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December 18, 2017 (Regular Meeting)
<br />Page 3401
<br />CCS — 10 school buses $860,000
<br />CCS — New High School $2,988,350 (Arch & Engineering)
<br />CCS — New Elementary School $640,554 balance of Land need
<br />KCS — KMS FF&E and Technology $2,717,629
<br />KCS — Carver renovation $670,978
<br />KCS — Change orders for KMS $666,516
<br />RCCC — Advanced Tech Center $1,580,396 (Architect & owner's Costs)
<br />For FY 17:
<br />The biggest areas where Revenues were over budgeted amounts
<br />were in the areas of Property Tax ($5,977,686) and Sales Tax
<br />($2,173,471).
<br />-Property tax collection rate increased from prior year of
<br />98.19% to 99.05%, FY17 included the 2016 Tax Revaluation. There was
<br />also an increase in new construction and real estate improvements.
<br />-Sales tax revenues increased 7.62% to $46,608,890.
<br />The biggest areas where Expenditures were under budgeted amounts
<br />were in the areas of re -appropriations into the next fiscal year.
<br />There were $4,639,358 in uncompleted projects. Of this amount,
<br />$3,922,591 were in capital outlay and ane -time projects funds
<br />allocated for Cabarrus County Schools, Kannapolis City Schools and
<br />RCCC that were uncompleted at 6-30-17. County Departments were
<br />conservative in their spending resulting in an additional
<br />$7,297,110 of savings. The largest areas of savings were in 1) Human
<br />Services, $2,547,084 under budget, due to reduced expenses in
<br />Transportation, Economic Services and Child Welfare and 2) County
<br />salary and fringe expenses of $2,356,573 under budget, due to
<br />unfilled positions and turnover.
<br />Tom McNeish, Shareholder, Elliot Davis commented on the CAFR process and
<br />stated that the audit found Cabarrus County to be in good standing. CJ Palmer,
<br />Senior Manager, Elliot Davis was also in attendance.
<br />Ms. Fearrington requested approval of the 2017 CAFE, 15 Percent Fund
<br />Balance Policy budget amendment, and the related project ordinance.
<br />UPON MOTION by Commissioner Shue, seconded by Commissioner Kiger and
<br />unanimously carried, the Board accepted the Fiscal Year 2017 Comprehensive
<br />Annual Financial Report as presented and approved the related budget amendment
<br />and Capital Reserve Project Ordinance.
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<br />Ordinance No. 2017-74
<br />CABARRUS COUNTY CAPITAL RESERVE
<br />CAPITAL PROJECT 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 purpose of accumulating and
<br />appropriating funds specifically for future County and School capital
<br />projects.
<br />B. The officers of this unit are hereby directed to proceed with this
<br />
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