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<br />June 14; 2005 (Recessed Meeting)
<br />
<br />Page 229
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<br />by adopting the following additional fiscal management policies, that will be
<br />added to the County's budget document beginning with the 2006 fiscal year:
<br />
<br />1. Recurring, operational expenses of the county government will only be
<br />funded through recurring revenue sources;
<br />
<br />2. The County will maintain an undesignated fund balance equal to 15% of
<br />general fund expenditures; and
<br />
<br />3. Upon the completion of the annual audit of the County finances, any
<br />undesignated fund balance above 15% will be transferred to the capital
<br />reserve fund, where it will be used to reduce reliance on debt
<br />financing for capital projects, thereby saving taxpayers' money by
<br />reducing interest payments on financing instruments.
<br />
<br />Adopted this the 14th day of June, 2005.
<br />
<br />/s/ Carolyn B. Carpenter
<br />Carolyn B. Carpenter, Chairman
<br />Board of Commissioners
<br />
<br />ATTEST:
<br />/s/ Frankie F. Bonds
<br />Frankie F. Bonds, Clerk to the Board
<br />
<br />At the request of Vice Chairman Carruth, Pam Dubois, Deputy County
<br />Manager, again reviewed the mandated and discretionary services provided by
<br />the County and the tax rate equivalent for those services. She also
<br />responded to questions regarding the County's cash flow needs for the first
<br />six months of the fiscal year.
<br />
<br />UPON MOTION of Commissioner Juba, seconded by Vice Chairman Carruth
<br />with Commissioner Juba, vice Chairman Carruth and Chairman Carpenter voting
<br />for and Commissioners Privette and Freeman voting against, the Board set the
<br />tax rate at 63 cents; adopted the FY 2005-06 Budget, including those changes
<br />made since the preliminary budget was presented; and adopted the following
<br />Budget Ordinance.
<br />
<br />Ordinance No. 2005-05
<br />
<br />CABARRUS COUNTY
<br />BUDGET ORDINANCE
<br />FISCAL YEAR 2005-2006
<br />
<br />BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North
<br />Carolina:
<br />
<br />Section I. General Fund
<br />
<br />A. It is estimated that the following revenues will be available in the
<br />General Fund for the fiscal year beginning July 1, 2005, and ending
<br />June 30, 2006:
<br />
<br />Current Ad Valorem Tax Levy
<br />Other Taxes and Penalties
<br />Intergovernmental Revenue
<br />Permits and Fees
<br />Sales and Services
<br />Investment Earnings
<br />Other Revenue
<br />TOTAL REVENUES
<br />
<br />86,386,104
<br />30,482,750
<br />15,807,640
<br />5,081,950
<br />9,033,655
<br />700,000
<br />78,860
<br />147,570,959
<br />
<br />B. The following appropriations are made in the General Fund for the
<br />operation of the county government and its activities for the fiscal
<br />year beginning July 1, 2005, and ending June 30, 2006:
<br />
<br />General Government
<br />Cultural and Recreational
<br />Public Safety
<br />Economic and Physical Development
<br />Human Services
<br />Environmental Protection
<br />Education/School Debt
<br />Other Programs
<br />Other Debt Service
<br />TOTAL EXPENDITURES
<br />
<br />19,707,599
<br />3,390,347
<br />17,846,467
<br />5,211,924
<br />35,004,805
<br />220,866
<br />60,704,954
<br />1,147,428
<br />4,336,569
<br />147,570,959
<br />
<br />Section II. Cabarrus Arena and Events Center
<br />
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