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2 <br />• <br />ii) Motor Vehicle Property Taxes -Motor vehicle property tax collections to-date <br />are slightly below the target for the current fiscal year. <br />iii) Sales Taxes -The County has received five months of sales tax receipts for <br />the current year -July through November 2010. Out of a $14.4 million budget, <br />the County has received $4.5 million, down $2.6 million due to the refunds paid <br />to non-profit organizations earlier than the previous fiscal year. There are <br />positive signs of the economy recovering. As a result, we do expect to receive <br />slightly higher sales taxes for the fiscal year than budgeted. <br />iv) Intergovernmental Revenues -Intergovernmental revenues continue to lag <br />behind the current year's budget due to the timing of reimbursements received <br />from Federal and State funding sources. We continue to expect these revenues to <br />meet budget by the end of the fiscal year, if there are not any current year <br />budgetary impacts at the Federal and State level. <br />v) Charges for Services, Licenses and Permits are in line with current year <br />budget and prior year receipts. <br />b) Expenditures -Overall expenditures are slightly higher than budget at this point in <br />the current fiscal year. Public Safety expenditures are higher than the prior fiscal <br />year due to purchases of vehicles and equipment by the Sheriff Department and <br />Emergency Management Services. All other functional expenditures are in-line <br />with the budget at this point in the fiscal year. • <br />2) Policies <br />Earlier in the fiscal year, we proposed changes to some of the existing financial <br />policies of the County. Additionally, as previously discussed, one of the factors in our <br />bonds and debt being rated highly by the rating agencies is the existence of sound <br />fiscal policies and procedures. We have provided the updated policies .and <br />procedures for your information, review and discussion: <br />• Orange County Capital Funding Pplicy -Second Draft <br />• Orange County Debt Management Policy -Second Draft <br />• Orange County Fund Balance Policy -Second Draft <br />• Orange County Investment Policy -First Draft <br />The attached policies will document our current practices, procedures, and <br />standards. Moreover, these policies will align the County's financial management <br />practices with the current financial rules and reporting standards promulgated by the <br />Government Finance Officers Association (GFOA) and the Local Government <br />Commission (LGC). <br />• <br />