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