Agenda - 5-22-14 Reg. Meeting - Laserfiche WebLink

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- L , Authority can close out the Runway Rehabilitation, Lighting and Paving Capital Project. In April 2013 the Airport Authority purchased the Southeastern Aviation Hangar with funds from the County Airport Reserve Fund. The disbursement of these funds was recorded as a liability to the County by the Airport's auditor. This was done because the Authority will eventually borrow funds from Central EMC that will cover the purchase and renovation of the hangar. In the Authorities minutes it was discussed that the EMC loan would have to repay the $270,000 so the Authority would have the funds for the match on the Runaway Rehabilitation project. To clarify that the funds do not need to be repaid, the Authority is asking that a Resolution be passed that clarifies the funds were a disbursement and not a loan. In addition, the Authority needs to close out the Runway Rehabilitation project and an additional $65,000 is needed from the reserve fund to close out that project. The Runway and Lighting project total is over $3.4 million so the Authority is asking for the entire 10% match ($270,000 plus $65,000). Mr. Crumpton further stated the Airport Reserve Fund currently has $150,000 in it. After this disbursement, the fund will stand at $85,000. After discussion, Commissioner Frazier moved to approve a Resolution by the Lee County Board of Commissioners Clarifying the Use of the Airport Reserve Fund by the Sanford -Lee County Regional Airport Authority, a copy of which is attached to these Minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Dalrymple, Frazier, Knecht, Parks, Reives, Smith, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered Budget Amendment # 05/05/14/13. Finance Director Lisa Minter presented said Budget Amendment for the following departments; Administration — appropriate $297,900 from fund balance to cover the write off of the Wilrik Hotel loans, Administration — appropriate $45,000 from fund balance to cover legal fees and BRAC dues, Sheriff -SROs - appropriate $9,000 from fund balance to cover the uniform expense of additional officers, Inspections — appropriate $44,500 from fund balance to cover projected shortfalls in budget from the City of Sanford, Social Services — appropriate additional funding of $10,713 to cover required physiological testing expenses, Senior Services -COLTS — appropriate $17,384 in additional grant funding from NCDOT -PTD to be used for vehicle maintenance and telephone expenses, and Airport Tax Fund — appropriate $65,000 from fund balance for the airport. After discussion, Commissioner Frazier moved to approve Budget Amendment # 05105114113, a copy of which is attached to these Minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Dalrymple, Frazier, Knecht, Parks, Reives, Smith, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. 5