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Commissioner Hovis - Finance - To Appropriate Accumulated Investment Earnings from May 1, 2023, through September 30, 2023 ($275,681.20)
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STAFF CONTACT
Kyle Sutherland, Interim Finance Director - Finance - 704-866-3032
BUDGET IMPACT
budget
Appropriate accumulated investment earnings from May 1, 2023, through September 30, 2023.
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BUDGET ORDINANCE IMPACT
Increase interest revenue by $275,681.20 and appropriate into respective funds as indicated on the attached Budget Change Request.
BACKGROUND
Gaston County issued GO School Bonds on 5/24/16 and 11/15/18. The County has also received federal drug forfeitures, controlled substance abuse tax funds, ROAP funds, NC OSBM funds, Human Trafficking funds 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 $275,681.20 investment earnings on these funds from May 1, 2023 through September 30, 2023. Interest earned in the amount of $179,843.56 received May 1, 2023 through June 30, 2023 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)