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February 18, 2013 (Regular Meeting) Page 1418
<br />collections and future collections estimated through June 30, 2013. The
<br />budget amendment also increases the interest income earned on the Capital
<br />Reserve Funds estimated through June 30, 2013. An updated Project Ordinance
<br />is also included for approval based on the increase in the budget.
<br />UPON MOTION of Vice Chairman White, seconded by Commissioner Measmer
<br />and unanimously carried, the Board approved the following budget amendment
<br />and related Capital Reserve Project Ordinance:
<br />Date:1/17/2013 Amount:$240,000
<br />Dept. Head: Susan Fearrington, Asst. Finance Director Department: Finance- Capital Reserve Fund
<br />❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds Q supplemental Request
<br />Purpose: On July 18, 2011 the Cabarrus County Commissioners and the Cabarrus County Convention &
<br />Visitors Bureau (CVB) agreed to increase the amount of Occupancy tax collection withholding from
<br />1.5% to 10`-'x. This 10% is withheld from the gross Occupancy tax prior to submission to the CVB. Of
<br />the 10% withholding, 5% is placed in the Capital Reserve Fund and is to be used for future
<br />Facility /Field expansion and improvements for the Active Living and Parks Department. The
<br />remaining 5% will be used for visitor related events and is included in the Cabarrus Arena &
<br />Events Center's Annual Budget. This budget amendment increases the budget for the collection of
<br />the 5% Capital Reserve portion of funds to incorporate the past collections and future
<br />collections estimated through June 30, 2013. This budget amendment also increase the interest
<br />income earned on the Capital Reserve Funds estimated through June 30, 2013.
<br />Account
<br />Number
<br />Account
<br />Name
<br />Approved
<br />Budget
<br />Inc.
<br />Amount
<br />Dec
<br />Amount
<br />Revised
<br />Budget
<br />45068140 -6923
<br />Contribution CVB
<br />$175,000.00
<br />$223,000.00
<br />$398,000.00
<br />45098140 -9708 -PARKS
<br />Cont to Cap Proj -Parks
<br />$175,000.00
<br />$223,000.00
<br />$398,000.00
<br />45067220 -6701
<br />Interest Income
<br />$269,142.00
<br />$17,000.00
<br />$286,142.00
<br />45097220 -9821
<br />Building /Renovations
<br />I $2
<br />$17,000.001
<br />1 $2,744,556.49
<br />Ordinance No. 2013 -04
<br />CABARRUS COUNTY CAPITAL RESERVE
<br />CAPITAL PROJECT ORDINANCE
<br />BE IT ORDAINED, by the Board of County Commissioners of the
<br />County of Cabarrus, North Carolina, that, pursuant to Section
<br />13.2 of Chapter 159 of the General Statutes of North Carolina,
<br />the following capital project ordinance is hereby adopted:
<br />Section 1. The project authorized is for the purpose of
<br />accumulating and appropriating funds specifically for future
<br />County and School capital projects.
<br />Section 2. The officers of this unit are hereby directed
<br />to proceed with this project within the terms of the Generally
<br />Accepted Accounting Principles (GAAP) and the budget contained
<br />herein.
<br />Section 3. The following budgeted amounts are appropriated
<br />for the projects:
<br />Capital Improvement Projects:
<br />School Projects $10,639,297
<br />County Facility Projects $12,707,810
<br />Park Projects /CVB $ 398,000
<br />Park Projects $ 6,045,282
<br />Tower /Communication Projects $ 2,172,000
<br />Other County Capital Projects $ 1,902,552
<br />Community College Renovations $ 280,043
<br />Total $34,144,984
<br />Section 4. The following revenues are anticipated to be
<br />available to complete this project:
<br />Contributions from the
<br />Contributions from CVB
<br />Interest on Investments
<br />General Fund
<br />$33,460,842
<br />$ 398,000
<br />$ 286,142
<br />Total
<br />$34,144,984
<br />Section 5. The Finance Officer is hereby directed to
<br />maintain within the Capital Projects Fund sufficient detailed
<br />accounting records.
<br />
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