Orange County NC Website
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� <br /> Total Fund Balance $30,160,935 $31,442,042 $1,281,107 <br /> 1 <br /> 2 Fund Balance History (General Fund) <br /> 3 2009 - $30,160,935 <br /> 4 2010 - $31,442,042 <br /> 5 <br /> 6 Unreserved Fund Balance as a percent of Expenditures — General Fund <br /> 7 2009 — 11.39% <br /> 8 2010 - 12.01% <br /> 9 <br /> 10 Tables and graphs: <br /> 11 Several tables and graphs were presented. It was noted that the "Top 3 Revenues- General <br /> 12 Fund" were as follows <br /> 13 <br /> 14 Taxes <br /> 15 (Ad Valorem and Local Option Sales) <br /> 16 Intergovernmental <br /> 17 Charges for Services <br /> 18 <br /> 19 The "Top 3 Expenditures — General Fund" were as follows: <br /> 20 <br /> 21 Education Expenditures <br /> 22 Human Services Expenditures <br /> 23 Debt Service Expenditures <br /> 24 <br /> 25 <br /> 26 Financial Reporting Change For 2011 <br /> 27 The County's financial statements for 2011 will reflect an accounting standards change <br /> 28 regarding special revenue funds and fund balance reporting. <br /> 29 <br /> 30 We will review the County's fund structure in the spring of 2011 and alert management of any <br /> 31 reporting changes that will be necessary. <br /> 32 <br /> 33 Current State/Local Conditions <br /> 34 <br /> 35 Summary of Responses to Recession <br /> 36 - 16 counties increase tax rate —Avg. of 3.3 cents <br /> 37 - 49 counties, of 95, cut budgets (again) <br /> 38 - 44 counties report hiring freeze <br /> 39 - 43 counties cut positions <br /> 40 - 1000+ fewer positions, on top of 2009-10 cuts of 1000 <br /> 41 - 14 counties laid off existing employees <br /> 42 - 595 county workers lost jobs <br /> 43 - 7 counties implement mandatory furloughs <br /> 44 - Other actions include salary decreases, fewer paid holidays, decreased/stopped 401 k <br /> 45 - 25 counties, of 95 counties reporting, see decreased property valuations <br /> 46 - 31 of 100 counties see assessed value above market value (unprecedented in 20+ <br /> 47 years of calculating market to av ratio) <br /> 48 - 2009-10 sales taxes nearly 5% below 2008-09 <br />