Item:
Title
Approval of Budget Ordinance Amendment No.27BCC018 Increasing Both the Expenditures and Revenues of the Shoppes of Hope Valley Fund Center by $365,000 to Align the County Budget with Recent Governmental Accounting Standards Board (GASB) Requirements; there will be a Net Zero Change to the FY 2026-27 Budget
Body
Date of BOCC Meeting: September 14, 2026
Request for Board Action:
Agenda Text
The Board is requested to approve Budget Ordinance Amendment No.27BCC18, increasing both the expenditures and revenues of the Shoppes of Hope Valley Fund Center (4730263800 in Environmental Protection Functional Area) by $365,000 to align the Durham County budget with recently released GASB requirements. There will be a net zero dollar change to the FY 2026-27 budget because the expenditures and revenues will be increased by an equal amount.
The Shoppes of Hope Valley Fund Center accounts for revenue and expenses for the Shoppes of Hope Valley and the Bell Building restaurant spaces. For accounting purposes, the Shoppes of Hope Valley was recently re-classified from a Capital Project to a Revenue Generating Asset, which, in compliance with NC Local Government Commission GASB Statement 87, requires line-item accounting of every revenue and expense item, instead of allowing one accounting entry of net revenue. This is a technical change and will not impact budget availability.
Alignment with Strategic Plan: This agenda item aligns with the County’s Sound Financial Stewardship Goals.
Resource Persons: Christy Raulli, Senior Real Estate Officer; Jonathan Yeomans, Budget and Management Analyst; David Ades, Asst Director of Budget and Management; Keith Lane, Director of Budget and Management; Pat Haley, Executive Accountant; Connecia Brown, Asst Chief Financial Officer; Crystally Wright, Chief Financial Officer; Peri Manns, ASLA, LEED GA Deputy Director of Engineering and Environmental Services; H. Jay Gibson, PE, Director of Engineering and Environmental Services
County Manager’s Recommendation: The County Manager recommends that the Board approve Budget Ordinance Amendment No.27BCC18, increasing both the expenditures and revenues of the Shoppes of Hope Valley Fund Center (4730263800 in Environmental Protection Functional Area) by $365.000 to align the Durham County budget with recently released GASB requirements. There will be a net zero dollar change to the FY 2026-27 budget because the expenditures and revenues will be increased by an equal amount.
Signature
County Manager: ____________________________