Agenda - 01-22-2015-13 (5) - Laserfiche WebLink

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INFORMATION ITEM ORANGE COUNTY NORTH CAROLINA FINANCE AND ADMINISTRA TIVE SER VICES 200 South Cameron Street Clarence G. Grier, CPA, CITP, CGMA Phone (919) 245 -2553 Post Office Box 8181 Assistant County Manager — CFO Fax (919) 644 -3324 Hillsborough, North Carolina 27278 MEMORANDUM To: Board of County Commissioners From: Clarence Grier, Assistant County Manager — Chief Finance Officer Date: January 15, 2015 Re: Major Fund Financial Statement for the Quarter Ended September 30, 2014 As part of meeting the periodic financial reporting requirements and providing timelier source information in regards to the financial status of the County, we have developed an interim financial statement that will provide information on the major fund financial status for the quarter ended September 30, 2014. The following County funds are considered major funds under the Governmental Accounting Standards Board: The Major funds of the County are as follows: • General Fund • Capital Funds — County Capital and School Capital Funds • Solid Waste Fund • Sportsplex Fund The Major Fund of the County accounted for approximately 86 percent of the total annual revenues of the County. An overview of financial status for each of the major funds is included in the financial statement and as follows: General Fund • Total revenues (revenues and transfers) for the General Fund are $23.8 million for an increase of $3.13 million or 15% over the same period in fiscal year 2013 -14. This revenue increase is mainly due to the timing, billing and collection of Ad Valorem Taxes and Intergovernmental Revenues. Total revenues collected are 12% of the amended budget for the current fiscal year. • Total expenditures (expenditures and transfers) for the General Fund are $49.2 million for an increase of $3.46 million or 8% over the same period in the previous year. General Fund Expenditures increased due increased expenditures for Human Services and Education. Total expenditures are 24.3% of the budget for the fiscal year. • Revenues and net transfers are less than expenditures by $25.5 million representing a nominal decrease over the same period in the previous fiscal year.