AG 2009 11 16 - Laserfiche WebLink

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Cabarrus County, North Carolina Notes to the Financial Statements For the Year Ended June 30, 2009 appropriations lapse at the fiscal year-end. Project ordinances are adopted for the special revenue funds and the capital projects funds. All budgets are prepared using the modified accrual basis of accounting. The County Manager and/or Finance Director is hereby authorized to transfer appropriations within or between funds as contained herein under the following conditions: 1. The Finance Director or designee may transfer amounts between objects of expenditure within a department. 2. The County Manager may transfer amounts between objects of expenditures or revenues within a function without limitation. 3. The County Manager may transfer amounts up to $100,000 between functions of the same fund 4. The County Manager may not transfer any amounts between funds nor from any contingency appropriation within any fund without action of the Board of Commissioners, except as specified below for the Capital Improvement Plan and Salary and Benefits adjustments. 5. The County Manager is authorized to transfer funds from the General Fund or Capital Reserve Fund to the appropriate fund for projects approved within the Capital Improvement Plan for the current fiscal year. 6. Additional authority is granted to the Finance Director to transfer amounts within and between funds for the sole purpose of funding salary and benefits adjustments consistent with the Cabarrus County Personnel Management Policy and the Cabarrus County Personnel Ordinance. 7. Upon notification of funding increases or decreases from State, federal or previously approved grant sources, the Manager or Finance Officer may adjust budgets to match. 8. The County Manager may enter into and execute change orders or amendments to construction contracts in amounts less than $90,000 when the appropriate annual budget or capital project ordinance contains sufficient appropriated but unencumbered funds. 9. The County Manager may award and execute contracts which are not required to be bid or which G.S. 143-131 allows to be let on informal bids so long as the annual budget or appropriate capital project ordinance contains sufficient appropriated but unencumbered funds for such purposes. 10. The County Manager may execute contracts with outside agencies to properly document budgeted appropriations to such agencies where G.S. 153 A-248(b), 259, 449 and any similar statutes require such contracts. 11. The County Manager may reject formal bids when deemed appropriate and in the best interest of Cabarrus County pursuant to G.S. 143-129(a). In instances where budget appropriations and estimated revenues have been revised during the year, budget data presented in the financial statements represent the final authorized amounts as of June 30, 2009. Expenditures may not legally exceed budgeted appropriations at the functional level. During the year, several supplementary appropriations were necessary. The net effect of the budget amendments from the adopted budget to the final amended budget was immaterial. The budget ordinance must be adopted by July 1 of the fiscal year or the governing board must adopt an interim budget that covers the time until the annual ordinance can be adopted. As required by General Statute (G.S.) 159-26(d), the County maintains encumbrance accounts, which are considered to be "budgetary accounts". Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrances are recognized during the year; however, all encumbrances are canceled at year-end and, therefore, do not constitute expenditures or liabilities of the current year. Encumbrances canceled at year-end may be reappropriated in the subsequent year. 42 Attachment number 3 G-$ Page 316