Orange County NC Website
5 <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />4. Change in BOCC Regular Meeting Schedule for 2008 <br />Chair Jacobs suggested starting the transfer station meeting at 7:00 p.m. The Board <br />agreed. <br />Commissioner Nelson suggested starting the retreat at 9:00 a.m. <br />A motion was made by Commissioner Nelson, seconded by Commissioner Foushee to <br />approve amendments to the regular meeting calendar for 2008 by adding a: <br />- Public Comment Session on the siting of a Waste Transfer Station on Monday, <br />November 17th, 2008 at 7:00 p.m. at the McDougal Middle School, 900 Old <br />Fayetteville Road, in Carrboro, N. C. <br />- Siting a location for the BOCC Mini-Retreat, which will be held on Friday, November <br />14, 2008 from 10:00 a.m. to 4:00 p.m. at Camp Chestnut Ridge, 4300 Camp <br />Chestnut Ridge Road, Efland, N.C. <br />VOTE: UNANIMOUS <br />5. Review of Capital Proiect Funds <br />Laura Blackmon made reference to a memo from Financial Services Director Gary <br />Humphreys, which pointed out some discrepancies in the review of capital project funds. A bulk <br />of the difference was from before the conversion in 2003 to the MUNIS system. The <br />differences are related to accounting issues, mostly. In several cases, the projects were funded <br />and the debt was issued, but the monies were not transferred from the General Fund. Staff <br />spent most of the summer going through this. <br />In the School Project Fund, there was $1,347,000 of unallocated alternative financing <br />dollars that could be allocated to specific projects. There was some unallocated bond funds in <br />the amount of $907,000. The School Capital Reserve Funds had $580,000 and the Closed <br />Projects had $455,000. The additional funds needed totaled $8,430,000, so this brings the net <br />shortfall to $5,141,000. <br />The County's Capital Project included Parks Open Space Bonds to be issued of <br />$5,500,000 and interest earnings totaling $850,000. The additional funds needed totaled <br />$7,100,000, so the net shortfall is $750,000. The total net shortfall is $5,891,000. <br />The auditors are now looking at the financial statements from last year. Staff is <br />recommending that, if the $5,891,000 is needed, that it be transferred in from the fund balance. <br />Staff wants to bring back the projects that need to be taken off the books. <br />Commissioner Gordon asked to see all of the project ordinances at once. Laura <br />Blackmon said that the staff has spent all summer on this and Commissioner Gordon can come <br />in and look at the information. Most projects have been completed and need to be off the <br />books. <br />The Board asked for examples of the types of projects that were overspent. <br />- Window replacements, did not get all of the revenue that was expected <br />- Mechanical systems, CHCCS <br />- Triangle Sportsplex <br />Greenways <br />Laura Blackmon pointed out that if the fund balance were used for this balance, then it <br />would still be at 11.1 % of expenditures, and 15% is the target. <br />Commissioner Nelson verified that the County does not have $6 million in funds <br />available, but only the authority to issue the bonds. It is important that the public understands <br />this. <br />Laura Blackmon said that her recommendation in the future is that the County should <br />not get approval for huge bond issuances because it sets up an expectation that a project is <br />going to be done. Debt should only be issued when the project is ready to be done. <br />