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<br />August 15, 2005 - Regular Meeting
<br />
<br />Page
<br />
<br />300
<br />
<br />Account No.
<br />45067220-6901
<br />Fund Balance
<br />45097220-9797
<br />Contribution
<br />
<br />Present
<br />Approved Budget
<br />$3,876,496.00
<br />Appropriated
<br />$1,000,000.00
<br />to Justice Center
<br />
<br />Increase
<br />$1,906.710.00
<br />
<br />Decrease
<br />
<br />Revised Budget
<br />$5,783,206.00
<br />
<br />$1,906,710.00
<br />
<br />$2,906,710.00
<br />
<br />BUDGET REVISION/AMENDMENT REQUEST
<br />
<br />DEPARTMENT OF FINANCE
<br />AMOUNT: $1,906,710.00
<br />TYPE OF ADJUSTMENT: Supplemental Request
<br />PURPOSE OF REQUEST: Acquisition of land for the construction of the Law
<br />Enforcement Center.
<br />
<br />Account No.
<br />34262130-6921
<br />Contribution
<br />34292130-9801
<br />Land Acquisition
<br />
<br />Present
<br />Approved Budget
<br />$1,000,000.00
<br />from Capital Reserve
<br />
<br />Increase
<br />$1,906,710.00
<br />
<br />Decrease
<br />
<br />Revised Budget
<br />$2,906,710.00
<br />
<br />$1,906,710.00
<br />
<br />$1,906,710.00
<br />
<br />ITEMS REMOVED FROM THE CONSENT AGENDA FOR DISCUSSION
<br />
<br />(F-8) Arena Construction Fund - Budget Amendment
<br />
<br />Commissioner Privette questioned the proposed budget amendment allocating
<br />Sales Tax and other miscellaneous revenues to the Arena Construction Fund. He
<br />asked if the designation of funds for "future expansion and renovations" at the
<br />Cabarrus Arena and Events Center included renovations for equestrian events.
<br />
<br />John Day, County Manager, explained the funds were not
<br />for a particular project and could be used for future
<br />improvements that the Board may choose to make at the Arena.
<br />
<br />being committed
<br />repairs and/or
<br />
<br />There was lengthy discussion regarding the Equine Feasibility Study for
<br />the Arena and Events Center that was presented by Glenn Petty at the August 8th
<br />work session. Items addressed during discussion included the estimated cost of
<br />$1.6 million for necessary improvements, funding source for the required
<br />renovations, the length of time to receive a return on the County's investment
<br />and the need for further study on equestrian events at the Arena.
<br />
<br />UPON MOTION of Vice Chairman Carruth, seconded by Commissioner Juba with
<br />Chairman Carpenter, Vice Chairman Carruth and Commissioner Juba voting for and
<br />Commissioners Freeman and Privette voting against, the Board agreed to
<br />designate the Sales Tax, Interest on Investments and Miscellaneous revenues to
<br />go into a fund for future expansion and renovations at the Cabarrus Arena and
<br />Events Center, which may include use for equestrian events, and adopted the
<br />following budget amendment:
<br />
<br />BUDGET REVISION/AMENDMENT REQUEST
<br />
<br />DEPARTMENT OF FINANCE
<br />AMOUNT: $276,786.00
<br />TYPE OF ADJUSTMENT: Supplemental Request
<br />PURPOSE OF REQUEST: A request is being made to budget the Sales Tax, Interest
<br />on Investments and Miscellaneous Revenues earned on the Arena Construction
<br />Fund. Funds will be used for future expansion and renovations at the Cabarrus
<br />Arena and Events Center.
<br />
<br />
<br />Present
<br />Account No. Approved Budget Increase Decrease
<br />34168310-6406 0.00 $13,997.00
<br />Sales Tax Refund
<br />34168310-6705 $194,588.00 $132,039.00
<br />Interest on Investment - COPS Financing
<br />34168310-6803 0.00 $130,750.00
<br />Miscellaneous Revenues
<br />34198310-9606 $184,154.00 $153.00
<br />Engineers
<br />34198310-9609 $370,267.00 $1,330.00
<br />Legal
<br />34198310-9820 $22,114,570.00 $275,303.00
<br />Construction
<br />
<br />Revised Budget
<br />$13,997.00
<br />
<br />$326,627.00
<br />
<br />$130,750.00
<br />
<br />$184,307.00
<br />
<br />$371,597.00
<br />
<br />$22,389,873.00
<br />
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