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Commissioner Philbeck - Budget & Management Services - To Establish the Community Investment Fund (CIF) in the County’s Financial System
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STAFF CONTACT
Janet Schafer - Budget & Management Services - 704-866-3029
BUDGET IMPACT
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The budget impact to each fund is as follows. See BCR for more details.
• General Fund: No change (one-sided adjustment). Transfer budgeted revenue to new accounts.
• Public Assistance Fund: No change (one-sided adjustment). Transfer budgeted revenue to new accounts.
• Debt Service Fund: No change (one-sided adjustment). Transfer budgeted revenue to new accounts.
• School Debt Fund: No change (one-sided adjustment). Transfer budgeted revenue to new accounts.
• Capital Fund: No change (one-sided adjustment). Transfer budgeted revenue to new accounts.
• Community Investment Fund: Increase revenue by $34,528,875. Increase expenditures by $34,528,875.body
BUDGET ORDINANCE IMPACT
Increase total revenue by $34,528,875. Increase total expenditures by $34,528,875. All increases are the result of transfers and do not increase the County’s net budget.
BACKGROUND
With the establishment of the Community Investment Fund (CIF), revenue traditionally budgeted in separate funds (Debt Service, School Debt, and Capital) will now flow directly into the CIF as a long-term strategy to increase the County’s debt capacity.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)