Agenda - 05-18-2010 - 4k - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 18, 2010 Action Agenda Item No. 4 " k SUBJECT: Appropriation of General Fund Balance to Fund Existing County Capital DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Clarence Grier, (919) 245-2453 Michael Talbert, (919) 245-2153 PURPOSE: To approve the appropriation of General Fund Balance to provide funding for County Capital Projects which have a shortfall. BACKGROUND: The Board of County Commissioners was presented a two year plan on February 3, 2009 related to School and County Capital Projects. The plan was to fund a $5.9 million dollar shortfall from the General Fund. A total of $4.2 million dollars has been appropriated from the General Fund, $3.5 million in Fiscal Year 2008/2009 and $.7 million in Fiscal Year 2009/2010. The remaining $1.7 million has not yet been appropriated from the General Fund. In February 2009 staff analysis showed that the majority of the remaining shortfalls resulted from differences between the pay-as-you-go funds budgeted for projects in the County Capital Projects Fund and the funds actually transferred to the individual projects. Many of these differences existed when the conversion to the MUNIS System occurred in 2003. As an accounting reminder, the Board will recall that the General Fund only has annual appropriations that when not expended at the end of each fiscal year, the remaining funds lapse into Fund Balance. The County Capital Projects Fund is established by a project ordinance and the funds only lapse when the project is complete and the project is closed. CURRENT SITUTATION: There are eleven County Capital projects that have individual existing budgets to receive transfers from the General Fund. To complete funding for these projects listed below, an appropriation of $1,739,270 from the General Fund Balance is needed.