Orange County NC Website
Additionally the residents of Orange County in November of 2011 approved the Article 46 ¼ cents sales <br />tax that will be used for school capital projects in both school districts, Orange County Schools and <br />Chapel Hill Carrboro City Schools, and to foster economic development in the business development <br />zones of the County. The sales tax revenue is projected to be $2.5 million for fiscal year 2012-13. <br />For capital improvements, the County issued $25 million in Alternative Financing to fund the construction <br />th <br />of an 11elementary school for the Chapel Hill Carrboro School District and fund County equipment <br />purchases. The County does not plan to have any major capital projects or debt issuances for the 2012-13 <br />fiscal years. <br /> <br />Fiscal Policy. <br /> The County continues to operate within its current financial policies this fiscal year despite <br />the challenges it has faced during the economic recession and it is anticipated that it will continue to do so <br />in the upcoming fiscal year. The Board and County Manager acted during the year to hold down <br />expenditures to reduce the impact of the recession on the County's fiscal position. The actions primarily <br />took the form of delaying hiring for vacant positions and requesting that departments take action to reduce <br />operating expenses, fuel usage and travel. Although the 2012-12 budget has increased $2.9 million, the <br />Board of County Commissioners maintains their desire to have no tax increase in 2012-13. This means <br />that the County's debt service as a percentage of the budget will remain nearer or slightly above the 15% <br />of General Fund expenditures limit which is the goal the County strives to maintain. The Board has set an <br />available fund balance minimum of 8%; however it has a goal of being able to reach 17%. Over the past <br />several fiscal years the County has steadily moved toward this goal and had nearly reached it in fiscal year <br />2007-2008; this current fiscal year ended June 30, 2012, we have reversed the trend of reductions in fund <br />balance from the previous two fiscal years. <br />AWARDS AND ACKNOWLEDGEMENTS <br />The Government Finance Officers Association of the United States and Canada ("GFOA") awarded a <br />Certificate of Achievement for Excellence in Financial Reporting to Orange County for its Comprehensive <br />Annual Financial Report for the fiscal year ended June 30, 2011. This marks the thirtieth consecutive year <br />that Orange County has received this prestigious award. In order to be awarded a Certificate of <br />Achievement, a governmental unit must publish an easily readable and efficiently organized <br />Comprehensive Annual Financial Report, whose contents conform to program standards. Such reports <br />must satisfy both accounting principles generally accepted in the United States of America and applicable <br />legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe our current report <br />continues to conform to the Certificate of Achievement Program requirements and we are submitting it to <br />the GFOA to determine its eligibility for another certificate. <br />The County also received the GFOA's award for Distinguished Budget Presentation for its 2012 annual <br />budget document. This is the 21th year that the award has been presented to the County. In order to qualify <br />for this award, the County's budget document was judged to be proficient in several categories including <br />policy documentation, financial planning and organization. The Budget Department believes the fiscal <br />year 2012 budget continues to conform to program requirements and is submitting it to the GFOA to <br />determine eligibility for another award. <br />Each County department's strong commitment to the goals, vision and mission statements of the County <br />government is reflected in their provision of services to the residents of Orange County. I appreciate the <br />cooperation of all County departments in conducting financial activities, including the preparation of this <br />report. I would like to commend the members of the Finance Services Department, particularly, for their <br />professional competence and diligence in continuing the progressive financial activities of the County and <br /> <br />iv <br /> <br />