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Commissioner Philbeck - Finance - To Transfer $96,590.38 in G.O. School Bond Premium Funds from Capital Improvements Fund to the Community Investment Fund ($96,590.38)
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STAFF CONTACT
Tiffany Murray - Finance Director - 704-866-3032
BUDGET IMPACT
budget
Transfer of unspent issuance costs funds will reduce the amount of fund balance needed to cover debt service payments.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
General Obligation school bonds were issued on September 22, 2017 and November 15, 2018. A portion of the bond premium resulting from the bond sale was allocated to cover issuance costs of the bonds. After all invoices were paid, the unspent balance fell into the Capital Improvements fund balance. This Board Action, if approved, will transfer the unspent balances totaling $96,590.38 from the Capital Improvements Fund to the Community Investment Fund to reduce the amount of fund balance needed to cover debt service payments of the respective bonds. The remaining balance of each bond issue is $26,850.00 (9/22/2017 bonds) and $69,740.38 (11/15/2018 bonds).
The attached Budget Change Request transfers unspent issuance cost balances totaling $96,590.38 from the Capital Improvements Fund to the Community Investment Fund and reduces fund balance appropriated.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)