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<br />1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:January 22, 2015 <br />Action Agenda <br />Item No.7-b <br />SUBJECT: <br /> Recommended Uses of General Fund Unassigned Fund Balance as of June <br />30, 2014 <br />DEPARTMENT:Finance and Administrative PUBLIC HEARING: (Y/N)No <br />Services <br />ATTACHMENT(S):INFORMATION CONTACT: <br />1.BOCC Fund Balance Policy <br />2.Schedule of General Fund Balance Bonnie Hammersley, 919-245-2300 <br />Available for AppropriationClarence G. Grier, 919-245-2453 <br />3.Chart and Schedule of Changes in <br />Fund Balance Since FY2008 <br />PURPOSE: <br />To receive a recommendation for the use of the General Fund unassigned Fund <br />Balance in excess of the BOCC’s fund balance policy. <br />BACKGROUND: <br />On April 5, 2011the BOCC adopted a fund balance policy that states <br />: <br />The County will strive to maintain an unassigned fundbalance in the General Fund of 17% <br />percent of budgeted general fund operating expenditures each fiscal year. The amount of <br />unassigned fund balance maintained during each fiscal year should not fall below 8% percent of <br />budgeted general fund operating expenditures, as recommended by the North Carolina Local <br />Government Commission. <br />As of June 30, 2014 the General Fund Unassigned Fund Balance totaled $44.9 million <br />(Attachment 2). Of this amount, $10million was appropriated prior tothe end of the fiscal year <br />to balance the FY 2014 – 2015 General Fund Operating Budget. <br />After theappropriationof the General Fund’s fund balance available for appropriation, the <br />General Fund unassigned fund balance as of June 30, 2014 is$34.9 million, whichrepresents <br />18.65% ofthe General Fund expenditures as of June 30, 2014. This represents approximately a <br />57.83% increase in the General Fund unassigned fund balance since June 30, 2008. <br />Additionally this represents unassigned fund balance in excess of the fund balance policy of <br />$3.0million. <br />For the current fiscal year, staffrecommendsthe appropriation $1.5 million of the excess fund <br />balanceto continue the funding of the Other Post Employment Benefits(OPEB) Fundpreviously <br />establishedto partially fund the total required contribution for the current fiscal year. It has been <br /> <br />