HomeMy WebLinkAboutAgenda - 06-08-2010 - 2bORANGE COUNTY
BOARD OF COMMISSIONERS
• ACTION AGENDA ITEM ABSTRACT
Meeting Date: June 8, 2010
Action Agenda
Item No. Z, b
SUBJECT: Appropriate Funds to Existing County Capital Projects and Transfer funds to
the County Capital Reserve Fund.
DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No
ATTACHMENT(S):
INFORMATION CONTACT:
Clarence Grier, (919) 245 -2453
Michael Talbert, (919) 245 -2153
PURPOSE: To Appropriate County Capital Fund Balance to provide $1,429,470 of funding for
four projects with a shortfall, and $200,000 to be transferred to the County Capital Reserve
Fund.
•BACKGROUND: The Board of County Commissioners was presented a two year plan on
February 3, 2009 related to School and County Capital Projects. The plan was to fund a $5.9
million dollar shortfall from the General Fund. A
appropriated from the General Fund, $3.5 million in
Fiscal Year 2009/2010. The remaining $1.7 million
2010.
•
total of $4.2 million dollars has been
Fiscal Year 2008/2009 and $.7 million in
was approved by the BOCC on May 18,
CURRENT SITUTATION: The Board first took action to implement the 2 year plan to correct
the shortfall in the County Capital Projects Fund on February 3, 2009. After the initial
appropriation of $3.5 million from the General Fund, staff was given direction to take those
actions necessary to reallocate available funding to correct the project shortfalls.
Staff proceeded to reallocate resources between projects without the approval of the BOCC,
and these projects were closed once adequate funding was available at the end of Fiscal Year
2008/2009. This staff action left four County Capital projects with a shortfall of $1,429,470.
The shortfall did not exist before action was taken to close projects in Fiscal Year 2008/2009.
Three of these projects are still active, with only the Homestead Community Center Project
having been completed. The total shortfall for these four projects is $1,429,470.
2
Projects with a Shortfall •
Twin Creeks Park (funded with 2003 Alternative Financing) $ 900,000.
Blackwood Farms (From County Parks Reserve) $ 400,000
Homestead Community Center (project over budget) $ 17,834 ;
Lands Legacy (2004 2/3 "s Bonds) $ 111,636
Total Shortfall $1,429,470
The County has an existing project in the County Capital Projects Fund designated as
"Unallocated ". The purpose of the project is to accumulate unallocated revenues that are
dedicated to the County Capital Projects Fund but not yet appropriated to any one project.
There are $1,020,133 of unallocated resources in this project that can be appropriated for
capital needs.
Summary of Available Resources
13 Active Projects with Available Balances to be Closed $ 849,730
3 Projects set up as Reserves to be Closed $ 111,755
3 Projects with Available Balances to be Transferred $ 825,000
26 Completed Projects Closed 5/18/10 $ 245,560 •
Unallocated Revenues Sales Tax Revenues $285,733
Interest Income $734,400 $1,020,133
Total Available Resources $3,052,178
FINANCIAL IMPACT: The appropriation unallocated revenues combined with funds from
closed projects will provide a total of $3,052,178 available to fund future County Capital
priorities. A total of $1,429,470 is needed to fund the four projects with a shortfall, $200,000 is
recommended to be transferred to the County Capital Reserve, $200,000 (included in the
2010/2011 annual budget) is recommended to be transferred to County Capital Projects and
$1,222,708 will remain available for future County Capital priorities.
RECOMMENDATION(S): The Manager recommends the Board:
1. Appropriate $1,020,133 from Unallocated Resources and $409,337 from the
Fund Balance of the County Capital Projects Fund to fund the $1.429,470
shortfall; and
2. Appropriate $200,000 from the Fund Balance of the County Capital Projects
Fund to the New Capital Reserve Fund, leaving $1,422,708 available for future •
County Capital needs.