Agenda - 10-30-1997 - 2 - Laserfiche WebLink

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5 MEMORANDUM TO: Board of County Commissioners John Link, County Manager FROM: Ken Chavious, Finance Director DATE: October 27, 1997 SUBJECT: Landfill Financial Condition and Issues. I have reviewed a draft of the audited financial statements for the Landfill for the year ended June 30, 1997. These statements have not been presented to the Chapel Hill Town Council, however the audit has been completed and the final documents are being prepared. The financial statements for the Landfill are contained in the Town of Chapel Hill's Comprehensive Annual Financial Report(CAFR) as an enterprise fund, as required by Generally Accepted Accounting Principles. The Landfill's statements and internal controls are subject to the same stringent guidelines and requirements as those placed upon the County and the Town. The Town has received the Certificate of Achievement for Excellence in Financial Reporting for twelve consecutive years. This includes the financial reports of the Landfill fund. The Town did not have any audit exceptions related to the Landfill. Information relative to the Landfill's financial condition for the fiscal year ended June 30, 1997 is contained on the attached statements which will be incorporated into the Town's 1997 CAFR. The following information summarizes some of the noteworthy data contained on the financial statements. Schedule of Revenues and Expenditures - Attachment A • Total revenues exceeded total expenditures for the fiscal year ending June 30, 1997 by $1.473 million. Usage fees collected exceeded budget expectations by $620,000, due largely to Hurricane Fran debris. • Expenditures for recycling include $269,000 in the personnel category and $952,000 recorded in other operational categories on the statement. These expenses were financed in total by usage fees.