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File #: 23-535   
Type: Resolution (Consent) Status: Passed
File created: 11/1/2023 In control: Financial and Management Services - Finance
On agenda: 11/28/2023 Final action: 11/28/2023
Enactment date: 11/28/2023 Enactment #: 2023-398
Title: Commissioner Hovis - Finance - To Appropriate Accumulated Investment Earnings from May 1, 2023, through September 30, 2023 ($275,681.20)
Sponsors: Bob Hovis
Attachments: 1. Adopted 2023-398, 2. BCR

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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)