|
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 8B
<br />and Northern 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 $111,060 (e) Transfer to other proj $60,000
<br /> " (e) Construction $51,060
<br />5B Homestead Commun' Ctr (r) Transfer from other proj $60,000 (r) 2J3rds Bonds $77,634
<br /> " "~._ (e) Sewer Connection $17,634
<br />6A Soccer Su erfund (r) 2001 Bonds $2,000,000 (e) Transfer to other proj $2,000,000
<br />6B West Ten Soccer Com lex (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) Z/3rds Bonds $33 426
<br /> " " (e) Construction $33 426
<br />8A Homestead A uatlCS (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 $500.000
<br />8B Lands L ac (r Transfer from other proj $1,750,000 (r) 2001 Bonds $1,635,364
<br /> " (e) Land 8 Associated Fees $2,825,300 (e) Millhouse Rd Property $300
<br /> " (e) Blackwood Property 51,268,116 (e) Other $1,408,897
<br /> " (e) Lewis Heartleaf Presve $1,145 (r) Alternative Financing $2,800,000
<br />8C Northern Human Svc Ctr Park r Transfer from other ro $500,000 (r) Akemative Financing $500,000
<br />8U Southern Park (r) Transfer from other proj $925,000 ((r) 2001 Bonds $925,000
<br /> " " {e) Contribution to Ch Hill $365,492
<br />9 Bolin Creek Greenwa (r) Transfer from other proj $75,000 ((r) 2001 Bonds $75,000
<br /> Fund Total $16,591,681 $16,591,681
<br />
|