Minutes 12-09-2014 - Laserfiche WebLink

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Fund Balance Available fund balance as defined by the Local Government Commission (LGC) is calculated as follows: Total Fund Balance Less: Non spendable (not in cash form, not available) Less: Stabilization by State Statute (by state law, not available) Available Fund Balance This is the calculation utilized as the basis for comparing you to other units and calculating your fund balance percentages. Fund Balance Position-General Fund Total Fund Balance $62,114,947 Non spendable - 29,242 Stabilization by State Statute - 12,102,492 Available Fund Balance $49,983,213 Available Fund Balance 2013 $44,903,439 Increase in Available FB $ 5,079,774 Available Fund Balance as a Percent of Expenditures and Transfers out—General Fund Major Enterprise Funds SportsPlex Solid Waste Fund Fund �:� Total operating revenues $ 3,191,865 $ 5,352,943 �:� Total operating expenses $ 2,919,997 $ 11,266,438 �:� Operating Income (Loss) $ 271,868 $ (5,913,495) Major Enterprise Fund Cash Flow Unrestricted Debt Service From Operations Net Position Solid Waste $ 763,409 $ (2,715,370) $(1,487,578) SportsPlex $ 683,474 $ 396,379 $ 834,947 Crystal Roberts said the fund balance increased by $7.5 million as compared to the prior year. Commissioner porosin asked if the 26.5 percent fund balance is the number that is comparable to the minimum requirement of the LGC. Clarence Grier said the LGC minimum is 8 percent, and the GFCO recommendation is 16.67 percent. He said Orange County's policy is 17 percent, which represents two months of expenditures. He said during the budget process the County appropriated $10 million for this year's budget, and when you take out that $10 million it brings the fund balance down to approximately 20 percent. He said he and the manager will review the fund balance in January and bring back some recommended uses for the additional amount that is over the policy recommendation. Commissioner porosin referred to the slide with the fund balance dollar amount, and he asked about the $5 million increase in available fund balance. He referred to Clarence Grier's statement that $10 million was taken out, and asked if that means that the net loss is only $5 million. Clarence Grier said there is actually a net increase of$2 million if you take out that $5 million. He said this is because there was an increase of$7.5 million to the fund balance, and when you take that out of the available, it shows an actual increase of$2.7 million.