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December 19, 2011 (Regular Meeting) Page 889 As bank mergers and buy outs of smaller banks occur, the County needs to update its list of available depositories and banks with which the County may invest idle cash. Attached is the list of depositories with which the County deposits funds and banks with which the County invest idle funds. Approval of the updated list is requested for Cabarrus County banking and investments needs. UPON MOTION of Commissioner White, seconded by Vice Chairman Burrage and unanimously carried, the Board approved the revised list of depositories and banks as follows: Cabarrus County, North Carolina Updated December 5, 2011 Bank Official Depositories (1) Investments (2) Wells Fargo, formally Wachovia X X Sun Trust, formally Central Carolina Bank X X First Citizens $208.00 X Fifth Third, formally First Charter X X Farmers and Merchants $460,000.00 X Cabarrus Bank and Trust $20,000.00 X Bank of America $0.00 X BB &T X X Morgan Keegan $232.00 X Vining Sparks $1,000.00 X Bank of New York $0.00 X Regions Bank X X (1) Designated as Official Depositories per G.S. 159 -31. (2) Approved for Investing Purposes per G.S. 159 -30. (F -5) Finance - Budget Revision to Update Estimated Cost for the Cruse Means Project and Update the Overall Budget for the Incubator Farm A detailed evaluation of the Cruse Meats project and the established budget has taken place. Several budget items need to be adjusted for various reasons as summarized below. A revenue was budgeted for the acceptance of a $20,000.00 donation from Cruse Meats which will not take place. In exchange for this contribution, the Cruse's are purchasing various pieces of equipment for the facility that would have been purchased through the state grant. In evaluating the contract, no contingency funds were set aside in case changes occurred during the construction of the facility. Since this is not a typical brick and mortar facility, several changes have been made since the contract was signed that are necessary for a facility of this type. The funding established for the well water and waste water system construction needs to be increased by $75,000.00 in order to fund the total cost of both these water systems into the new facility and existing facility. Their location to the facility are essential based on surrounding property lines and the transportation of the livestock to the facility for harvesting. Staff will be available for any questions that may arise related to these issues. UPON MOTION of Commissioner White, seconded by Vice Chairman Burrage and unanimously carried, the Board adopted the following budget amendment: 12/19/2011 Amount:$82,772 Dept. Head:Pamela S. Dubois Department:ADFP - Cruse Meats Project ❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds Q supplemental Request Purpose: To establish funds needed to complete the Cruse Meats project and to update the budget for the Farm Project to the level of revenues collected to date. Also to appropriate General Fund monies for supply water in the amount of $75,000. Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget 46065410- 6701 -ADFP Interest on Investment $0.00 $208.00 $208.00 46065410- 6902 -WASTE Cont from Gen Fund $385,000.00 $75,000.00 $460,000.00 46065410- 6805 -ADFP Donations $20,000.00 $20,000.00 $0.00 46095410- 9301 -ADFP Office Supplies $1,000.00 1 $768.001 $232.00 46095410 - 9320 -ADFP Printing & Binding $1,000.00 $1,000.00 $0.00 46095410- 9605 -ADFP lConsultants $30,985.00 $505.00 $31,490.00 46095410- 9606 -ADFP JEngineers $15,000.00 $38,263.00 $53,263.00