Agenda - 02-03-2015-13 (8) - Laserfiche WebLink

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INFORMATION ITEM �IaViimio�m Nuumuu�u�i�ulOp��Vl .. muuuuuuuuuu COUNIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIY FINANCE AND ADMINISTRA TIVE SERVICES 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 22, 2015 Re: Major Fund Financial Statement for the Six Months Ended December 31, 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 six months ended December 31, 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 Funds 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 $132.6 million for an increase of $5.5 million or 4% 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 69% of the amended budget for the current fiscal year. • Total expenditures (expenditures and transfers) for the General Fund are $89.3 million for an increase of $3.2 million or 3% over the same period in the previous year. General Fund Expenditures increased due to increased expenditures for Human Services and Education. Total expenditures are 45% of the budget for the fiscal year. • Revenues and net transfers are more than expenditures by $43.8 million representing a 7% increase over the same period in the previous fiscal year.