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Commissioner Worley - Finance - Appropriation of Accumulated Investment Earnings from April 1, 2022, through January 31, 2023 ($125,689.41)
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
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Appropriate accumulated investment earnings from April 1, 2022, through January 31, 2023.
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BUDGET ORDINANCE IMPACT
Increase interest revenue by $125,689.41 and appropriate into respective funds as indicated on the attached Budget Change Request.
BACKGROUND
Gaston County issued GO School Bonds on 5/24/16, 9/22/17, and 11/15/18. The County has also received federal drug forfeitures, controlled substance abuse tax funds, ROAP funds, NC OSBM funds, and Urgent Repair Program funds. All of the funds have earned interest which must be spent in the same manner as the proceeds. This Board Action appropriates the $125,689.41 of investment earnings on these funds from April 1, 2022 through January 31, 2023. Interest earned in the amount of $12,465.76 received April 1, 2022 through June 30, 2022 will have to be appropriated from the fund balance of the various funds receiving the interest since it was not earned during the current fiscal year.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)