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<br /> AW
<br /> AGENDA ITEM � 24
<br /> MEMO
<br /> TO: Board of Commissioners, Orange County Y�fi
<br /> FROM: Neal Evans, Finance Director and Assistant County Manager
<br /> DATE: November 14, 1979
<br /> SUBJECT: Finances
<br /> The purpose of this memo is to reveiw certain financial matters in light
<br /> of last week's bond referendum while looking forward to decisions that will
<br /> be made in the near future.
<br /> Funding- of Current Capital Projects
<br /> There are sufficient funds, if several assumptions are made, to complete
<br /> Grady Brown and the Jail consistent with the Capital Improvements Program (CIP).
<br /> The primary assumption is that the $500,000 (or 60100) base commitment to
<br /> capital outlay will be maintained. A second assumption is that investment
<br /> income will be available from idle cash currently held for the Grady. Brown
<br /> project.
<br /> The chart below shows the distribution of cost and resources modifying
<br /> only slightly, the CIP. $10,734 have been added for Council on Aging equipment
<br /> and $35,204 in revenue from the related grant. The contingency is reduced
<br /> by $35,466 to cover change orders already made leaving a current contingency
<br /> for Grady Brown of $174,534. Of course, $70,000 for parking is still available.
<br /> Appropriated Additional Requirements
<br /> Projected Costs Total To Date 1979-80 1980-81
<br /> Jail 851,680 42,500 402,ODO 407,180
<br /> Grady Brown 2,321,234 2,079,088 242,146 -0-
<br /> TOTAL 3,172,914 2.121,588 644,146 407,180
<br /> Resources
<br /> County
<br /> Appropriations 3,086,206 2,069,500 500,000 516,706
<br /> Grants 35,204 35,204 -0- _0-
<br /> Contingency 8,745 8,745 -0- -0-
<br /> Interest 42,759 -0- 42,759 -0-
<br /> Total 3,172,914 2,113,449 542,759 516,706
<br /> In addition to the above resources, there should be about $15,000 more
<br /> available in interest funds sufficient to provide for the renovation of Social
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