Agenda - 05-11-2010 - 2 - Laserfiche WebLink

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FINANCIAL IMPACT: The appropriation of $1,739,270 from the General Fund has been anticipated since 2008 when the BOCC was presented a two year plan to fund the shortfall an will not have an impact in the current Fiscal Year. RECOMMENDATION(S): The Manager recommends the Board approve the appropriation of $1,739,270 in General Fund Balance to provide funding for 11 County Capital Projects that have a shortfall ACTION REQUESTED 2. Appropriate Solid Waste Fund Balance to provide funding for Lands Legacy. BACKGROUND: Same as Action #1 above. CURRENT SITUTATION: On December 11, 2007 the BOCC approved the purchase of 145 acres of land from Fred M. Kirby. Five acres of the total site was for a solid waste convenience center. The final cost of the project was $1,548,013, with $50,000 coming from the Solid Waste Fund. This $50,000 transfer was budgeted in Fiscal Year 2007/2008, but the transfer was never completed to the Lands Legacy Project and the funds lapsed into the Solid Waste Fund Balance. To complete funding for the Lands Legacy Project, an appropriation of $50,000 from the Solid Waste Fund Balance needs to be transferred to the Lands Legacy Project. FINANCIAL IMPACT: The appropriation of $50,000 from the Solid Waste Fund, while not planned for this fiscal year, will not have a significant impact on the operation of the Solid Waste Fund. RECOMMENDATION(S): The Manager recommends the Board approve the appropriation of $50,000 from Solid Waste Fund Balance to provide funding for Lands Legacy Project. ACTION REQUESTED 3. Establish a County Capital Reserve Fund for future County Capital needs BACKGROUND: On June 11, 2009 the Board of County Commissioners approved the establishment of a Reserve Fund for the proceeds from the sale of surplus property with 60% of the proceeds designated for the needs of older schools and 40% for County needs. As stated is North Carolina General Statute 159-18 Capital Reserve Funds; "A local government may establish and maintain a capital reserve fund for any purposes for which it may issue debt. A capital reserve fund shall be established by resolution or ordinance of the governing board which shall state (i) the purpose for which the fund is created, (ii) the approximate periods of time during which the moneys are to be accumulated for each purpose, (iii) the approximate amounts to be accumulated for each purpose, and (iv) the sources from which moneys for each purpose will be derived."