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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: January 22, 2009 <br /> Action Agenda <br /> Item No. (D-G <br /> SUBJECT: Capital Project Funding <br /> DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Gary Humphreys, 245-2453 <br /> PURPOSE: To approve a plan addressing additional funding needs related to the School and <br /> County Capital Project Funds by appropriating fund balance of $3.5 million in FY 2008-09 and <br /> $2.4 million in FY 2009-10. <br /> BACKGROUND: As previously discussed with the Board at work sessions on October 28 and <br /> November 18, 2008, in preparation for year end reconciliation, a review of the School and <br /> County capital project funds revealed a difference in budgeted and actual revenues. In general, <br /> the differences in budgeted and actual revenues exist because: <br /> 1. Differences existing prior to the transition from the financial legacy system to MUNIS <br /> business system in 2003 were never corrected; <br /> 2. Proceeds from past debt financings were set aside in an unallocated account or line item <br /> instead of being allocated to specific projects; <br /> 3. Grant monies were budgeted and not awarded/received; <br /> 4. Total expenditures exceeded the project budget by varying amounts; <br /> 5. Specific projects were budgeted but monies were never transferred from the General <br /> Fund; or <br /> 6. Bond monies to be issued are already budgeted but the revenue is not yet received. <br /> Based on staffs internal analysis, unallocated revenues within the capital project funds can be <br /> transferred to projects where there are shortfalls. This will leave a revenue shortfall of $5.9 <br /> million. The following chart summarizes the funds available and net shortfall by capital fund. <br />