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<br />2) Correction of Funding Source -The County Capital Project Fund project ordinances listed
<br />below correct the method used to move funds from one project to another. In past years funds
<br />have been moved from one project to another by intrafund transfers. This is not "best practice° in
<br />the accounting industry and should not be done for the following reasons:
<br />1) Transfers are only to be used for budgeted movements between funds, not for budgeted
<br />movements within the same fund. The use of transfers within the same fund will result in an
<br />inflated figure for both the budgeted amount of money and the actual amount of money in the
<br />fund.
<br />2) The use of transfers between projects can obscure the actual source of funds being used to
<br />pay for any one project, thus making it difficult to track and properly account for the use of
<br />restricted fund sources such as debt financing and grants.
<br />The best practice is to reduce the funding source of the project from which funds are being moved.
<br />Conversely the project receiving additional funding will show an increase in its fund source. In the
<br />chart below, projects with the same number followed by a letter indicate those projects in which funds
<br />were first reduced (project "A") and then increased (project "B°), thus correcting the inappropriate
<br />"transfer" between projects.
<br />The current Project Ordinance budgets for Homestead Aquatics and Southern Park are also out of
<br />balance by offsetting amounts. Project ordinances 8A and 8D correct those balances.
<br />The Twin Creeks (Moniese Nomp) Park Project Ordinance 6C, Lands Legacy Project Ordinance 86
<br />and Northam Human Service Center (now Cedar Grove) Park Ordinance 8C are being amended to
<br />align revenues with expenditures by including the remaining funding ftom the April 2009 Alternative
<br />Financing and future financing.
<br />In addition, Central Recreation Repairs Ordinance 5A is being reduced by $51,060 to provide funding
<br />needed to cover over expended budgets in the Greenways Development project and Homestead
<br />Community Center project.
<br /> Capital Project Ordinance Account
<br />(r) revenue (e) expense Amount
<br />debit Account
<br />(r) revenue (e) expense Amount
<br />credit
<br />5A Central Recreation Re airs r) 2/3rds Bonds ;111,060 (e) Transfer to other proj ;60,000
<br /> " (e) Construction ;51,060
<br />5B Homestead Communi Ctr (r) Transfer from other proj ;60,000 (r) 2/3rds Bonds ;77,634
<br /> " "~ (e) Sewer Connection ;17,634
<br />6A Soccer Su rfund (r) 2001 Bonds ;2,000,000 (e) Transfer to other proj ;2,000,000
<br />66 West Ten Soccer Com lax (r) Transfer from other proj ;1,350,000 (r) 2001 Bonds ;1,350,000
<br />6C Twin Creeks Park (r) Transfer from other proj ;650,000 (r} Alternative Financing ;1,000,000
<br /> " (r) 2001 Bonds ;350,000
<br />7 Greenwa s Develo ment (r} 2001 Bonds ;575,000 (e) Transfer to other proj ;1,000,000
<br /> " (r) Transfer from other proj ;425,000 (r) 2/3rds Bonds ;33 426
<br /> " " (e) Construction ;33 426
<br />8A Homestead A uatics (e) Contribution to Ch Hill ;2,809,508 (e) Transfer to other proj ;3,175,000
<br /> " (r) 2001 Bonds ;500,000 (r) Alternative Financing 5500,000
<br />86 Lands L aG (r Transfer from other proj ;1,750,000 (r) 2001 Bonds ;1,635,364
<br /> (e) Land 8 Associated Fees ;2,825,300 (e) Hillhouse Rd Property ;300
<br /> " (e) Blackwood Pro
<br />party
<br />;1,268,116
<br />(e) Other
<br />;1,408,897
<br /> " (e) Lewis Heartleaf Presve 51,145 (r) Alternative Financing ;2,800,000
<br />8C Northam Human Svc Ctr Park r Transfer from other ;500 000 (r) Alternative Financing ;500,000
<br />$~ Southern Park (r) Transfer from other proj ;925,000 ((r) 2001 Bonds ;925,000
<br /> " (e) Contribution to Ch Hill ;365,492
<br />9 Boiin Creek Greenwa (r) Transfer from other proj ;75,000 ((r) 2001 Bonds ;75,000
<br /> Fund Total ;16,591,681 ;16,591,681
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