ABC Board minutes 082614 - Laserfiche WebLink

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Orange County ABC Board Meeting Minutes Tuesday August 26, 2014 . Open Session 8/26/2014 Page 2 of 3 pages General Managers Updates: 1. Law Enforcement Report: This report is required by the NCABC. 2. Completed sale of 122 Hwy 70 East. The sale was completed for the old office and warehouse at 122 Hwy 70 East in Hillsborough with net proceeds of $313,220. 3. Carrboro Air Conditioning: The cost to replace the air conditioning at the Carrboro store will be $14,755. 4. Document Shredding: We are offering the opportunity to all Board employees to bring in any documents they would like to have shredded by Aug 29th. We are limiting it to 2 liquor size boxes and it is open to all employees and Board members. 4 Chapel Hill North Project update: Mike Hammersley with Corley Redfoot Architects reports that the Perkins Drive project has run into some issues. There has been a tremendous amount of unsuitable soil uncovered on the site that has made it necessary to have dirt to be trucked in to create a stable base for the concrete pad. A French drain has been installed underground to carry ground water away from the building pad. The town also decided that they want the storm drain system moved into the right of way instead of its existing place. The requirements were put in after all of the approvals and the project was put out for bid. AT&T has a line that runs on the property and has caused delays as it has to be dug up by hand to avoid severing the line. The cost for the first change order related to these items is $135,696. 5. Draft Audit: Rose Satterfield presented the 2013/2014 Budget to the board. She stated that all financials were in order. No mistakes were found during the audit and all management cooperated with the audit. 6. Budget Amendment: Mr. Jarvies made a motion to transfer the change in net positon/retained earnings from fiscal year 2014 ($624,517) from the Board’s operation account with Suntrust Bank to the Board’s capital account with Community One Bank, Ms. Tilley seconded the motion and the vote carried. Mr. Jarvies made a motion for the Board to pay the balance of the construction loan outstanding/debt service with Community One Bank ($1,069,002.32) with funds held by the Board in the capital account at Community One Bank, Ms. Tilley seconded the motion and the vote carried Mr. Jarvies approved the balance of the budget amendment as set out. (See attached), Ms. Tilley seconded the motion and the vote carried. 7. Consent Agenda: June 2014 a. Financial Reports: i. Comparative Statement of Net Assets ii. Comparative Revenue and Expenses for June 2014 and June 2013 iii Actual-to-Budget June 2014 iiii Actual-to-Budget year to date b. June 2014 and Year-to-Date Retail Sales Discussion was held Mr. Jarvies made a motion to approve the June 2014 Consent Agenda, Mr. Lassiter seconded the motion and the vote carried.