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<br />At the February 3, 2009, meeting the Board approved the County Manager's two year plan to
<br />address additional funding needs of the School and County Capital Project Funds. As part of
<br />this plan, on June 16, 2009 the Board approved amendments to capital project ordinances for
<br />projects which exceed the current project ordinance appropriations and made the corrections to
<br />the capital project ordinances. There were three project ordinances amended in this action on
<br />June 16, 2009 that replaced $1,700,000 of funding from 2001 bond proceeds with bond
<br />proceeds from alternative financing issued on April 24, 2009. The following three projects make
<br />up the $1,700,000 transfer between funding sources:
<br />Homestead Aquatics $ 500,000
<br />Cedar Grove Park 500,000
<br />Fairview Park 700,000
<br />Total $1, 700, 000
<br />The action of the Board on June 16, 2009 correctly funded these projects, but failed to reduce
<br />the budget of the Lands Legacy project by $1,700,000. All funds have been transferred and
<br />two of the projects are complete. Approval of a project ordinance amendment for Lands Legacy
<br />project budget for $1,700,000 as follows will correct the project's budget.
<br />Accounting System Conversion - 2003:
<br />Orange County moved to the MUNIS Financial Management System in 2003. When the
<br />balances for the Lands Legacy Project were brought forward into the new system, both the
<br />budgets and actual revenues and expenditures were $5,595 greater than the BOCC approved
<br />Capital Project Ordinance. The Capital Project Ordinance for Lands Legacy was never
<br />amended and needs to be increased by $5,595 to correct this error.
<br />Lands Legacy Project Budget:
<br />Project # 20011
<br />Revenues for this project:
<br /> FY 2010-11
<br />Revised FY 2010-11
<br />Correction FY 2010-11
<br />Revised
<br />Sales Tax & Dedicated
<br />Pro a Tax $3,516,016 ($3,516,016) 0
<br />1997 Bonds 2,700,000 $2,700,000 0
<br />2001 Bonds 5,250,000 $1,750,000 3,500,000
<br />2004 2/3's Net Debt 300,000 300,000
<br />2009 Alternative Financin 2,800,000 $1,700,000 1,100,000
<br />Grant Funds 421,950 421,950 0
<br />Transfer from Other Funds 2,241,611 1,131,159 1,110,452
<br />Total Project Fundin $17,229,577 $11,219,125 $6,010,452
<br />Appropriated for this project:
<br /> FY 2010-11
<br />Revised FY 2010-11
<br />Correction FY 2010-11
<br />Revised
<br />Land /Buildin $15,521,564 $11,219,125 $4,302,439
<br />Eno River Confluence Pro 250,000 250,000
<br />Kirb Pro a 1,458,013 1,458,013
<br />
<br />Total Costs $17,229,577 $11,219,125 $6,010,452
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