6-15-20 Regular Meeting - Laserfiche WebLink

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annual budget request to the County Manager. The annual budget request will be the financial plan that addresses SAGA's efforts to recruit new industry and retain existing industry. The budget is due to the County Manager by March 15th of each year. f. Saga will provide an audit every other year to the Board of Commissioners. The years an audit is not provided,their auditor will conduct a financial review and a copy will be provided to the Commissioners. Beginning in Fiscal Year 2015-2016 a financial review will be conducted,then Fiscal Year 2016-2017 an audit will be conducted;for Fiscal Year 2017-2018 a financial review will be conducted. Either the financial report or the audit will be due to the Commissioners by December 31st of each year. g. SAGA will establish an audit committee that will work with SAGA's auditor to complete the annual audit. The audit committee currently consists of the treasurer of SAGA Board of Directors,the Lee County Manager,the Town of Broadway Manager and the City of Sanford Manager. h. SAGA may submit an annual Capital Improvements Plan to the Board of Commissioners which outlines the infrastructure needs of the County for economic development purposes over the next five(5)year period.Any capital improvement item over $500,000.00 which the SAGA Board of Directors wants the Board of Commissioners to consider must go through the CIP process. Any capital funding less than$500,000.00 will be included in SAGA's annual budget request submitted to the Board of Commissioners. SAGA can,during the fiscal year, come and request additional capital funding if projects present themselves that will stimulate economic development and growth in the County. i. To apprise the Board of Commissioners and the County's Clerk of all job announcements before media is contacted for the purpose of a public announcement. j. To cooperate fully with the County's auditors in their annual examination of county expenditures. k. To abide by the North Carolina Non-Profit Corporation Act, Chapter 55A of the North Carolina General Statutes. 9. The annual appropriation to SAGA in FY 2020-2021 will be$322,875.00. The appropriation of funds by the County for subsequent fiscal years and the acceptance of the same by SAGA shall renew or extend this agreement for such fiscal year.As required by the Local Government Budget Fiscal Control Act,this agreement is subject to the annual appropriation clause of the Act. 10. This agreement becomes effective July 1, 2020.