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3 <br />1 Commissioner Foushee asked for staff to go back and look at the items flagged to <br />2 determine how much can be pulled to amount to the $275,000 to go towards the stabilization <br />3 projects and not use the bond funds for Twin Creeks. <br />4 <br />5 Chair Jacobs made reference to the Reserve for Future Land Purchases and if this <br />6 tracked purchasing conservation easements. Dave Stancil said that this fund is open-ended <br />7 and could be used for a lot of different types of land purchases. <br />8 Donna Coffey said that staff could bring afollow-up list of flagged items at the December <br />9 15t meeting. <br />10 <br />11 2. Review of Capital Project Funds <br />12 Financial Services Director Gary Humphreys made reference to the abstract and the <br />13 chart on the second page. The net shortfall amount was an estimate and is still about $780,000 <br />14 for county projects. The total of both funds (school capital and County capital project funds) is a <br />15 $5,921,689 shortfall. <br />16 Chair Jacobs said that there was some alarm at this at the last meeting and he asked <br />17 Gary Humphreys to explain this again. <br />18 Laura Blackmon said that the staff had a superintendents' meeting yesterday and the <br />19 same information was provided. <br />20 Gary Humphreys and Laura Blackmon walked through what happened and why there <br />21 was a difference between the budgeted and actual revenues during fiscal year 2003. <br />22 Commissioner Nelson said that a citizen asked him exactly what happened and who did <br />23 not do their job. Laura Blackmon said that there was a difference in a way some of the <br />24 accountings were done. On the one hand, it happened when the software was changed. She <br />25 does not think that there was any malfeasance. The money was there, but needed to be <br />26 accounted for. <br />27 Commissioner Nelson asked if the people who were responsible for this had left and <br />28 Laura Blackmon said that she would say yes. Commissioner Nelson said that people-are really <br />29 upset about this and he needs to be able to answer the questions about who is responsible. He <br />30 asked if there was still a plan to issue bonds to replace this $5 million. Gary Humphreys said <br />31 that it is not to replace money but to complete the park bond projects. Laura Blackmon said that <br />32 the bond monies have not been spent and the projects have not been completed. <br />33 Chair Jacobs said that he was struck by the goal of the 15% fund balance, which he <br />34 never recalls ordering. His sense is that somehow the fund balance was fluffed up so that it <br />35 looked larger than it was. <br />36 .Laura Blackmon said that it was her understanding that 15% was a target, but she did <br />37 not go back and research to see if the Board adopted that before she arrived. <br />38 Commissioner Gordon and Commissioner Foushee spoke in support of some type of <br />39 internal control so that this does not happen again. <br />40 The issue of the revenue shortfall will come back to the Board as a separate package, <br />41 along with policies and procedures, which will take some time to develop. <br />42 <br />43 3. Properties Subject to Potential Divestiture <br />44 The Board decided to address this another time, but Commissioner Nelson had some <br />45 questions. <br />46 Commissioner Nelson said that it would help him if there were recommendations about <br />47 which properties the staff thinks are worthwhile to keep and divest. <br />48 <br />49 4. Presentation of Schools' 2009-19 Capital Investment Plan <br />50 -Chapel Hill-Carrboro City Schools <br />51 <br />