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Orange County, North Carolina this narrative overview and analysis of the financial activities of the County for the fiscal year ended June 30, 2012. We encourage readers to read the information presented here in conjunction with additional Financial Highlights The liabilities of the County exceeded its assets at the close of the fiscal year by $50.3 million (net assets). In accordance with North Carolina law, liabilities of the County include approximately $149.2 million in long-term debt associated with assets belonging to the Orange County Board of Education and the Chapel Hill-Carrboro City Board of Education. As these assets are not reflected in the County's financial statements, and the full amount of the long-term debt is reflected in the County's financial statements, the County reports a net deficit in net assets. The government's total net assets increased by $9.85 million. This increase results from a reduction of County expenditures/expenses to continue to deal with the results of, and the slow recovery from, the economic recession. As of the close of the current fiscal year, the County's governmental funds reported combined ending fund balances of $88.5 million,an increase of $22.5 million in comparison with the prior year. This results mainly from increased General Fund revenues and proceeds from debt financing and other sources of capital project financing totaling $27 million in the current year. Approximately 39.1 percent of the ending fund balance, or $34.6 million, is available for spending at the government's discretion (unassigned fund balance). Of the total fund balance, approximately $6.1 million has been assigned for subsequent year's expenditures for programs, grants, and capital purposes. Unassigned fund balance totals $34.6 million. At the end of the current fiscal year, unassigned fund balance for the General Fund was $35.1 million, or 21.1 percent of total General Fund expenditures for the fiscal year. The County maintained its AAA (Fitch IBCA), Aa1 (Moody's Investor Services), and AA+ (Standard & Poor's) bond rating on general obligation bonds for the 15th consecutive year.During the year, all of the rating agencies s. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the County's basic financial statements. The County's basic financial statements consist of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. The basic financial statements present two different views of the County through the use of government-wide statements and fund financial statements. In addition to the basic financial statements, this report contains other supplemental information that will enhance the reader's understanding of the financial condition of the County. 3