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cabarrus county board of commissioners regular meeting november ...

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CABARRUS COUNTYBOARD OF COMMISSIONERSREGULAR MEETINGNOVEMBER 21, 20116:30 P.M.AGENDA CATEGORY:Consent AgendaSUBJECT:Finance - Workers Compensation Budget Amendment - $350,000BRIEF SUMMARY:The Workers Compensation fund was closed on June 30, 2011 and thebalance <strong>of</strong> funds were transferred to the Carolina Governmental Alliance(CGA). An error was discovered during the FY 2011 audit which requires thatthe fund be re-opened, an additional contribution (budgeted in FY 11) in theamount <strong>of</strong> $350,000 be transferred to CGA, and the fund be re-closed. Thefollowing memo describes the events concerning the activities <strong>of</strong> WorkersCompensation Fund since its first closing. Approval to make the final transferto the CGA and to re-close the fund is requested. No new monies areneeded to correct the accounting error.REQUESTED ACTION:Motion to adopt the budget amendment and approve the re-closure <strong>of</strong> theCarolina Governmental Alliance fund at the end <strong>of</strong> the fiscal year.EXPECTED LENGTH OF PRESENTATION:SUBMITTED BY:Pamela S. Dubois, Deputy County Manager/Finance DirectorBUDGET AMENDMENT REQUIRED:YesCOUNTY MANAGER'S RECOMMENDATIONS/COMMENTS:This item was approved by the Board for inclusion on the Agenda as aF-5Page 299

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