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2 <br />Carrboro High School is budgeted at $37,739,344. Funding of $4,342,000 was budgeted in the <br />project in June 2005 as transfers from the General Fund. These transfers were to be made over <br />three years in equal installments of $1,447,344. The transfer which should have been made in <br />the subsequent fiscal year 2005 -06 did not occur. In fiscal year 2007 -08 when the $1,447,344 <br />transfer was budgeted in the General Fund the project budget was also increased by that same <br />amount in error. Though the project budget reflects a $2,894,678 shortfall the amount actually <br />needed to fully fund the project is only $1,447,344. This project should be almost complete so <br />there is a possibility some unspent budget will remain to reduce amount needed. <br />Durham Technical Community College The Board budgeted and committed $4,588,000 toward <br />this project from alternative financing. There also was additional funding of $111,261 from a <br />CMAQ grant committed towards the funding of the park and ride lot. This grant has not been <br />awarded to the county. The amount of $20,020 was paid by the county for design costs over <br />and above the project budget. In order to replace the grant funds not received and fully fund the <br />project an additional $111,261 would need added to the project budget from another source of <br />funds. <br />Based on staff's internal analysis, unallocated revenues within the capital project funds can be <br />transferred to projects where there are shortfalls. This will leave a revenue shortfall of $5.9 <br />million. The chart below summarizes the funds available and net shortfall by capital fund. <br />Source of Funds <br />School Capital <br />County Capital <br />Project Fund <br />Project Fund <br />Additional Funds Needed <br />$8,430,000 <br />$9,291,944 <br />Unallocated Alternative Financing <br />$1,347,000 <br />Unallocated Bonds <br />907,000 <br />School Capital Reserve Funds <br />580,000 <br />From Closed Projects <br />455,000 <br />Interest Earnings <br />$ 875,000 <br />Revenue Available within Projects <br />2,136,255 <br />(Total Funds Available <br />$3,289,000 <br />$3,011,255 <br />$6,280,689 <br />Park Bonds to be issued to complete project funding <br />5,500,000 <br />Net Shortfall <br />1 $5,141,000 <br />1 $780,689 <br />Total Both Funds <br />1 $5,921,689 <br />Staff Proposal for Covering Remaining Shortfall <br />As stated earlier, $5.9 million in additional capital funding is needed to cover the shortfall. <br />Based on current year cash flow needs, at least $3.5 million of the shortfall is needed in the <br />current fiscal year. The remaining $2.4 million will be needed in FY 2009 -10. <br />Staffs analysis shows the majority of the remaining shortfalls resulted from differences between <br />the pay -as- you -go funds budgeted for projects in the two capital project funds and the amount of <br />money transferred to the two capital projects funds from the General Fund. Most of these <br />differences existed when the conversion to MUNIS was made. This means they occurred prior <br />to the end of fiscal year 2003 over one or more fiscal years. If those additional amounts of pay- <br />