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HomeMy WebLinkAboutAgenda - 06-15-2010 - 4wREVISION — 6/15/10 Abstract - Page 3 — Revision in Bold Attachments 1 and 4 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 15, 2010 Action Agenda Item No. 4 - w SUBJECT: Appropriate Funds to Existing County Capital Projects and Transfer Funds to the County Capital Reserve Fund DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) No ATTACHMENT(S): Attachment 1: Recreation and Parks Facilities — Twin Creeks Park Capital Project Ordinance Attachment 2: Blackwood Farm Capital Project Ordinance Attachment 3: Homestead Community Center Repairs Capital Project Ordinance Attachment 4: Lands Legacy Capital Project Ordinance 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 total of $4.2 million dollars has been appropriated from the General Fund, $3.5 million in Fiscal Year 2008/2009 and $7 million in Fiscal Year 2009/2010. The remaining $1.7 million was approved by the BOCC on May 18, 2010. CURRENT SITUTATION: The Board first took action to implement the two -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. 2 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. Proiects 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 $ 760,527 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 $2,962,975 FINANCIAL IMPACT: The appropriation unallocated revenues combined with funds from closed projects will provide a total of $2,962,975 available to fund future County Capital priorities. A total of $1,429,470 is needed to fund the four projects with a shortfall, $150,000 is recommended to be transferred to the County Capital Reserve without designation, $50,000 is recommended to be transferred to the County Capital Reserve to be reserved for Library Facilities and $200,000 (included in the 2010/2011 annual budget) is recommended to be transferred to County Capital Projects and $1,133,505 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 County Capital Reserve Fund, $150,000 without reservation and $50,000 to be reserved for Library Facilities. 3. Approve the amendments to four Capital Project Ordinances, Attachments 1 -4. REVISED 6/14/10 of P ;?o 10 - v 5-7 Attachment 1 Recreation and Parks Facilities — Twin Creeks Park Capital Project Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized provides funds to construct a district park located on County -owned property near the intersection of Old Highway 86 and Eubanks Road in Chapel Hill. Plans include renovations to the house and barn located on the property, installation of water and sewer infrastructure and construction of playing fields, nature trails and a picnic area surrounding an existing pond. The BOCC approves transferring $300,000 of this project to the Unallocated Project Account to be closed as of June 30, 2010. The BOCC approves the appropriation of $900,000 ($734,400 interest income & $165,600 sales tax revenues) to cover the shortfall in this project to replace Alternative Financing as of June 30, 2010. Section 2. The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3. The following revenue is anticipated to complete this project: Section 4. The following amount is appropriated for this project: As of 6 -15-10 Agenda Item 4. V. Amonded Agenda Item 4. W. Through FY 2009- 10 Sales Tax $0 $165,600 $165,600 2001 Bonds $550,000 $0 $550,000 Alternative Finance $1,000,000 ($900,000 ) $100,000 Interest Income $0 $734,400 $734,400 Transfer from Soccer Superfimd 2001 Bonds 1 $0 $0 $0 Total Fundingl $1,550,000 $0 $1,550,000 Section 4. The following amount is appropriated for this project: 4 As of 6 -15-10 Agenda Item 4.V. Amended Agenda Item 4.W. Through FY 2009 -10 Land/Building $50,814 $0 $50,814 Site Development $45,000 $0 $45,000 Construction $1,454,186 $0 $1,454,186 Other $0 $0 $0 Total Costs $1,550,000 $0 $1,550,000 4 5 Section 5. This ordinance shall be in effect from the original date of adoption, March 24, 2003, until the project is complete and closed by the BOCC. Adopted this 15th day of June 2010. Attachment 2 OR Q_ 0 5 Blackwood Farm Capital Project Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized provides funds for the purchase of the Blackwood Farm property and to stabilize preserve existing structures on the property. The BOCC approves the appropriation of $400,000 from County Capital Projects Fund Balance to replace transfer from County Capital Reserve Fund. Section 2. The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3. The following revenue is anticipated to complete this project: Section 4. The following amount is appropriated for this project: Land/Building FY 2009 -10 Amended June 15, 2010 Through FY 2010 -11 1997 Bonds $100,000 $0 $100,000 2001 Bonds $760,050 $0 $760,050 2004 Two-Thirds Net Debt $75,000 $0 $75,000 Transfer from General Fund $416,885 $0 $416,885 County Capital _Fund Balance $400,000 $400,000 Transfer from County Capital Reserve $1,100,000 ($400,000) $700,000 Total Funding $2,451,935 $0 $2,451,935 Section 4. The following amount is appropriated for this project: Land/Building $2,102,519 $0 $2,102,519 Planning /Architect/Engineedng $70,970 $0 $70,970 Equipment $3,649 $0 $3,649 Construction $274,797 $0 $274,797 Total Costsl $2,451,935 1 $0 1 $2,451,935 Section 5. This ordinance, originally adopted on December 11, 2001 shall be in effect until the project is complete and closed by the BOCC. Adopted this 15th day of June 2010 oRO- ao� -os� Attachment 3 7 Homestead Community Center Repairs Capital Project Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1.The project authorized provides funds to connect the Homestead Community Center to Orange Water and Sewer Authority sewer lines. Proceeds from the 2004 two- thirds net debt reduction bonds will finance the authorized project. The BOCC approves the appropriation of $17.834 (sales tax revenues) to cover the shortfall in this project. Section 2.The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3.The following revenue is anticipated to complete this project: Section 4.The following amount is appropriated for this project: Through FY 2008 -09 Amended June 15 2010 Through FY 2009 -10 Sales Tax $0 $17,834 $17,834 1997 Bond Funds $0 $0 $0 2004 Two - Thirds Net Debt $167,634 $0 $167,634 Grant Funds $0 $0 $0 Fees $0 $0 $0 Other $0 $0 $0 Total Funding $167,634 $17,834 1 $185,468 Section 4.The following amount is appropriated for this project: Section 5. This ordinance shall remain in effect from July 1, 2000 until the project is complete and closed by the BOCC. Adopted this 15th day of June 2010. Through FY 2008-09 Amended June 152010 Through FY 2009 -10 L.andBuilding $0 $0 \ Design $0 $0 $0 Constnrtion $0 $0 $0 Other $167,634 $17,834 $185,468 Total Costs $167,634 $17,834 $185,468 Section 5. This ordinance shall remain in effect from July 1, 2000 until the project is complete and closed by the BOCC. Adopted this 15th day of June 2010. REVISED 6/14/10 Attachment 4 Lands Legacy Capital Project Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized provides funds to protect identified natural areas and prime forestlands, and preserve critical cultural and archaeological sites. In addition funds may be used to acquire lands for future park sites, Section 2. Section 3. Section 4. farmland conservation easements, and nature preserves. The BOCC approves transferring $450,000 of this project to the Unallocated Project Account to be closed as of June 30, 2010. The BOCC approves the appropriation of $111,636 ($102,299 sales tax revenues and $9,337 County Capital Projects Fund Balance) to replace 2001 Bond Funds. The officers of the County are hereby directed to proceed with the project within the budget contained herein. The following revenue is anticipated to complete this project: The following amount is appropriated for this project: As of 6 -15-10 Agenda Item 4. V. Amended Agenda Item 4. W. Through FY 2009 -10 Sales Tax $3,516,016 $102,299 $3,618,315 1997 Bonds $2,700,000 $0 $2,700,000 2001 Bonds $5,250,000 ($111,636) $5,138,364 2004 Two - Thirds Net Debt $300,000 $0 $300,000 Grant Funds $421,950 $0 $421,950 Debt Financing $2,800,000 $0 $2,800,000 Other(Transfer from Other Funds & Fund Balance) $2,241,611 $9,337 $2,250,948 Total Funding $17,229,577 $0 $17,229,577 The following amount is appropriated for this project: Section 5. The following amounts have been transferred to other County Capital Projects: As of 6 -15-10 Agenda Item 4. V. Amended Agenda Item 4. W. Through FY 2009 -10 Land/Building $15,521,564 $0 $15,521,564 Design $0 $0 $0 Construction $0 $0 $0 Eno River Confluence Property $250,000 $0 $250,000 Kirby Property $1,458,013 $0 $1,458,013 Total Costsl $17,229,577 $0 $17,229,577 Section 5. The following amounts have been transferred to other County Capital Projects: wt Section 6. The following budget remains in the project: Original Budget (see Section 4 above) Through FY Amended Through FY Total Project Budget 2009 -10 June 15, 2010 2009 -10 Transfer to Conservation Easements Capital Project $143,000 $0 $143,000 Transfer to New Hope Preserve Capital Project $298 $0 $298 Transfer to Millhouse Road Park Project $188,712 $0 $188,712 Transfer to Seven Mile Creek Preserve Capital Project $151,000 $0 $151,000 Total Transfersl $483,010 1 $0 1 $483,010 Section 6. The following budget remains in the project: Original Budget (see Section 4 above) $17,229,577 Less Transfers to Other Projects (see Section 5 above) ($483,010) Total Project Budget $16,746,567 Section 7. This ordinance shall be in effect from the original date of adoption, March 24, 2003 until the project is complete and closed by the BOCC. Adopted this 15th day of June 2010.