BC 2014 06 02 Work Session - Laserfiche WebLink

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June 2, 2014 (Work Session) Page 2061 Finance - Proposed Funding for Kannapolis Middle School Pam Dubois, Deputy County Manager, presented the following information relating to proposed funding for the Kannapolis Middle School. On March 17, 2014, the Board voted to allow Kannapolis City Schools to withdraw their bond resolution in exchange for a short -term financing of up to $23 million in FY 2015, for a term not -to- exceed 5 years for its middle school. In order to begin this process, the County needs to provide funding for the architect and engineering design of the new facility. At this time, the County has $1,319,000.00 of funds available to start this process and will have the balance of funds after the FY 2014 audit is completed. The $1,319,000.00 will come from fund balance in FY14 resulting in the release of two assignments of fund balance, $1,019,000.00 from internal service funds and $300,000.00 from environmental protection (landfill) . In order to meet the projected time frame of issuing the debt in March 2015, the design of the school needs to begin in June 2014. Paarth Mehta, Budget Analyst, provided handouts of answers to questions from the Boards' two previous budget meetings. In response to a question from the Board, Ann Wilson, Finance Director, stated the current estimate of fund balance available June 30, 2014 is $8,866,588.00.. Commissioner Oesterreich expressed support to provide $1,319,000.00 for the funding for the architect and engineering design of the new facility. Ms. Dubois explained the funding will come from fund balance. She advised the preference not to transfer excess funds until the books are closed. Finance - CCS Request for a Budget Revision for the New Northwest Area Elementary School Kelly Kluttz, Cabarrus County Schools (CCS) Chief Financial Officer, presented the following information relating to a request for a budget revision for the new northwest area elementary school. Cabarrus County Schools (CCS) is requesting a $337,000.00 budget reallocation for the New Northwest Area Elementary School. The request involves a reduction in the Contingency line item of $337,000.00 and increases to the Architect ($90,000.00), Engineering ($107,000.00), and Land ($140,000.00) line items.