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REVISION — 6/15/10 <br />Abstract - Page 3 — Revision in Bold <br />Attachments 1 and 4 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 15, 2010 <br />Action Agenda <br />Item No. 4 - w <br />SUBJECT: Appropriate Funds to Existing County Capital Projects and Transfer Funds to <br />the County Capital Reserve Fund <br />DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Attachment 1: Recreation and Parks <br />Facilities — Twin Creeks <br />Park Capital Project <br />Ordinance <br />Attachment 2: Blackwood Farm Capital <br />Project Ordinance <br />Attachment 3: Homestead Community <br />Center Repairs Capital <br />Project Ordinance <br />Attachment 4: Lands Legacy Capital <br />Project Ordinance <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <br />Michael Talbert, (919) 245 -2153 <br />PURPOSE: To appropriate County Capital Fund Balance to provide $1,429,470 of funding for <br />four projects with a shortfall, and $200,000 to be transferred to the County Capital Reserve <br />Fund. <br />BACKGROUND: The Board of County Commissioners was presented a two year plan on <br />February 3, 2009 related to School and County Capital Projects. The plan was to fund a $5.9 <br />million dollar shortfall from the General Fund. A total of $4.2 million dollars has been <br />appropriated from the General Fund, $3.5 million in Fiscal Year 2008/2009 and $7 million in <br />Fiscal Year 2009/2010. The remaining $1.7 million was approved by the BOCC on May 18, <br />2010. <br />CURRENT SITUTATION: The Board first took action to implement the two -year plan to correct <br />the shortfall in the County Capital Projects Fund on February 3, 2009. After the initial <br />appropriation of $3.5 million from the General Fund, staff was given direction to take those <br />actions necessary to reallocate available funding to correct the project shortfalls. <br />Staff proceeded to reallocate resources between projects without the approval of the BOCC, <br />and these projects were closed once adequate funding was available at the end of Fiscal Year <br />2008/2009. This staff action left four County Capital projects with a shortfall of $1,429,470. <br />The shortfall did not exist before action was taken to close projects in Fiscal Year 2008/2009. <br />