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June 20, 2011 (Regular Meeting) Page 489 BE IT ORDAINED, by the Board of County Commissioners of the County of Cabarrus, North Carolina, that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section 1. The project authorized is for the purpose of accumulating and appropriating funds specifically for future County and School capital projects. Section 2. The Capital Reserve Fund was, previously accounted for as a Special Revenue Fund. Under the direction of GASB 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Capital Reserve Fund shall now be reported as a Capital Projects Fund. The previous Capital Reserve Resolution adopted on March 15, 2010 is considered void. Section 3. The officers of this unit are hereby directed to proceed with this project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. Section 4. The following budgeted amounts are appropriated for the projects: Capital Improvement Projects: School Projects $18,969,089 County Facility Projects $13,226,980 Park Projects $ 6,866,415 Justice Center Projects $ 6,458,772 Tower /Communication Projects $ 2,172,000 Other County Capital Projects $ 1,726,382 Community College Renovations $ 280,043 Total $49,699,681 Section 5. The following revenues are anticipated to be available to complete this project: Contributions from the General Fund $44,708,301 Contributions from other Funds $ 2,600,266 Donations $ 120,383 interest on Investments $ 2,270,731 Total $49,699,681 Section 6. The Finance Officer is hereby directed to maintain within the Capital Projects Fund sufficient detailed accounting records. Section 7. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement to the General Fund should be made in an orderly and timely manner. Section 8. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section 4 and on the total revenues received or claimed. Section 9. Copies of this project ordinance shall be furnished to the Clerk to the Governing Board, and to the Budget Officer and the Finance Officer for direction in carrying out this project. Section 10. At the completion of the project, all unrestricted excess funds are transferred to the General Fund and the Capital Project Ordinance is closed. Section 11. The County Manager is hereby authorized to transfer revenues and appropriation within an ordinance as contained herein under the following conditions: a. The Manager may transfer amounts between objects of expenditures and revenues within a function without limitation. b. The Manager may transfer amounts up to $100,000 between functions of the same ordinance.