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• Enterprise Funds - account for operations that are intended to be self - supporting <br />through charges made to users of services provided or where determination of net <br />income is an important factor. Orange County presently has three enterprise funds, <br />the Efland Sewer Enterprise Fund, the Solid Waste Enterprise Fund, and the <br />Sportsplex Enterprise Fund. <br />Fiduciary Funds <br />These funds are used to account for assets held by the County in a trustee capacity or as an <br />agent for individuals, private organizations, other governmental units and /or other funds. Since, <br />by state statutes, these funds are not subject to appropriation by the Board of County <br />Commissioners, these funds are not included in this document. The County's fiduciary funds <br />include: <br />Agency Funds account for assets held by the County as an agent for other <br />governmental units. These monies are accounted for in essentially the same manner <br />as governmental funds. <br />Non - expendable Trust Funds account for assets, held by the County in a trustee <br />capacity, which are designated for a particular purpose. These monies are <br />accounted for basically in the same manner as proprietary funds. <br />Functions <br />Each fund is further divided into functions, which represent the level of authorization by the <br />governing board. Revenue functions include Property Taxes, Sales Tax, Licenses and Permits, <br />Intergovernmental, Charges for Services, Interest Income, Miscellaneous Income and Fund <br />Balance. Orange County's appropriation functions include: Governing and Management, <br />General Services, Community and Environment, Human Services, Public Safety, Culture and <br />Recreation, Education, Transfers to Other Funds, and Debt Service. <br />Departments /Programs <br />Each function is comprised of two or more departments, and each department may be further <br />represented by a program. In this document, each department or program summary contains a <br />program description, prior year accomplishments, coming year objectives, a budget summary by <br />expenditure category, and offsetting revenues. For departments administering more than one <br />program a department summary precedes the department's program summaries. <br />Basis of Budgeting <br />Budgetary accounting is used for management control of all funds of the County. Annual <br />budget ordinances are adopted on the modified accrual basis at the fund level and amended as <br />required for the operations of the general, special revenue, and proprietary funds. <br />The Comprehensive Annual Financial Report (CAFR) shows the County's finances on the basis <br />of "generally accepted accounting principles" (GAAP). In most cases, this conforms to the way <br />the County prepares its budget. Two exceptions are the treatment of depreciation expense and <br />compensated absences. Depreciation is not budgeted but capital improvements in the CAFR <br />are depreciated. Compensated absences are accrued as expenditures in the CAFR and are not <br />included in the budget. The CAFR shows fund revenues and expenditures on both a GAAP <br />basis and budgetary basis for comparison purposes. <br />i <br />