BC 2018 05 21 Regular Meeting - Laserfiche WebLink

Home Browse Search

May 21, 2018 (Regular Meeting) page 3551 Copies of this capital project ordinance shall be furnished to the Clerk to the governing Board, and to the Finance Director for direction in carrying out this project. d. At the completion of a construction project, all unrestricted excess funds are transferred to the General Fund and the portion of the Capital Project associated with the project is closed. Adopted this 21st day of May, 2018. CABARRUS COUNTY BOARD OF COtMiISSIONERS BY: /S/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Angela Poplin Interim Clerk to the Board (G-5) County Manager - Presentation of the Proposed FY19 Cabarrus County Budget and Scheduling of a Public Hearing Mike Downs, County Manager, presented hard copies of the Proposed FY19 budget to the Board. He then presented the following budget message to the Board: Honorable Chairman and Members of the Cabarrus County Board of Commissioners: It is my honor to submit the recommended Cabarrus County General Fund Budget to you for fiscal year 2019 (FY19). Staff has prepared this budget in accordance with the General Statutes of North Carolina and the North Carolina Local Government Budget and Fiscal Control Act. Through responsible planning and budgeting, we've improved efficiencies, streamlined processes, leveraged partnerships and limited program expansion. The FY19 budget balances the demands of mandated services, growth management and the need for services that improve quality of life. This balance delivers an exceptional business and living environment that our residents and businesses have sought and expect of us. It is my recommendation that the Board of Commissioners consider the approval of a FY19 General Operating Budget of $254,971,311, which represents a 3.23 percent increase in spending from the FY18 adopted budget. Funding for the proposed FY19 budget requires an ad valorem rate of 72 cents. This will require an increase of 2 cents on the current tax of 70 cents, which the County was able to maintain over the last six fiscal years. Projections indicate ad valorem tax revenues will increase by $9,580,912 in FY19. This equates to projected growth of 6.2 percent in ad valorem taxes. While property tax revenues are expected to increase, sales tax revenues are projected to decrease by 3.37 percent, or $1,613,467. This is primarily due to the amount of sales tax refunds that occur in a given year. The median assessed home value in Cabarrus County is about $160,000. For these homeowners, the proposed increase of 2 cents equates to an additional $32 a year. The value of the increase will allow us to: Take on additional debt service for the construction of the new elementary school, installation of 20 mobile units and replacement of two HVAC units for Cabarrus County Schools. Additional debt service will fund the construction of Rowan- Cabarrus Community College's Advanced Technology Center and secure future property expansions at their South Campus. Continue to fund the increased cost in ongoing facility operations of both school districts as well as the community college. These costs include locally funded positions and their benefits, utilities, teacher supplements, charter schools, non - certified positions as well as other costs. The total increase for FY19 is $4,166,367, bringing the total current expense funding to $75,223,797. Included in the budget is the funding of 89 local teacher and principal positions to meet the need of