BC 2018 11 19 Regular Meeting - Laserfiche WebLink

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November 19, 2018 (Regular Meeting) Page 3748 when the appropriate annual budget or capital project ordinance contains sufficient appropriated but unencumbered funds. 8. The County Manager may award and execute contracts which are not required to be bid or which G.S. 143-131 allows to be let on informal bids so long as the annual budget or appropriate capital project ordinance contains sufficient appropriated but unencumbered funds for such purposes. 9. The County Manager may execute contracts with outside agencies to properly document budgeted appropriations to such agencies where G.S. 153 A -248(b), 259, 449 and any similar statutes require such contracts. 10. The County Manager may reject formal bids when deemed appropriate and in the best interest of Cabarrus County pursuant to G.S. 143- 129(a). 11. The County Manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. Section III. This ordinance and the budget documents shall be the basis of the financial plan for the County of Cabarrus. a. The Finance Director is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Director is directed to report, at the request of the Board, on the financial status of each project element in Section I and on the total revenues received or claimed. c. 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 19th day of November, 2018. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Lauren Linker Clerk to the Board (F-5) Finance - Transfer Balance of RCCC Advanced Technology Building Capital Reserve Funding - $713,545 The remaining Capital Reserve funding is needed for the RCCC Advanced Technology Building. To date, $2,010,939 in Capital Reserve funding of the total $2,724,484 allocation has been provided for this project. Due to timing of this project, we are now transferring the remaining $713,545 allocation. This amount represents $130,604 for Engineering and $582,941 for furniture and equipment. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board approved the transfer of $713,545 from the Capital Reserve Fund to the Limited Obligation Bonds 2018 Fund for the RCCC Advanced Technology Building and approved the associated budget amendment and project ordinances. (This space intentionally left blank.)