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Commissioner Worley - Finance - To Appropriate Accumulated Investment Earnings from January 1, 2024 through March 31, 2024 ($83,946.46)
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STAFF CONTACT
Kyle Sutherland - Finance Department - 704-866-3032
BUDGET IMPACT
budget
Appropriation of $83,946.46 for accumulated investment earnings from January 1, 2024 through March 31, 2024.
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BUDGET ORDINANCE IMPACT
Increase interest revenue by $83,946.46 and appropriate into respective funds as indicated on the attached Budget Change Request.
BACKGROUND
Gaston County issued GO School Bonds on 5/24/16 and 11/15/18. The County has also received federal drug forfeitures, controlled substance abuse tax funds, ROAP funds, NC OSBM funds, Human Trafficking funds and Urgent Repair Program funds. All of these funds have earned interest which must be spent in the same manner as the proceeds. This Board Action appropriates the $83,946.46 in investment earnings on these funds from January 1, 2024 through March 31, 2024. This Board Action also corrects previous interest appropriation for the Urgent Repair Program funds into the appropriate interest accounts. $492.07 in investment earnings was corrected for the 2022 Urgent Repair Program, and $1,217.64 was corrected for the 2023 Urgent Repair Program.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)