Orange County NC Website
2 <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 Northem Human Service Center (now Cedar Grove) Park Ordinance 8C are being amended to <br />align revenues with expenditures by including the remaining funding from 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 5711,060 (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 577,634 <br /> " ". (e) Sewer Connection 517,634 <br />6A Soccer Su erfund (r) 2001 Bonds 52,000,000 (e) Transfer to other proj 52,000,000 <br />66 West Ten Soccer Com lex (r) Trensfer 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 57,000,000 <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 /> N it <br />(r) Transfer from other proj <br />;425,000 <br />(r) 2/3rds Bonds <br />633,426 <br /> " " (e) Construction 633 426 <br />8A Homestead A uatjcs (e) Contribution to Ch Hill 52,809,508 (e) Transfer to other proj 53,175,000 <br /> " (r) 2001 Bonds 5500,000 (r) Alternative Financing 5500,000 <br />86 Lands L ac (r Transfer from other proj ;1,750,000 (r) 2001 Bonds ;1,635,364 <br /> ~< <br />(e) Land S Associated Fees <br />52,825,300 <br />(e) Millhouse Rd Property <br />5300 <br /> " (e) Blackwood Property ;1,268,116 (e) Other ;1,408,897 <br /> " (e) Lewis Heartleaf Presve 51,145 (r) Alternative Financing ;2,800,000 <br />8C Northem Human Svc Ctr Park r Transfer from other ;500,000 (r) Alternative Financing 5500,000 <br />8D Southern Park (r) Transfer from other proj 5925,000 ((r) 2001 Bonds ;925,000 <br /> " (e) Contribution to Ch Hill 5365,492 <br />9 Bolin Creek Greenwa (r) Transfer from other proj ;75,000 ((r) 2001 Bonds ;75,000 <br /> Fund Total ;16,591,681 516,591,681 <br />