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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 28, 2008 <br />Action Agenda <br />Item No. 5 <br />_SUBJECT: Review of Capital Project Funds <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Sample Projects <br />INFORMATION CONTACT: <br />Gary Humphreys, 245-2453 <br />PURPOSE: To discuss issues related to the School and County Capital Project Funds. <br />BACKGROUND: In preparation for year end reconciliation, areview of the School and County <br />capital project funds revealed a difference in budgeted and actual revenues. The analysis was <br />limited to the information available in the MUNIS financial system which was implemented <br />during FY 2003. <br />In general, the differences in budgeted and actual revenues exist because: <br />1. Differences existing prior to the transition from the financial legacy system to MUNIS <br />business system in 2003 were never corrected; <br />2. Proceeds from past debt financings were set aside in an unallocated account or line item <br />instead of being allocated to specific projects; <br />3. Grant monies were budgeted and not awarded/received; <br />4. Total expenditures exceeded the project budget by varying amounts; <br />5. Specific projects were budgeted but monies were never transferred from the General <br />Fund; or <br />6. Bond monies to be issued are already budgeted but the revenue is not yet received. <br />Specific examples of the types of differences described above are presented on the Attachment. <br />Based on staff's internal analysis, $9.64 million in unencumbered revenues within the capital <br />project funds can be transferred to projects where there are shortfalls. This includes the $5.5 <br />million in Park Bonds which is fully committed. This will leave a revenue shortfall of $5.89 <br />million. The chart below summarizes the funds available and net shortfall by capital fund. <br />