BC 2010 05 17 Regular Meeting - Laserfiche WebLink

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May 17, 2010 (Regular Meeting) Page 1913 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 special revenue project ordinance is hereby adopted: Section 1. The special revenue project authorized is for the purpose of collecting and appropriating utility assessment fees for utility projects at the discretion of the Cabarrus County Board of Commissioners. Section 2. The Utility Fund was previously accounted for as a Capital Reserve Fund. Under the advice of the County auditors, the Utility Fund shall now be reported as a Special Revenue Fund. The previous Capital Reserve Utility Resolution adopted on June 19, 2006 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: Utility Improvement Projects $ 693,013 Section 5. The following revenues are anticipated to be available to complete this project: Assessment Fees Interest Income $ 598, 904 $ 94, 109 Section 6. The Finance Officer is hereby directed to maintain within the Special Revenue 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 3 and on the total revenues received or claimed. Section 9. Copies of this special revenue 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 Capital Reserve Fund and the Special Revenue 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 up to $100,000 between functions of the same ordinance. b. The Manager may transfer amounts between contingency funds which are set aside for a specific project for budgetary shortfalls or upon the appropriate approval of a change order. c. Upon notification of funding increases or decreases from state, federal, or previously approved grant resources, the Manager or Finance Director may adjust budgets to match. d. The Manager or Finance Director may adjust debt financing from estimated projections to actual funds received. Adopted this 17th day of May, 2010. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ H. Jay White, Sr.