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APPROVED 1/20/2011 <br /> MINUTES <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> BUDGET WORK SESSION <br /> November 9, 2010 <br /> 7:00 p.m. <br /> The Orange County Board of Commissioners met for a budget work session on Tuesday, <br /> November 9, 2010 at 7:00 p.m. at the Southern Human Services Center in Chapel Hill, N.C. <br /> COUNTY COMMISSIONERS PRESENT: Chair Valerie P. Foushee, and Commissioners Alice <br /> Gordon, Pam Hemminger, Barry Jacobs, Mike Nelson, Bernadette Pelissier, and Steve Yuhasz <br /> COUNTY COMMISSIONERS ABSENT: <br /> COUNTY ATTORNEYS PRESENT: <br /> COUNTY STAFF PRESENT: County Manager Frank Clifton and Clerk to the Board Donna S. <br /> Baker (All other staff members will be identified appropriately below). <br /> Willie Best said that he was sitting in for Frank Clifton tonight, who is recuperating from <br /> shoulder surgery. <br /> 1. GASB Statement No. 54 Fund Balance Reporting and Governmental Fund Type <br /> Definitions <br /> The Board discussed the implementation of Government Accounting Standards Board <br /> (GASB) Statement No. 54 fund Balance Reporting and Governmental Fund Type Definitions, <br /> and the implications on the financial reporting of the County. <br /> Financial Services Director Clarence Grier said that the importance of this is that it <br /> completely changes the way the County reports fund balance through the financial statements. <br /> •Effective For Fiscal Year <br /> June 30, 2011 <br /> •To provide an update on GASB Statement No. 54 and the implications it will present with: <br /> • Changes in Financial Reporting <br /> • Changes in the Fiscal Year 2011-12 Budget <br /> Scope <br /> •Changes how fund balance is presented <br /> •Clarifies use of governmental fund types <br /> •Used exclusively for governmental funds <br /> What is Fund Balance? <br /> •Fund Balance is the difference of Assets minus Liabilities. <br /> •Additionally, Fund Balance represents the net worth of the County at one point in time. <br /> How do we currently allocate Fund Balance? <br /> •Reserved — <br />