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2011-2012. CHCCS will spend down the federal funds by retaining positions that are funded <br /> with state and local money. This would make the fund balance larger. <br /> Neil Pedersen then went over the Race to the Top Funding. The State received $400 <br /> million from the federal government under this program. The State will retain $200 million and <br /> $200 million will be going to school districts. A figure has not been received for Orange County. <br /> It should be based on the same formula as Title I funds. <br /> Neil Pedersen said that it was unknown how much the State was going to cut the school <br /> districts. He thinks that it will take a lot of collaboration between the three boards to get through <br /> this. <br /> Mike Kelly thanked the Board of County Commissioners and Orange County Schools for <br /> collaborating with them on the budget. He said that the CHCCS board would appreciate some <br /> feedback on how to use the Edu Jobs funds and whether a higher fund balance would present a <br /> problem. <br /> Tony McKnight thanked the Board of County Commissioners for its ongoing support for <br /> this district and underwriting the qualified school construction bonds for the C. W. Stanford <br /> auditorium. <br /> Chair Foushee said that she is speaking for herself, and she does not have a problem <br /> about CHCCS putting these funds in fund balance. She said that she would request that both <br /> schools boards track these Edu Jobs funds and other federal funds separately. <br /> Commissioner Jacobs said that he spoke with Congressman Price earlier this week and <br /> he thanked him from all of the three boards for pursuing these federal funds. <br /> Commissioner Jacobs said that, in reference to the five-year commitment for the sales <br /> tax, they all need to be flexible. <br /> Commissioner Gordon said that the approach taken by each school system is fine with <br /> her in using these federal funds. <br /> Neil Pedersen distributed 20th day projections, which are incorporated by reference. He <br /> said that the numbers are still growing. <br /> Frank Clifton said that the two superintendents and he meet regularly and the three <br /> staffs always work together. <br /> 4. County Update on Preliminary Outcome of FY 2009-10 Year-end Revenues and <br /> Expenditures <br /> Financial Services Director Clarence Grier reviewed General Fund — Preliminary <br /> Results for FY 2010, which was on page 16 of the agenda packet. <br /> General Fund — Preliminary Results for FY 2010 <br /> Attachment 4a— Fiscal Year 2010 Revenue <br /> - For Fiscal Year 2010, we received 99.6% of budgeted revenue. This resulted in a <br /> shortfall in budgeted revenue of approximately $800,000. <br /> - The shortfall varied among all categories of revenue. <br /> - Appropriated fund balance totaled $5.2 million consisting of: <br /> o $1.2 million in encumbrance carry forwards <br /> o $2.0 million in FY 2008-09 carry forwards <br /> o $1.7 million to balance County Capital Projects <br /> o $0.3 million for new programs <br />