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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 20, 2011 <br />Action Agenda <br />Item No. ~~ <br />SUBJECT: Closing of County Capital Projects <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Attachment 1: FY 2010-11 Closed <br />County Capital Projects <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245-2453 <br />Michael Talbert, (919) 245-2153 <br />PURPOSE: To close seven completed County Capital Projects and close prior years' activities <br />in six active County Capital Projects. <br />BACKGROUND: The Comprehensive Annual Financial Report for June 30, 2010 has 86 <br />capital projects with activity in the County Capital Projects Fund. Over the past eight years, few <br />if any capital projects were closed even though many have been completed for several years. <br />On October 26, 2010, the Board was presented the second draft of a revised Five Year Capital <br />Investment Plan. The format was discussed and changes were requested to improve that <br />format and provide the Board with information that is necessary to make Capital Funding <br />decisions. One component of the Capital Investment Plan is to review active Capital Projects <br />and close projects as completed. <br />As of June 30, 2010, there are seven completed County Capital Projects that can be closed. <br />Attached is a detail schedule of completed projects with the total project budgets of $9,688,609 <br />to be closed, if approved by the Board. Revenues exceed expenditures by $6,300 and these <br />funds will be closed to County Capital Projects Fund Balance. <br />The County also funds County Capital Projects that have a scope of ten or more years and <br />have had significant activity over the past ten years. The funding sources for these projects <br />involve multiple funding sources, including Bond Issues and Pay-as-you-go funding. These <br />projects will be part of future Capital Investment Plans .and the projects will remain active. <br />Closing prior years' activities will improve accountability, transparency and understanding of <br />available balances. Attached is a schedule of six projects with the total project budgets of <br />$16,490,118 to be closed, if approved by the Board. <br />