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Commissioner Keigher - Finance - Appropriation of Accumulated Investment Earnings from April 1, 2021 through December 31, 2021 ($1,177.61)
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STAFF CONTACT
Tiffany Murray - Finance Director - 704-866-3032
BUDGET IMPACT
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Appropriate accumulated investment earnings from April 1, 2021 through December 31, 2021.
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BUDGET ORDINANCE IMPACT
Increase interest revenue by $1,175.28 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, as well as GO Bonds on 8/14/07 for Gaston College. The County has also received federal drug forfeitures, controlled substance abuse tax funds, ROAP, 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 $1,177.61 investment earnings on these funds from April 1, 2021 through December 31, 2021. Interest earned in the amount of $491.94 received from April, 1 2021 through June 30, 2021 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)