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ORANGE COUNTY. <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 11, 2008 <br />Action Agenda <br />Item No. 4 - h <br />SUBJECT: Capital Project Funding <br />DEPARTMENT: Finance <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />Gary Humphreys, 245-2453 <br />PURPOSE: To approve a plan addressing additional funding needs related to the School and <br />County Capital Project Funds by appropriating fund balance of $3.5 million in FY08-09 and $2.4 <br />million in FY 2009-10. <br />BACKGROUND: As previously discussed with the Board at work sessions on October 28th <br />and November 18th in preparation for year end reconciliation, areview of the School and <br />County capital project funds revealed a difference in budgeted and actual revenues. In general, <br />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 has not yet been <br />received. <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 following chart summarizes the funds available and net shortfall by capital fund. <br />