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Commissioner Keigher - Finance - Appropriation of Accumulated Investment Earnings from May 1, 2018 Through April 30, 2019 ($833,197)
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STAFF CONTACT
Linda Grimsley - Assistant Finance Division Director - 704-866-3035
BUDGET IMPACT
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Appropriate accumulated investment earnings from May 1, 2018 through April 30, 2019.
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BUDGET ORDINANCE IMPACT
Increase Interest Revenues by $833,197 and appropriate into respective funds as indicated on the attached Budget Change Request.
BACKGROUND
Gaston County issued General Obligation School Bonds on 10/1/06, 5/24/16, 9/22/17 and 11/15/18, Build America School Bonds on 8/18/09, and General Obligation Bonds on 8/14/07 for Gaston College. Also, the County has received federal drug forfeitures, controlled substance tax funds, and ROAP grant funds. All of these funds have earned interest which must be spent in the same manner as the proceeds. This Board Action appropriates the $833,197 investment earnings on these funds from May 1, 2018 through April 30, 2019. Interest earned in the amount of $28,703 received from May 1, 2018 through June 30, 2018 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