ORD-2006-105 - Piedmont Electric Membership Corporation (PEMC) Planned Development (PD-OI) and Special Use Permit, Class A

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AT FUTURE FINANCIAL CONSIDERATIONS • Further Solidify Debt Issuance Plans • Review Of Financial Impacts of "Best Practices" • GASB 45 Implementation (OPEB) • Carrboro High School Start up • Continue to Improve Fund Balance Position Finance Director, Post Audit Colin Hill, Audit Manager with Cherry, Beckart and Holland, said that they gave a clean opinion and the audit went smoothly. He thanked the Finance and Budget Departments. He said that they have also issued a management letter and a SAS 61 letter. The management letter contains recommendations concerning the internal control structure and policies in place at the County. The SAS 61 letter is required by professional standards and details the duties as the auditors. He described some of the changes of statistics and GASB statements. Commissioner Nelson asked if the internal audit could be done in-house and Ken Chavious said that at this time there is no internal audit function. The Revenue Department does "internal audits" of those departments that collect money. He said that internal audit goes way beyond that. He said that his recommendation is to start an internal audit function by bringing in additional resources. Commissioner Nelson asked about the undesignated fund balance and if there is a goal for this. He also asked about the average of undesignated fund balances for North Carolina. Ken Chavious said that the average for counties the size of Orange County is 17% of expenditures. His experience has been that there has been flexibility in the 12-15% range. Commissioner Foushee asked about the internal audit function and if this type of department were established, how many people would comprise this department. Ken Chavious said that it should be housed under the Manager's Office. It could start out very slowly. Commissioner Gordon said that she supports the internal audit function. Commissioner Gordon said that the computer controls sound like a good idea. She was also pleased to see that the Sportsplex had a favorable audit. Chair Jacobs said that the Board would be discussing best practices for financials later in the year. He wants everyone to know that Orange County pays strict attention to its financial position and how it affects the ability and capacity in the future. Commissioner Jacobs made reference to page 4 and the listing of debt issued in 2005- 2006. He said that on his calculation, the County spent 67% of its debt towards schools, which is almost exactly the same as the policy of 68.32%. 8. a. The Board considered the Planning Board recommendations regarding the PEMC request to amend its Planned Development — Office/institution (PD-01) zoning district and its Class A Special Use Permit to permit the principal use of a 350-foot replacement tower at its administrative and operations center located at 2500 NC Highway 86 South, Hillsborough.