Dare commissioners disperse fund balance

Published 6:28 pm Saturday, May 9, 2020

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Dare County commissioners transferred 2019 fund balance monies and asked staff to return with finalized fund balance policies.

Meeting on May 5, the commissioners adopted budget amendments for the general fund, the capital investment fund, the disaster recovery fund and cleaned up the capital project ordinance relating to the previous EMS helicopter project.

The current balance in the unassigned general fund account is $5,448,779.

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The finance policy targets 21% of the current year revenue from the combined general, capital investment, disaster recovery and Law Enforcement Officer Special Separation Allowance funds.

The commissioners adopted budget amendments leaving $1.4 million unassigned in the general fund and sending $3.44 million to the Capital Investment Fund, $413,437 to the Disaster Recovery Fund and $200,565 to the previous EMS helicopter project to clear that project.

The staff will return to the board with changes to the financial policies to reflect assigning 21% of revenue from combined funds to unassigned and targeting 1% of the general fund budget for the disaster recovery fund to meet the requirements for a state disaster declaration.

The new policies will reflect choices available for assigning funds over the 21% to fund balances in capital investment or to fund or partially fund a capital project, to increase the balance in disaster recovery, to add to the Law Enforcement Officer Special Separation Allowance fund or irrevocable trust or add to the irrevocable trust for Other Post-Employment Benefits.

County finance director David Clawson told the commissioners that the new fund balance policies and actions were initially scheduled for the March budget retreat that was canceled.

The commissioners agreed to sell a sliver to property adjacent to the new College of The Albemarle campus. The triangle-shaped parcel at 101 S. Hwy 64 is 3,700 square feet. Board chairman Robert L. Woodard said the long-term plans for the campus do not include the parcel.

County manager Robert L. Outten will negotiate the sale with the requesting property owner Jay Wheless.



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