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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />The outstanding encumbrances are amounts needed to pay any commitments related to purchase <br />orders and contracts that remain unperformed at year-end.At year-end, the General Fund had <br />outstanding encumbrances of $786,847. <br />Reconciliation of the Statement of Revenues, Expenditures, and Changes In Fund Balance - <br />Budget and Actual - General Fund to the Statement of Revenues, Expenditures, and <br />Changes in Fund Balance - Governmental Funds <br />A legally budgeted Property Revaluation Fund isconsolidated into the General Fund for reporting <br />purposes on the Statement of Revenues, Expenditures, and Changes in Fund Balances <br />Governmental Funds (Exhibit D). Fund balance for the General Fund is reconciled as follows: <br />Use of Estimates <br />The preparation of financial statements in conformity with accounting principles generally <br />accepted in the United States of America requires management to make estimates and <br />assumptions that affect certain reported amounts and disclosures. Accordingly, actual results <br />could differ from those estimates. <br />2. Detail Notes OnAll Funds <br /> Assets <br />Deposits <br />All deposits of the County are either insured or collateralized by using one of two methods. Under <br />the Dedicated Method, all deposits exceeding the federal depository insurance coverage level are <br />collateralized with securities held by the County's agents in names. Under the Pooling <br />Method, which is a collateral pool, all uninsured deposits are collateralized with securities held by the <br />State Treasurer's agent in the name of the State Treasurer. Since the State Treasurer is acting in a <br />fiduciary capacity for the County, these deposits are considered to be held by their agents in the <br />42 <br /> <br />