Agenda - 06-26-1978 - Laserfiche WebLink

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CHAPEL ftL-CARRBORO CITY SCHOOLS y LINCOLN CENTER,MERRITT MILL ROAD CEEAPEL HILL,N.C. 2751+ ROBERT C. HANES,SUPERINTENIXNT TEf EPHONE 91SO67.8211 June 23, 1978 TO: Orange County Commissioners FROM: C rolyn Freeman G•1 SUBJECT: unappropriated Fund Balance Our Fund Bal�nce at June 30, 1976 totaled $516,476.83 (1975-76 Audit) Of this amount $25:3,436.16 was appropriated in the 76-77 budget. $263,040.67 was unappropriated. Our Fund Bal nce at June 30, 1977 totaled $502,025.76 (1976--77 Audit) Of-1—his amp' unt $178,501 .36 was appropriated in the 77-78 budget. $323,524.40 was unappropriated. In the past wo years, our audit will reveal that State Statute has forbidden us to approp iate a total of $233,655.24 of the $323,524.00. Of this amount $200,000 was an accounts receivable from the County. This is how our un- appropriated fund balance began 7 years ago. During the 778 school year, the commissioners have allowed us to transfer $140,198.00 pf our Current Expense Fund unappropriated Fund Balance to our Capital Outlay Fund in order to complete the Lincoln Center Bond Project. Our unappropriated Fund Balance was then $183,326.40. If you will note we are showi g in the 78-79 budget presented to you a projected Appropriated Fund Balance figure of 5208,326.40. This was derived in the following fashion: that approximmately 5% of our Current Expense budget be available for carry- over (or $175,000) and that we use $33,326140 of our unappropriated Fund Balance (for the 78--79 school year). We should then have an Unappropriated Fund Balance remaining of $150,000 at July 1 , 1978. Chapel Hill- arrboro City Schools have been housing the Chapel Hill Training Outreach Pro"ect for approximately 7 years. They are funded at the level of approximately $500,000 per year. This project involves numerous grants and contract annually. As ,you many know, contracts are negotiated on a cost reimbursable basis. Therefore, Chapel Hill-Carrboro City Schools is committed to loan to t e federal project $70,000 which is approximately one and one/half months of op rating funds throughout the year. Additional funds that were unappropriat d allowed us to operate during the summer months without having to ask the County Finance Officer for revenues which he probably would not have at that time. I feel this has helped the county as much as the school system as fal as revenue recQived from interest on investments. Please note In the 78-79 budget, Chapel dill-Carrboro City Schools does not have a line item for Contingency. We are hoping to receive funds over and above that w ich is budgeted in the current year, from the county, which we