Agenda - 02-15-2011 - 7b - Laserfiche WebLink

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~-I~G~c hr~en-~" a 4 Capital Proiect Monitorinu and Administration Procedures I. Capital Proiect Ordinances Abstracts for the adoption of Capital Project Ordinances will clearly explain the purpose of the Capital Project, anticipated timeframe for the project, the revenue sources funding tfie project and the anticipated timing for receiving those revenue sources. Abstracts far Amendments to existing Capital Project Ordinances shall clearly state the reason for the amendment. Project Ordinances will be balanced as to revenue and expenditures. When funding is being moved from one project to another project the term "Transfer to other Project" and "Transfer from other Project" will not be used in Capital Project Ordinances to identify the Source of Revenue in a project or the use of funds. This type of account will not used in MUNIS. The original source of funds (ex. 2001 Bond Funds, AlterriatNe Financing, Transfer General Fund) will be maintained in order to properly idenfrfy and track the type of funds being used. This will also eliminate the use of transfers within the same fund which is not in accordance with Generally Accepted Accounting Principles (GAAP). 11. Contracts related to Capital Projects Departments should not proceed with a capital project until a Capital Project Ordinance is approved which provides adequate funding to proceed. Contracts related to capital projects which are brought to the Board of County Commissioners for approval will be reviewed by the Financial Services Budget Office to determine if there is currently a Capital Project Ordinance in place to totally fund the contract. If sufficient funds are not currently appropriated a Capital Project Ordinance or Amendment will be brought forward to fund the contract at the time the contract is presented to the Board for approval. I11.Reviewing Capital Proiect Activity Departments will be responsible for reviewing the information and financial activity on the Munis system related to their capital projects on a regular basis. Any potential problems identified or questionable transactions should be addressed on ~ a proactive basis. This would include such items as anticipated revenue that is not showing on MUNIS as being received, transactions on Munis for which there are questions, or project budget amounts which do not appear to agree with approved Project Ordinances. The Financial Services Department will review the Capital Project Funds quarterly. Project budgets in Munis will be reviewed by the Budget Office to insure that they agree with adopted ordinances and that budgeted project revenue and expenditures are equal. The projects will also be reviewed for indications of problems such as budgeted revenue which has not been received