BC 2007 12 17 Regular - Laserfiche WebLink

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December 17, 2007 (Regular Meeting) Account No. Approved Budget Increase 00165910-6606-9H $0.00 $2,713.00 Program Fees - 9H 00165910-6606-HORT $0.00 $50.00 Program Fees - Horticulture 00165910-6606-FCS $0.00 $310.00 Program Fees - Family Consumer Sciences 00195910-9945 $2,500.00 $3,073.00 Purchased Services $50.00 $310.00 $5,573.00 (G-4) Finance Department - Budget Amendment (Fund Balance Trana£er to Capital Reserve Fund per Board Policy) Upon the completion of the annual audit of the county finances, any undesignated fund balance above 15 percent will be transferred to the capital reserve fund, consistent with Board policy. There it will be used to reduce reliance on debt financing for capital projects, thereby saving taxpayers money by reducing. interest payments on financing instruments. The amount of the transfer is reduced by the amount of fund balance appropriated this fiscal year. Calculations for the $10,880,987.00 transfer to Capital Reserve are provided. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the following budget amendment: BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF FINANCE AMOUNT: $10,880,987.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: Transfer funds from the General Fund to the Capital Reserve Fund pursuant to County policy that upon completion of the annual audit of the County finances, any undesignated fund balance above 15 percent will be transferred to the capital reserve fund. Present Account No. Approved Budget Increase Decrease Revised Budget 00161710-6901 $2,956,796.00 $10,860,987.00 $13,337,783.00 Fund Balance Appropriated 00191960-9707 $0.00 $10,880,987.00 $10,880,987.00 Contribution to Capital Reserve Fu nd 95067220-6902 $0.00 $10,880,987.00 $10,880,987.00 Contribution from the General Fund 95097220-9821 $0.00 $10,880,987.00 $10,880,987.00 Building and Renovations (G-5) Resolution Approving Installment Contract Financing for Public School Projects in an Aggregate Principal Amount up to $63,000,000.00 This item was moved to New Business. See item H-8. (G-6) Approval of Engagement Letter for Underwritinc Services with UBS Securities, LLC Cabarrus County has engaged Joe Niggel of UBS Securities, LLC for underwriting services for several years. The Board of Commissioners approved a resolution for a three-year term engaging UBS for underwriting services, which expires on December 31, 2007. The Finance department has been very pleased with the services provided by UBS and requests to continue the relationship into the future. An engagement letter contracting UBS's services for a three-year period with two one-year renewal options has been provided for consideration. There is no change in fees. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board approved the Engagement Letter for underwriting services with UBS Securities, LLC for the period of January 1, 2008 through December 31, 2010 and authorized the County Manager to execute the letter, subject to the County Attorney's review. (G-7) Addition to Liet of Brokers to Obtain Quotes for Investments Purposes as Required by G.S. 159-31 G.S. 159-31 requires the approval of all banks/brokers with which the County places investments. A request is being made to add FTN Financial Capital Markets to the broker list. This broker has requested to be added to the bid list and meets the investment policy criteria. Staff will be Page 648 Decrease Revised Budget $2,713.00