Agenda - 10-07-2014-13 (7) - Laserfiche WebLink

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MESSAGE FROM MANAGEMENT Residents of Orange County, am proud to present the Orange County Financial Highlights for fiscal year 2012 -2013. In today's complex world of financial reporting, analyzing financial statements can be a challenge— especially for those without accounting and financial backgrounds. This report was designed to address that issue by providing a summary of your County government's finances in an easy to read format. The financial statements used in this report are simplified and condensed to reflect financial information regarding Orange County's government -wide information. The County's government -wide financial statements provide information on revenues, expenses, and net position of Orange County for the fiscal year ending June 30, 2013. Most of the information in this report is drawn from the financial information appearing in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2013. The CAFR is a more detailed and complete financial presentation prepared in accordance with Generally Accepted Accounting Principles (GAAP) and was audited by the County's independent external auditors. While the financial data in this report conforms with GAAP, the statistical, economic and demographic data are taken from various sources and are not necessarily GAAP based. Additional financial information can be reviewed in the CAFR, available at Orange County public libraries and online at www.orangecountync.gov /depts /finance/ Sincerely, Clarence Grier Assistant County Manager Chief Financial Officer �IJ COUNTY PROFILE Orange County, founded in 1752, is located in the north - central portion of North Carolina, approximately midway between Washington, DC and Atlanta, GA. The County is part of the Raleigh /Durham /Chapel Hill Metropolitan Statistical Area, which also includes the Research Triangle Park, a major complex of research and research - oriented manufacturing facilities. The County operates under a Commissioner - Manager form of government. The governing body of the County is the Board of County Commissioners, which formulates policies for the administration of the County. In addition, the Board annually adopts a balanced budget and establishes a tax rate for the support of the County's programs. The Board consists of seven commissioners, elected on a staggered basis for terms of four years. The County Manager is appointed by, and serves at the pleasure of the Board as the County's Chief Executive Officer. The manager has appointive and removal authority over department heads and other employees of the County. The County Manager is also responsible for the daily operations of the County Government. In addition, the Manager's responsibilities include implementation of policies established by the Board of Commissioners, as well as the administration of the annual budget adopted by the Board. The County provides a wide range of services, including public safety, human services (Social Services, Health and Aging), and funds for education, cultural and recreational activities, general administration functions, and others.