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Commissioner Philbeck - Finance - To Appropriate 2019 Vehicle Financing Interest Earnings and Unspent Proceeds Totaling $48,766 for Payment to Bank of America ($48,766)
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
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Appropriate interest earnings and unspent proceeds from General Fund fund balance totaling $48,766 and transfers it to the Capital Improvements Fund through the Community Investment Fund. Proceeds and interest earnings were originally appropriated in the General Fund.
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BUDGET ORDINANCE IMPACT
There is minimal impact to the Budget Ordinance.
BACKGROUND
Gaston County entered into a financing contract on February 1, 2019 with Bank of America for the installment financing of county vehicles and other rolling stock. Proceeds from the financing were deposited into an interest bearing account with the NC Capital Management Trust (NCCMT). Interest earnings totaling $46,046 have accrued on the funds. Also, there are $2,720 in unspent proceeds due to vehicles/accessories costing less than the original quote. Per the County's Master Equipment Financing Agreement with Bank of America, at the Lender’s discretion based on the amount remaining, any unspent funds remaining after the project is completed must be paid to Bank of America and applied as a prepayment of the remaining balance. Bank of America has requested the interest earnings and unspent proceeds totaling $48,766 be submitted as a prepayment toward the remaining balance of the 2019 financing. This Board Action and Budget Change Request, if approved, appropriates the interest earnings and unspent proceeds for the payment to Bank of America.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)