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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />11 <br />Available Fund Balance 2013 $44,903,439 <br />Increase in Available FB $ 5,079,774 <br />Available Fund Balance as a Percent of Expenditures and Transfers out — General Fund <br />Major Enterprise Funds <br />SportsPlex Solid Waste <br />Fund Fund <br />Total operating revenues $ 3,191,865 $ 5,352,943 <br />Total operating expenses $ 2,919,997 $ 11,266,438 <br />Operating Income (Loss) $ 271,868 $ (5,913,495) <br />Major Enterprise Fund <br />Cash Flow Unrestricted <br />Debt Service From Operations Net Position <br />Solid Waste $ 763,409 $ (2,715,370) $(1,487,578) <br />SportsPlex $ 683,474 $ 396,379 $ 834,947 <br />Crystal Roberts said the fund balance increased by $7.5 million as compared to the prior <br />year. <br />Commissioner Dorosin asked if the 26.5 percent fund balance is the number that is <br />comparable to the minimum requirement of the LGC. <br />Clarence Grier said the LGC minimum is 8 percent, and the GFCO recommendation is <br />16.67 percent. He said Orange County's policy is 17 percent, which represents two months of <br />expenditures. He said during the budget process the County appropriated $10 million for this <br />year's budget, and when you take out that $10 million it brings the fund balance down to <br />approximately 20 percent. <br />He said he and the manager will review the fund balance in January and bring back <br />some recommended uses for the additional amount that is over the policy recommendation. <br />Commissioner Dorosin referred to the slide with the fund balance dollar amount, and he <br />asked about the $5 million increase in available fund balance. He referred to Clarence Grier's <br />statement that $10 million was taken out, and asked if that means that the net loss is only $5 <br />million. <br />Clarence Grier said there is actually a net increase of $2 million if you take out that $5 <br />million. He said this is because there was an increase of $7.5 million to the fund balance, and <br />when you take that out of the available, it shows an actual increase of $2.7 million. <br />Commissioner Dorosin said $10 million was taken out, and this shows an increase of $5 <br />million. He asked if this means the County is really only $5 million down. <br />Clarence Grier said this is correct. <br />Commissioner Jacobs asked how long the County has been under contract with Martin <br />Starnes to do the audit. He asked if there is a policy for when other bids are solicited. <br />Clarence Grier said there are two more years on this contract, and the next time this <br />goes out for bid will be the end of fiscal year 2016. <br />Commissioner Jacobs said this information needs to be appended to this audit report <br />each year, along with the policy on rotating auditors. <br />Commissioner Burroughs asked if a management letter is sent out as part of the audit. <br />Crystal Roberts said a management letter is a possibility, but Orange County has not <br />received a letter in the past four three years, as these are only sent out when there are issues. <br />Clarence Grier recognized his staff members, and Chair McKee presented a plaque to <br />the department. <br />