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Finance and Administrative Services - continued <br />Responsible for encumbering and purchasing of County goods and services. <br />FY 2012 -13 Outcomes <br />Annual Audit: Issued Comprehensive Annual Financial Report (CAFR), as required by the Local <br />Government Commission, by October 31, 2012. No management letter concerns or comments. <br />Retained the GFOA Certificate of Achievement for Excellence to Financial Reporting. <br />Financial Condition: Increased Standards and Poors bond ratings to AAA. Received a Aa1 with a <br />Positive Outlook, from Moody's Investor Services and AAA, from Fitch. <br />Debt Service: Reduced County debt service through two debt refunds: 1) $96.7 million to save <br />$5.3 million in debt service payments and 2) $17 million to save $1.74 million in debt service <br />payments. The average interest rate for the new loans is 2.0 %. Met debt service payments, on <br />bonds and installment purchases, with 100 percent accuracy. No penalties for late payment. <br />Established the County's Other Post - Employement Benefits (OPEB) Trust Fund; contributed $3 <br />million, in November 2012. The County's total OPEB liability totals $63.7 million. <br />Policy Compliance: The FY 2012 audit reported unassigned fund balance at 22% of General Fund <br />expenditures. Anticipate unassigned fund balance at 17 %, by year -end. Slightly exceeded County <br />debt ratio target (15.34 %). <br />Outstanding purchase orders reduced, for the third consecutive year. <br />Met target of payroll completion, two days prior to payday (100 %). <br />Performance Measures <br />2010 -11 <br />2011 -12 <br />2012 -13 <br />2012 -13 <br />2013 -14 <br />Actual <br />Actual <br />Budget <br />Projected <br />Budget <br />Service: Maintain a financially sound condition, according to legal statutes and accounting standards. <br />Unassigned Fund Balance, as percent of <br />15.9% <br />22.0% <br />17.0% <br />17.0% <br />17.0% <br />General Fund Expenditures (Target: >17 %) <br />Debt Service, as a percent of General <br />15.0% <br />14.9% <br />16.0% <br />15.34% <br />14.5% <br />Fund expenditures (Target: < 15 %) <br />FY 2013 -14 Objectives <br />Complete the County's CAFR by October 31, 2013. <br />Fund balance meets budgeted goals of 17 percent or greater. <br />Monitor financial transactions to insure compliance with Fiscal Control Act, taking corrective action <br />when necessary resulting in no more than two finance related management points, Retain the <br />GFOA Certificate of Achievement for Excellence to Financial Reporting. <br />Ensure timely payment of debt service. Plan, execute and oversee debt issuance to comply with <br />the Fiscal Control Act and ensure fund availability for designated capial projects. <br />Budget Highlights <br />Transferred Asset Management Coordintor (1.0 FTE), from Asset Management Services, to assist <br />with County purchasing duties ($54,660). <br />1i PX:3 <br />