Orange County NC Website
INFORMATION ITEM <br />ORANGE OUNTY <br />NORTH CAROLWA <br />FINANCE AND ADMINISTRA TIVE SERVICES <br />200 South Cameron Street Clarence G. Grier, CPA, CITP, CGMA Phone (919) 245 -2553 <br />Post Office Box 8181 Assistant County Manager — CFO Fax (919) 644 -3324 <br />Hillsborough, North Carolina 27278 <br />MEMORANDUM <br />To: Board of County Commissioners <br />From: Clarence Grier, Assistant County Manager — Chief Finance Officer <br />Date: October 20, 2014 <br />Re: Major Fund Financial Statement for the Year Ended June 30, 2014 <br />As part of meeting the periodic financial reporting requirements and providing timelier source information in <br />regards to the financial status of the County, we have developed an interim financial statement that will provide <br />information on the major fund financial status for the year ended June 30, 2014. The following County funds <br />are considered major funds under the Governmental Accounting Standards Board: <br />The Major funds of the County are as follows: <br />• General Fund <br />• Capital Funds — County Capital and School Capital Funds <br />• Solid Waste Fund <br />• Sportsplex Fund <br />The Major Fund of the County accounted for approximately 86 percent of the total annual revenues of the <br />County. An overview of financial status for each of the major funds is included in the financial statement and as <br />follows: <br />General Fund <br />• Total revenues (revenues and transfers) for the General Fund are $194.6 million for an increase of <br />$7.7 million or 4.1% over the same period in fiscal year 2012 -13. This revenue increase is mainly due <br />to the timing, billing and collection of Registered Motor Vehicles Ad Valorem Taxes. Total revenues <br />collected are 86% of the amended budget for the current fiscal year. <br />• Total expenditures (expenditures and transfers) for the General Fund are $188.5 million for an <br />increase of $14.1 million or 7.7% over the same period in the previous year. General Fund <br />Expenditures increased due increased expenditures for Education and Debt Service. Total <br />expenditures are 72% of the budget for the fiscal year. <br />• Revenues and net transfers are more than expenditures by $7.6 million representing a net increase of <br />$.75 million or 11 % over the same period in the previous fiscal year. <br />