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Auqust 18, 2008 (Regular Meeting) <br />CITY OF STANFIELD $0.00 <br />TOWN OF HARRISBURG $205.63 <br />TOWN OF MIDLAND - $158.11 <br />TOWN OF MT. PLEASANT $6,789.25 <br />ALLEN F/D $75,gg <br />COLD WATER F/D $91.23 <br />ENOCHVILLE F/D $54.83 <br />FLOWES STORE F/D $58.56 <br />GEORGEVILLE F/D $95.00 <br />GOLD HILL F/D $2.85 <br />HARRISBURG F/D $146.94 <br />JACKSON PARK F/D $9,22 <br />MIDLAND F/D ~ $71.83 <br />MT MITCHELL F/D $96.93 <br />MT PLEASANT F/D $316.38 <br />NORTHEAST F/D $138.71 <br />ODELL F/D $1,956.60 <br />POPLAR TENT F/D $0.00 <br />RICHFIELD F/D $0.00 <br />RIMER F/D $130.36 <br />WINECOFF F/D $0.99 <br />REFUNDS FOR THE MONTH OF: July 2008 <br />BREAKDOWN OF REFUNDS: <br />COUNTY $7,21 <br />CITY OF CONCORD $5.12 <br />CITY OF KANNAPOLIS $0.00 <br />CITY OF LOCUST. $0.00 <br />CITY OF STANFIELD $0.00 <br />TOWN OF HARRISBURG $0.00 <br />TOWN OF MIDLAND $0.00 <br />TOWN OF MT. PLEASANT $0.00 <br />ALLEN F/D $24.06 <br />COLD WATER F/D $0.00 <br />ENOCHVILLE F/D $0.00 <br />FLOWES STORE F/D $0.00 <br />GEORGEVILLE F/D $0.00 <br />GOLD HILL F/D $0.00 <br />HARRISBURG F/D $0.00 <br />JACKSON PARK F/D $0.00 <br />MIDLAND F/D $0.00 <br />MT. MITCHELL F/D $0.00 <br />MT. PLEASANT F/D $0.00 <br />NORTHEAST F/D $0.00 <br />ODELL F/D $0.00 <br />POPLAR TENT F/D $0.00 <br />RICHFIELD F/D $0.00 <br />RIMER F/D $0.00 <br />WINECOFF F/D $0.00 <br />(F-11) Tourism Authority - Draft Reserve Policv <br />Page 933 <br />$36.39 <br />County staff has worked with the Cabarrus Visitors Bureau (CVB) staff <br />to develop a reserve .policy. The amount that is recommended (17 percent) <br />requires the appropriation of $209,605.00 from last fiscal year's anticipated <br />fund balance. Since the CVB is no longer under the umbrella of the County, <br />it is recommended that_ a contract be developed specifying the details of the <br />relationship. - <br />RESERVE POLICY: <br />As provided in Session Law 1969-658, Section 2(c), "At the end of <br />each fiscal year, any funds of the Authority not expended, <br />obligated, or reserved, as approved by the County,. shall be <br />remitted to Cabarrus County for its use." <br />For purposes of avoiding cash-flow interruptions, to generate <br />interest income and to sustain operations during unanticipated <br />emergencies, a reserve equal to a minimum of 17~ of annual <br />operating expenditures is recommended. Funds in reserve will only <br />be used for those stated purposes. <br />The Tourism Authority may request approval from the Board of <br />Commissioners to use fund balance in excess of the 17~ reserve <br />for any purpose consistent with those found in SL 1989-658 <br />