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Commissioner Hovis - Finance - To Transfer Fund Balance Funds from Capital Improvements Fund to the Community Investment Fund ($13,000,000)
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
budget
Appropriate $13,000,000 from CIP fund balance and transfer to CIF.
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BUDGET ORDINANCE IMPACT
Minimal impact to the budget ordinance.
BACKGROUND
The Board approved the County's revised financial policies with resolution #2022-052 on 2/22/2022. Those financial policies included the development of a long-term Capital Improvement Program. At June 30, 2022 there was approximately $13,000,000 in funds not allocated to capital projects that are deemed transferable to the Community Investment Fund. These funds will aid in the funding of the Capital Improvement Program and aligns with the purpose of the Community Investment Fund.
This Board Action, if approved, authorizes the transfer of $13,000,000 out of the Capital Improvements Fund to the Community Investment Fund where it will be available to be used for future capital projects.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)