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October 10, 2013 (Board Retreat) <br />Expenditures <br />Expendlf=as: <br />Current <br />Genara Gaommmert <br />PLM11C S3fv- -I <br />_: _ =sale 3. PlnYsl221 D_-A_ OPMEnt <br />''. =?l V F�ralza0an <br />FR&cr3llnn <br />)i�Gt :SEt+RG?= <br />P^ADZIFaI MCnesnEcst <br />InW -rest and 1E_s <br />Total expendgtlaEs <br />Ezzess i;13?1bvIE?Eiah',I. at re*ernms <br />u er unlerl expend bums <br />atnEl TiTIZ :ng SJOL Rs 1'uses;[ <br />Revised Admal %aT Re vised <br />ESI gst 4.masdnts Budget <br />24,1112AD2 <br />4,132,4 1 <br />17.14'._ <br />34.7 M.E34 <br />7,561,219 <br />2175'.': <br />5,,305J6: <br />4G1,3E3 <br />6.36 <br />311.23J <br />44 -3 <br />14.38 <br />«i 7Eti.932 <br />7,1C3,543 <br />13.2E <br />E2,692.A S4 <br />14,618,541 <br />4,715.263 <br />1,aE17,5E4 <br />2,432'. <br />25'985.535 29,E 0.11% <br />15A72,7 03 5,234, 33.53% <br />21 3:3„553 413,611,9M 1S. 1 % <br />;13.3:32,533.1 (7,4CC,SE0) 71.W% <br />rsiscs In <br />7,1361"397 <br />1,9E1,,546 <br />23.33'.0 <br />TrarsT' cat <br />1= ,.irx5 363` <br />1310,7101 <br />13.55?0 <br />Fvnd Ba - aece apFn:' =tedl <br />A 585.371 <br />- <br />0.OD% <br />Tat3l anertnane: sates f is es; <br />1 -2 i3 <br />1,3.1,_65 <br />15.23 0 <br />met wi2noe In ?.In3 n- i3ncaL = _ <br />Page 1770 <br />Mike Downs, County Manager, advised the 1 quarter revenues are <br />tracking closely to 25 percent and expenses are tracking where they should. <br />Chairman Poole spoke briefly on the vehicle tax and tag together <br />program. <br />Commissioner Presentation <br />Commissioner Oesterreich presented the following information relating <br />to his proposal for school development and job growth: <br />Priorities <br />1. Fund School Construction /Maintenance NEEDS <br />2. Grow Employment Opportunities <br />3. Stop the Cycle of Continuous New Debt <br />lementation of Priorities <br />1. Return to budget of total spending similar to FY 2010 and 2011; <br />approximately 200 to 205 million dollars <br />2. Use the difference between current spending levels and 2011 spending <br />levels to fund: <br />A. 12.5 million to reverse the tax increase and return to 63 cent tax <br />rate <br />B. 12.5 million to fund school construction /maintenance <br />3. Immediately use all non - allocated funds to begin school capital <br />improvement /maintenance (approximately 30 -35 million dollars) <br />Benefits of Plan <br />1. No New Debt. Cabarrus County currently owes $469,072,709 in principal and <br />interest. This obligation remains after staff used a unique economic <br />environment to refinance several debt obligations to reduce our principal <br />and also prepaid some debt obligations. If Cabarrus County borrows <br />another 100 -150 million dollars, Cabarrus County will owe more than it <br />ever has in its history and these efforts by the county staff to refinance <br />our debt for the benefit of our citizens will be wasted. A 100 -150 <br />million dollar bond will result in Cabarrus County owing approximately <br />half a billion dollars in principal alone. It is unlikely that Cabarrus <br />County will ever get out of debt if we move forward with this bond. <br />2. Reasonable Government Expenditures. A 200 -205 million dollar budget <br />provides more than sufficient funding; just two years ago this was our <br />budget. Only a decade ago, in 2004, our total budget was 130 million <br />dollars. A budget of 200 -205 million dollars represents a 54 percent to <br />