|
November 20, 2017 (Regular Meeting)
<br />Page 3361
<br />Tim Lowder, Cabarrus County Schools (CCS), Executive Director of
<br />Operations requested additional funds for the new elementary in Harrisburg,
<br />primarily due to the legislative mandated class size reductions.
<br />A discussion ensued. During discussion, Mr. Lowder and Susan Fearrington,
<br />Finance Director responded to questions from the Board.
<br />UPON MOTION by Commissioner Shue, seconded by Commissioner Kiger and
<br />unanimously carried, the Board approved $4,766,000 for additional funding for
<br />the new elementary school in Harrisburg, and authorized the Finance Director to
<br />prepare the appropriate budget revision and related Capital Project Ordinance.
<br />Date:
<br />11/20/2017
<br />Amount
<br />766,000.00
<br />Dept,
<br />Head:
<br />Susan Fearrin tort
<br />Department:
<br />Finance
<br />D Internal Transfer Within Department 0 Transfer Between Departments/Funds LJ Supplemental Request
<br />Purpose: The Cabarrus County Schools requested additional funding for the new Elementary School.
<br />Due to
<br />legislative changes and
<br />a omit trends, $4,000,000 will be incorporated into the County's
<br />next
<br />debt issue. $200,000 will
<br />be used for a utility
<br />extension and another $566,000 will be needed
<br />for increased
<br />Architectural and
<br />Engineering fees. The utility and Architectural and Engineering
<br />fees
<br />funding will come from available
<br />funds after
<br />the completion of the 6-30-17 audit based on the
<br />158 Fund
<br />Balance policy. The
<br />$766,000 will
<br />be allocated prior to the full available funds are
<br />transferred
<br />to the Capital Reserve Fund.
<br />Department/
<br />Fund
<br />Indicator
<br />Object/
<br />Account
<br />Approved
<br />Increase
<br />Decrease
<br />Revised
<br />Project
<br />Name
<br />Budget
<br />Amount
<br />Amount
<br />Budget
<br />001
<br />9
<br />1960-9708
<br />Contribution
<br />50,000.00
<br />766,000.00
<br />816,000.00
<br />to Capital
<br />Projects Fund
<br />001
<br />6
<br />1960-6901
<br />Fund Balance
<br />50,000.OD
<br />766,000.00
<br />816,000.00
<br />Appropriated
<br />370
<br />9
<br />7345-9607
<br />Architects -
<br />1,185,000.00
<br />566,000.00
<br />1,751,000.00
<br />New Elem
<br />School
<br />370
<br />9
<br />7342-98030
<br />t1lfty
<br />-
<br />200,000.00
<br />200,000.00
<br />Extensions -
<br />New Elem
<br />School
<br />Ordinance No. 2017-67
<br />CABARRUS COUNTY
<br />LIMITED OBLIGATION BONDS 2018 PROJECT
<br />BUDGET ORDINANCE
<br />BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North
<br />Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes
<br />of North Carolina, the following capital project ordinance is hereby adopted:
<br />Section I.
<br />A. The project authorized is for the construction and renovations of
<br />Public Schools. Details of the project are listed in section C. of
<br />this Project Ordinance.
<br />B. The officers of this unit are hereby directed to proceed with this
<br />capital project within the terms of the Generally Accepted Accounting
<br />Principles (GAAP) and the budget contained herein.
<br />It is estimated that the following revenues will be available to
<br />complete capital projects as listed.
<br />Capital Reserve Contribution
<br />Capital Project Fund Contribution
<br />General Fund Contribution
<br />TOTAL REVENUES
<br />C. The following appropriations are made as listed.
<br />RICO - Advanced Technology Center
<br />New Cabarrus County Elementary School
<br />TOTAL EXPENDITURES
<br />GRAND TOTAL - REVENUES
<br />GRAND TOTAL - EXPENDITURES
<br />$3,500,200
<br />517,197
<br />766,000
<br />$4,783,397
<br />$1,580,396
<br />3,203,001
<br />$4,783,397
<br />$4,783,397
<br />$4,783,397
<br />
|