015 fiscal year. Beginning in October 2013, County staff worked together to implement a 360 degree review of the relevancy, effectiveness, and efficiency of all Cabarrus County programs and services. This review included research, evaluation and consideration of changes in staffing levels; and consolidation of departments, and privatization of programs and /or services. As in the past, some of these considerations are included in the proposed budget. At the core of this budget is a balance of identified public needs and general operations that will enable Cabarrus County to move forward in the best interest of our residents. I recommend for consideration a General Fund Budget of $209,684,590 which represents a 1.77 percent decrease in spending from the FY 2014 adopted budget. To fund the budget as proposed will require the adoption of an ad valorem tax rate of 70 cents. The proposed budget maintains existing levels or lower levels of spending in most departments and provides for growth in areas with increased service demands in order to meet the future needs of the County. Short -Term Economic and Operational Impact on the County Budget 1. We are fortunate that the economy is experiencing positive economic growth, which is estimated to increase ad valorem and sales tax revenues by $4 million in FY15. Based on past history of actual collections, projected estimates are less conservative than in the past. They do, however, meet the statutory requirements. We expect the change in sales tax regulations of the State to improve sales tax revenues; but