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Agenda - 12-13-2011 - 5h
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Agenda - 12-13-2011 - 5h
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Last modified
2/21/2012 1:04:38 PM
Creation date
12/9/2011 12:38:35 PM
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BOCC
Date
12/13/2011
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5h
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Minutes 12-13-2011
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2011
ORD-2011-044 Fiscal Year 2011-12 Budget Amendment #5
(Message)
Path:
\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2011
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Chapel Hill-Carrboro City Schools (CHCCS) Elementary #11 Capital Project Ordinance <br />9. At its November 15, 2011 meeting, the Board of County Commissioners reviewed and <br />discussed information related to the funding and construction of CHCCS Elementary <br />#11. The Approved FY 2011-12 General Fund Operating Budget and the FY 2011-16 <br />Capital Investment Plan (CIP) included a combined funding amount of $1,163,196 for <br />Elementary #11. This funding was comprised of $500,000 in the CIP for abatement and <br />deconstruction costs of the existing building, and an additional $663,196 reserved in the <br />General Fund Operating Budget to fund any excess deconstruction costs of the existing <br />building on the property. <br />This budget amendment provides for the budgeting of the $500,000 in debt financing, <br />transfers the $663,196 from a debt service reserve account within the General Fund to <br />the Elementary #11 School Capital Project, and amends the capital project ordinance as <br />stated below. A capital project ordinance for the financing portion of the school <br />construction, estimated at approximately $20,575,000, will be included at a future BOCC <br />meeting. (See Attachment 1, column #7) <br />Additionally at its November 15, 2011 meeting, the Board of County Commissioners <br />requested a schedule of the steps required to complete the financing for Elementary <br />#11. Attached is a schedule of the steps required to issue the financing for the school <br />with three different timelines. All timelines are based on when CHCCS receives the <br />construction bids. (See Attachment 3) <br />CHCCS Elementary #11($1,163,196) -Project # 53051 <br />Revenues for this project: <br /> Current FY <br />2011-12 FY 2011-12 <br />Amendment FY 2011-12 <br />Revised <br />Lotte Proceeds $974,000 $0 $974,000 <br />Debt Financin $0 $500,000 $500,000 <br />From General Fund $0 $663,196 $663,196 <br />Total Pro'ect Fundin $974,000 $1,163,196 $2,137,196 <br />Appropriated for this proiect: <br /> Current FY <br />2011-12 FY 2011-12 <br />Amendment FY 2011-12 <br />Revised <br />Professional Services $974,000 $0 $974.000 <br />Construction $0 $1,163,196 $1,163,196 <br />Total Costs $974,000 $1,163,196 $2,137,196 <br />FINANCIAL IMPACT: Financial impacts are included in the background information above. <br />RECOMMENDATION(S): The Manager recommends the Board approve budget, grant, and <br />capital project ordinance amendments for Fiscal Year 2011-12. <br />
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