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FebrUary 25, 2002 Page 286
<br />
<br /> Present
<br /> Account No. Approved Budqet
<br />00161710-6122 5,600,000.00
<br /> Sales Tax - ~ cent - A40
<br />00161710-6123 5,600,000.00
<br /> Sales tax - ~ cent - A42
<br />00161710-6403 2,560,000.00
<br />Inventory Tax
<br />00191920-9801-0450 724,050.00
<br /> Land Acq - Hotel Conf. Center
<br />00191920-9802 1,000 000.00
<br /> Road Construction
<br />00191910-9661
<br />Capital Reserve
<br />00193320-9762
<br />Corning Industries
<br />00193320-9763
<br />Dai Nippon
<br />00193320-9764
<br />Pass & Seymour
<br />00193320-9767
<br />Ameriserve
<br />00191920-9820-0161
<br />EMS Station #4
<br />00191920-9830-0444
<br />Landfill Reuse
<br />00191960-9708 1,400 000.00
<br /> Cont - Capital Projects Fund
<br />
<br />00191920-9820-0222 92,917.50
<br />Govt. Center Generator
<br />00191920-9820-0479 226,000.00
<br />GSA - Addition to Building
<br />00191952-9501-0189 32,000.00
<br />Govt Center Carpet Replacement
<br />00191952-9501-0454 42,500.00
<br /> Govt Center Bathroom Renovation
<br />00197110-9719 600,878.00
<br /> RCCC-Current Expense
<br />
<br />600 000.00
<br />1,869 842.00
<br />20 781.00
<br />64 761.00
<br />111 415.00
<br />132 362.13
<br />153 815.06
<br />
<br />Increase
<br />
<br />Decrease Revised Budqet
<br />1,155,840.00 4,444,160.00
<br />
<br /> 1,192,800.00 4,407,200.00
<br /> 961,182.00 1,598,818.00
<br /> 724,050.00 0.00
<br /> 250,000.00 750,000.00
<br /> 600,000.00 0.00
<br /> 208,139.00 1,661,703.00
<br /> 20,781.00 0.00
<br /> 44,565.00 20,196.00
<br /> 111,415.00 0.00
<br /> 75,000.00 57,362.13
<br /> 138,861.00 14,954.06
<br /> 825,000.00 575,000.00
<br /> 55,507.00 37,410.50
<br /> 211,000.00 15,000.00
<br /> 21,000.00~ 11,000.00
<br /> 20,000.00 22,500.00
<br /> 4,504.00 596,374.00
<br />
<br /> BUDGET REVISION/AMENDMENT REQUEST
<br />CAPITAL PROJECTS FUND
<br />AMOUNT: $825,000.00
<br />TYPE OF ADJUSTMENT: Supplemental Request
<br />PURPOSE OF REQUEST: To reduce expenditures to cover the short fall in sales
<br />tax revenue for FY 2002.
<br />
<br /> Present
<br /> Account No. Approved Budqet
<br />34061920-6902 5,353,808.69
<br />Cont. From General Fund.
<br />34091920-9830-0072 1,716,570.00
<br /> Stonewall Jackson Soccer Complex
<br />34091920-9830-0175 1,572,865.00
<br /> North Cabarrus Park
<br />
<br />Increase
<br />
<br />Decrease
<br />825,000.00
<br />
<br />325,000.00
<br />500,000.00
<br />
<br />Revised Budget
<br /> 4,528,808.69
<br />
<br /> 1,391,570.00
<br /> 1,072,865.00
<br />
<br /> Mr. Clifton gave an overview of FY 2003 revenue projections, including
<br />property tax revenues, local sales tax revenues, State reimbursements and
<br />expected revenue from the sale of two County properties (old fairgrounds
<br />property and current school administrative complex on Highway 29). He also
<br />outlined FY 2003 education expenditure priorities (i.e., current expense,
<br />capital outlay and new school start-up funding, etc.) and suggested delaying
<br />approximately $2.4 million in that school spending until scheduled
<br />reimbursement payments are received from the State. Further, Mr. Clifton
<br />discussed the FY 2003 financing of school construction and the Expo project,
<br />including the COP's to be sold in July 2002 for the five gyms, school
<br />administrative office building and the Expo project and the COP's to be sold
<br />in January 2003 for the three new schools. Also, he stated the Medicaid
<br />costs continue to increase with the County's match now estimated at
<br />$6,303,585.00 for FY 2003. Further, Mr. Clifton reported that other County
<br />budgets with the exception of the Expo (new item) would be flat or reduced
<br />for FY 2003. Finally, he reviewed methods available to reduce governmental
<br />expenditures.
<br />
<br /> There was brief discussion regarding the current method (ad valorem
<br />tax) for distributing local sales tax revenues. Mr. Clifton advised that the
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