Agenda - 12-03-1979 - Laserfiche WebLink

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I• 4 Contingencies The obvious current source of funds for items of an emergency or contingent. nature is the contingency line item. There have been no amendments to that line approved to date, so it remains at $100,000. Some funds will be required for bond education, but less than $3,500. There are several other contingencies on the horizon including a major item of about $20,000 additional required for revaluation activities. 'This would have been available from the Revaluation Fund but the contract came in over the $250,000 estimated. There are 7z months left in the year, and the contingency amount is very small. Consequently, it should be reserved to the greatest extent possible. Funds Available Summary In addition to the jail and the Grady Brown building, there are several funding sources available at a cast to us in future years estimated as follows: Amount Cost Available 1980-1981 Future Years Net Debt Reduction Bonds 385,000 32,000 32,000(20) Financing Agreements 80,000 25,000 25,000(4) i Fund Balance Pool 800,000 800,000 -0- Contingency 75,000 -0- -0- Total 1,340,000 857,000 57,000 If all.of this were used the County would be broke, have to raise taxes 10� in 1980-81 for a maintenance budget, sell tax anticipation notes, and have no other contingencies. The most realistic approach is the net debt reduction bonds and the financing agreement which cast us less than two-thirds of a cent in 1930-31 1 present the other information only to answer the question "What else do we have available?" Finally, on funding, you will note the lack of comment on returning the question to the voters through another referendum. I have done so because I feel this is purely a political matter at this time. M tal Improvements Pr_ UYam It is also my recommendation that we being the preparation of the 1980-85 capital improvements program (CIP) as soon as possible. It was anticipated in the initial year that this would be an annual activity. With fewer resources available, it becomes even more important to have a long range capital plan. Following the organizational meeting of the new Chapel Hill Board it would be appropriate to have an initial meeting among the school boards and the commissioners. This timing is important so that the CIP can get well under way if not completed before serious consideration of the operating budget begins.