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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />C.Budgetary Data <br />utes. An annual <br />budget is adopted for the General Fund, the special revenue funds (except for where project <br />ordinances are adopted), and the enterprise funds. All annual appropriations lapse at fiscal year- <br />end. Project ordinances are adopted for the Community Development Special Revenue Fund, the <br />Grant Projects Special Revenue Fund, the Adoption Enhancement Special Revenue Fund, and the <br />capital projects funds. <br />All budgets are prepared using the modified accrual basis of accounting. Expenditures may not <br />legally exceed appropriations at the functional level for all annually budgeted funds and at the <br />object level for the multi-year funds. The County Manager is authorized to transfer budget <br />amounts within the functional categories in any fund; however, any revisions that alter total <br />expenditures of any functional category or fund must be approved by the Board of County <br />Commissioners. During the year, several amendments to the original budget were necessary. <br />The budget ordinance must be adopted by July 1 of the fiscal year or the governing board must <br />adopt an interim budget that covers that time until the annual ordinance can be adopted. <br />The following summarizes the supplementary appropriations made during 2012: <br />33 <br /> <br />