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L~ <br />ORANGE COUNTY BOARD OF <br />COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 17, 2011 <br />Action Agenda <br />Item No. 2 <br />• <br />SUBJECT: FY 2011-12 Budget Work Session <br />DEPARTMENT: County Manager and Financial <br />Services <br />PUBLIC HEARING: (YIN) No <br />ATTACHMENTS): <br />Attachment 1. February 2011 Monthly <br />Financial Dashboard <br />Attachment 2. 2"d Draft Orange County <br />Capital Funding Policy . <br />Attachment 3. 2"d Draft Orange County Debt <br />Management Policy <br />Attachment 4. 2"d Draft Orange County Fund <br />Balance Policy <br />Attachment 5. 1St Draft Orange County <br />Investment Policy <br />INFORMATION CONTACT: <br />Frank Clifton, (919) 245-2306 <br />Clarence-Grier, (919) 245-2453 <br />PURPOSE: For the Board to receive an update on the financial status of the County, and <br />discuss changes in the capital funding, debt management, fund balance and investment <br />management policies. <br />BACKGROUND: <br />1) Current Year Fiscal Update <br />a) Revenues -Overall revenue collections are on target, at this point, in the current <br />fiscal year. <br />i) Real Property Taxes -Preliminary reports indicate property tax revenues, <br />year-to-date, continue to be consistent with the collection rate of previous <br />years. ~ Of the $123.8 million budgeted for real property taxes, the Tax <br />Administration Office has collected approximately 100.2% of that amount, or <br />$124 million as of February 28, 2011. <br />• <br />