title
Commissioner Worley - Finance - To Transfer $1,168,545 to Debt Service Fund from School Debt Service Fund
body
STAFF CONTACT
Tonya Frye - Finance Director - 704-866-3032
BUDGET IMPACT
budget
Transfers $1,168,545 from school debt service to debt services for Gaston College
body
BUDGET ORDINANCE IMPACT
There is minimal impact to the current budget ordinance
BACKGROUND
On May 24, 2016 $5,020,000 of school and Gaston College General Obligation bonds were refunded. During the budget process, the debt service payments for the bonds were all inadvertently budgeted as school debt. The attached budget change request transfers $1,168,545 from the school debt service fund (Fund 31) to the County debt service fund (Fund 30) to cover the Gaston College portion of the refunding bond payments.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request