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June 17, 2013 (Regular Meeting)
<br />Page 1578
<br />Elizabeth F. Poole, Chairman
<br />ATTEST:
<br />/s/ Megan Smit
<br />Clerk to the Board
<br />(F -4) Finance - Capital Reserve Fund - Project Funding Adjustments and
<br />Write -off of Completed Project Funding
<br />The Capital Reserve Fund is a multi -year fund maintained to accumulate
<br />funds for County and School Capital Projects. For accounting purposes, as
<br />projects are approved or completed, the budgets are adjusted and the Project
<br />Ordinance is updated to reflect the changes. A budget amendment is attached
<br />to reduce the Capital Reserve Fund for projects that have been adjusted
<br />and /or completed in the net amount of $22,907,598.27. An updated Project
<br />Ordinance is also presented for approval, reducing the overall funding and
<br />making adjustments to the wording of the ordinance to match other Cabarrus
<br />County Project Ordinances.
<br />UPON MOTION of Vice Chairman White, seconded by Commissioner Burrage
<br />and unanimously carried, the Board approved the budget amendment and updated
<br />Capital Reserve Project Ordinance.
<br />Date :5 /24/2013 Amount:$22,907,598.27
<br />Susan Fearrington, Asst. Finance
<br />Dept. Head:Director Department: Finance - Capital Reserve Fund
<br />❑ Internal Transfer within Department ❑ Transfer Between Departments /Funds Q Supplemental Request
<br />Purpose: This budget amendment writes off several transfers to the General and other Capital
<br />Projects Funds for closed projects while maintaining only the history of active projects. This
<br />budget amendment is being done for accounting purposes only by following Section III d. of the
<br />Capital Reserve Capital Project Ordinance.
<br />Account Number
<br />Account Name
<br />Approved Budget
<br />Inc Amount
<br />Dec Amount
<br />Revised Budget
<br />45097220 -9704
<br />Cont to General Fund
<br />$3,291,830.04
<br />$2,867,005.04
<br />$424,825.00
<br />45097220 -9708
<br />Cont to Cap Proj Fd
<br />$27,265,378.79
<br />$20,040,593.23
<br />$7,224,785.56
<br />45067220 -6902
<br />Cont from Gen Fd
<br />$33,460,841.18
<br />$22,907,598.27
<br />$10,553,242.91
<br />Ordinance No. 2013 -12
<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 />County Facility Projects
<br />Park Projects
<br />Park Projects /CVB
<br />Other County Capital Projects
<br />Community College Renovations
<br />$10,553,243
<br />$398,000
<br />$286,142
<br />$11,237,385
<br />$6,331,633
<br />$3,243,573
<br />$398,000
<br />$984,136
<br />$280,043
<br />TOTAL EXPENDITURES $11,237,385
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