Agenda - 04-03-1978 - Laserfiche WebLink

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AGENDA ATTACHMENT VI March 30, 1978 .. „ Memo To: Orange County Board of Commissioners Q From: Neal Evans, Finance Director Subject: Proposed Budget Amendment The attached budget amendment makes numerous changes relating to the School Bond issue, a further distribution of funds previously appropriated for Central Dispatch, additional funds for liability insurance, and increased revenues and appropriations for the Housing Authority and the South Orange Fire District. -- -1_)._._School _.Bond changes:_ the School Capital Bud et is changed to reflect the actual amount remaining for each system at June 30, 1977 plus an additional $10,000 to cover allowable costs related to the bond sales. The $10,000 will come from interest accruing to that fund. An additional $152,550 for interest and $600 for fees will be re- quired for the June 1 , payment of interest on these bonds. The source of these funds is $61 ,360 in accrued interest from Dec. 1 , 1977, (the effective date of the bonds) paid by -the purchases, and $71 ,190 transferred from the General Fund. This General Fund amount will come from interest earned on investment of the bond proceeds prior to actual use. 2) The Central Dispatch amendments distribute a single line appropriation previously recorded to personnel . This now reflects the needs of the Center as' it has gone on line. 3) Civil Defense is similar in that the funds were not originally distrib.. uted among line items, except that $240 is added from miscellaneous revenues resulting from disposal of surplus property acquisitions. 4) An additional sum is proposed from contingency of $8,715 to cover additional costs for liability insurance. 5) The South Orange Fire District is exceeding its estimated collections by about $5,000. All collections for this District go directly to the Town of Carrboro. 6) The Section 8 Program contracted to the Chapel Mill Housing Authority has received revenues in excess of budget estimates which were con- servative based on the prior years experience. $155,000,.all from the federal grant,is required until the end of the year.