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which has had about 15-18 meetings, agreed to add a fifth item to modify and abridge the existing <br />EDD manual. The information for the public hearing will be available to the public on November 28tH <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Halkiotis to <br />approve the items for the December 12, 2000 public hearing. <br />VOTE: UNANIMOUS <br />9. ITEMS FOR DECISION -REGULAR AGENDA <br />a. 1999-2000 Comprehensive Annual Financial Report <br />The Board received the Comprehensive Annual Financial Report {CAFR} and Single Audit <br />Report for the fiscal year ended June 30, 2000. <br />Ken Chavious summarized the report. Major points are listed below: <br />General Fund Revenues: The assessed value of property taxes was $7.02 billion in <br />2000, which is an increase of 4.6% aver 1999. 98.42°lo of gross levy was collected. The collections <br />exceeded the budget. <br />General Fund Expenditures: 49.2°~ of the total general fund went toward education, <br />which was $48.37 million. Other general fund expenditures included human services at $21.66 million <br />(22.06% of total general fund} and public safety at $8.59 million (8.75% of total general fund). <br />Capital Projects: 18.8 million dollars went toward school projects ($9.6 million in Chapel <br />Hill-Carrboro and $9.2 million in Orange County}. 3.89 million dollars went toward County projects <br />including parks, land, affordable housing, building improvements, and equipment. There was a <br />smooth transition of the solid waste management activities from Chapel Hill to Orange County. The <br />Solid Waste Management Fund is debt free. <br />General Fund Cash and Investments: General fund cash and investments at the end of <br />the year were $20.69 million, which is an increase of $800,000 over 1999. Investment earnings were <br />$1.42 million, which is an increase of $300,000 over 1999. <br />Fund Balance: The fund balance was $3.4 million at the end of the fiscal year, which was <br />13.74°~ of 2000 expenditures and 12.39°~ of 2000-2001 budget. The fund balance remains sound <br />and the County continues to move forward with a very strong financial condition. <br />Debt Position: The outstanding debt is $117.5 million. Of this amount, $95.5 million is for <br />G. O. bands and $22 million is for private placements. For the upcoming year, there are $18.7 million <br />in unissued bonds and $14 million for the proposed COPS project. <br />Single Audit and Grants: The County has managed $63 million in grant funds this year. <br />DSS has managed $47 million. There were no findings or questioned costs. <br />Positive Audit Results: This was a successful audit process with no findings or <br />exceptions. <br />Commissioner Jacobs made reference to the dept policy of not exceeding 3°~ of assessed <br />value and said that bonds could be issued next year in the amount of 60 million dollars. He asked <br />about the bond debt and how old it was. <br />Ken Chavious said that the County has no debt outstanding that was issued prior to 1988. <br />George Donor with Delloitte and Touche spoke about the importance of addressing the <br />Governmental Accounting Standards Board (GASB) Statement 34 new reporting model. It will be <br />effective for Orange County far June 30, 2002. It will establish a new framework for financial <br />statements, requiring full accrual accounting, which will double the workload. He emphasized that <br />there needs to be some planning for the extra workload. <br />Commissioner Halkiotis asked that the Manager and Ken Chavious keep the Board posted <br />on this and the cost estimates of complying with this new requirement. He sees it as anon-funded <br />mandate. <br />John Link suggested joining together with the other counties in the state and throughout <br />the country in opposing this statement 34. He will do a resolution that can be conveyed to the state <br />association as well as to NACo. <br />b. Transportation Improvement Plan (TIP) Comments <br />The Board considered commenting on future transportation plans in Orange County. <br />Planner Karen Lincoln said that the purpose of this item was to receive comments from the <br />County Commissioners on the Draft 2002-2008 Transportation Improvement Program. Last <br />9 <br />