Item:
Title
Capital Project Amendment No. 25CPA018 and Budget Ordinance Amendment No.25BCC040 Re-Opening Shoppes of Hope Valley Capital Project (4730DC154), Reducing the Project to $0, Transferring $10,713.62 to the Debt Service Fund, and Closing the Project
Body
Date of BOCC Meeting: November 25, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve Capital Project Amendment No. 25CPA018 and Budget Ordinance Amendment No.25BCC040 re-opening the Shoppes of Hope Valley Capital Project (47302635DC154), reducing the project by $10,713.62, transferring $10,713.62 to the Debt Service Fund for a future use, and re-closing the Shoppes of Hope Valley Capital Project.
Durham County was refunded $10,713.62 by the previous owner of Shoppes of Hope Valley as an overpayment on the closing costs of the Shoppes of Hope Valley Capital Project (4730DC154). To maintain the accuracy of our financial records, it is a need to reopen the project and apply the refund to reflect the correct cost of the project.
|
Project |
Current Budget |
Increase/Decrease |
Revised Budget |
|
Shoppes of Hope Valley (4730DC154) |
$11,992,235.46 |
($10,713.62) |
$11,981,521.54 |
Alignment with Strategic Plan: A well-functioning community college available financially and otherwise to its residents supports the County in many ways; this item aligns with Durham County Strategic Goal: Financial Stewardship.
Resource Persons: Crystally Wright, Chief Financial Officer; Keith Lane, Budget Director; David Ades, Assistant Budget Director
County Manager’s Recommendation: The County Manager recommends that the Board approve Capital Project Amendment No. 25CPA and Budget Ordinance Amendment No.25BCC040 re-opening the Shoppes of Hope Valley Capital Project (47302635DC154), reducing the project by $10,713.62, transferring $10,713.62 to the Debt Service Fund for a future use, and re-closing the Shoppes of Hope Valley Capital Project.
Signature
County Manager: ____________________________