HomeMy WebLinkAboutC.054.93010_0641IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES OF THE PLANNING SESSION HELD ON
FRIDAY JANUARY 25 2002 & SATURDAY, JANUARY. 2b, 2002
The Iredell County Board of Commissioners met for a Planning Session on Friday,
January 25, 2002 and Saturday, January 26, 2002, beginning at 8:00 a.m., at the Agricultural
Resource Center, 444 Bristol Drive, Statesville, NC.
Present: Chairman Sara Haire Tice
Vice Chairman Karen B. Ray
Tommy E. Bowles
Steve D. Johnson
R. Godfrey Williams
Staff Present: County Manager Joel Mashburn, Finance Director Susan Blumenstein,
Support Services Director Jim Vernon, and Clerk to the Board Jean C. Moore.
Media in Attendance: Record d Landmark Reporters Allison Hart and Michele
Harrison, Charlotte Observer/Iredell Neighbors Reporter Jim Wrinn, Mooresville 71-ibwie
Reporter Michael Roessler, Iredell Citizen Reporter Eileen Wilkinson.
Chairman Tice called the meeting to order.
BUDGET UPDATE AND REVIEW: Finance Director Blumenstein said this year's ad
valorem tax extimates would be short around $470,030. She said this was because the
anticipated revenue projections would not be met. In addition, she said investment earnings
would be short by $540,000. Mrs. Blumenstein said that most of the money was invested in the
North Carolina Capital Trust, and she communicated almost every other day with the brokers.
Blumenstein said the overall estimated revenue shortage for the county would be $1.6 million.
She said, however, that at the year end of June 30, 2002, $3,728,604 would probably be
remaining from unspent county departmental funds.
FY 2002-03 PROJECTED REVENUES & EXPENDITURES: Blumenstein
estimated the county's revenues for the upcoming year would be $100,949,982, and the
estimated expenditures would be $105,474,200 resulting in a $4,524,218 difference. She said
that if the fund balance were reduced by the $4.5 million to cover the difference, a 7.46% fund
balance would occur. Blumenstein said the Local Government Commission required an 8%')
(one -twelfth of a budget) fund balance, and it recommended that counties the sire of Iredell
retain a 16 to 17% amount.
County Manager Mashburn said he would like to build the fund balance, if possible.
Commissioners Johnson and Bowles said they would not be comfortable with a fund
balance that was lower than the present year's 10.5%.
Mashburn said the budget estimates did not include the proceeds that might be available
from the disposal often acres of land owned by the county in Mooresville. He said the county
was asking $750,000 for the property.
After further discussion, Mashburn summarized what he perceived to be the goals for the
upcoming budget. These were:
L Maintain a fund balance of at least 10.5%.
2. Maintain the tax rate at the current level.
3. Maintain the same level of services.
Mashburn said the board had traditionally placed $2.5 million in the capital projects fund,
and he hoped this practice would continue.
DISCUSSION ON CONSTRUCTING OR LEASING SOCIAL SERVIC'E_S
SPACE/BUILDING: Blumenstein presented a spreadsheet that showed the principal and
interest that would be paid, the annual depreciation, the 50% reimbursement on the loan interest