BC 2010 03 15 Regular - Laserfiche WebLink

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March 15, 2010 (Regular Meeting) Pa e 1861 g that the decision will be rendered outside the 90-day period. Mr. Moretz said, "that is fine". He also responded to additional questions from the Board related to: the value associated with stamps on the deed; the value and amount paid for the foreclosure property; the response of the Raleigh attorney to reimburse the McAfees; etc. Following a brief discussion, Mr. Koch advised the requested information could be obtained by the Board's April meeting. UPON MOTION of Vice Chairman Poole, seconded by Commissioner Privette and unanimously carried, the Board tabled the request by Research City, LLC for a refund of ad valorem taxes paid on real property for $2,744.55 until the April 19, 2010 meeting. (G-3) Finance - Adoption of Revised Fund Balance Policy and Bud et Amendment Appropriating $2,000,000.00 to Self-Funded Insurance Funds Pam Dubois, Deputy County Manager, presented the following information related to a revision to the Board's Fund Balance Policy as set forth in Resolution No. 2005-17 and a budget amendment appropriating $2 million to the Internal Service Funds: Upon the completion of the Comprehensive Annual Financial Report, any undesignated fund balance above 15o will be transferred to the Capital Reserve Fund to reduce reliance on debt financing; or to the Self-Funded Hospitalization Fund, the Self-Funded Liability Fund or the Self-Funded Workers' Compensation Fund as required to maintain the integrity of those funds. Notwithstanding the requirements of items 1, 2 and 3 above, fund balance may be appropriated for any use in the general fund to overcome revenue shortfalls related to significant downturns in the economy. She directed the Board's attention to the fund balance calculation as set forth below and requested a $2 million transfer to the Internal Service Funds ($1 million - Hospitalization Fund; $1 million - Workers' Compensation Fund). She stated the remaining $7.1 million balance will remain in the General Fund for future use for flexibility in funding capital projects or addressing budgetary shortfalls that may be encountered during the budget process. Fund Balance Appropriations - June 30, 2009 Undesignated Fund Balance - June 30, 2009 $ 41,187,681 2010 Budgeted Expenditures - February 22, 2010 $200,783,175 Less 15% Fund Balance Policy $ 30,117,476 Fund Balance Above 15o Policy $ 11,070,205 Fund Balance Appropriated FY2010 (Uncompleted Projects FY 2009) ($ 1,895,031) Less Contribution to Self-Insured Funds ($ 2,000,000) Balance $ 7,175,174 UPON MOTION of Commissioner Privette, seconded by Vice Chairman Poole and unanimously carried, the Board adopted the following resolution and related budget amendment: Resolution No. 2010-09 Resolution Amending Resolution Number 2005-17 Adopted by the Cabarrus County Board of Commissioners on June 14, 2005 Whereas, the Cabarrus County Board of Commissioners adopted a resolution (No. 2005-17) to emphasize its commitment to preserve its AA bond rating by adopting certain fiscal management policies that were incorporated into the County's budget document in fiscal year 2006 primarily related to the use of fund balance; and Whereas, an economic downturn began in 2008; and Whereas, the recession has created unanticipated budgetary shortfalls; and Whereas, revisions to the "resolved items" in Resolution 2005-17 are requested to allow greater flexibility in certain budgetary circumstances; and