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2 <br /> Attachment 1 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: December 7, 2015 <br /> Re: First Quarter FY2015-16 Financial Report-Period Ending September 30, 2015 <br /> The First Quarter FY2015-16 report represents the Department of Finance and Administrative Services commitment to <br /> providing important financial reporting to you, the County Manager, and our Residents. <br /> The Major Orange County Operating funds are: <br /> • General Fund <br /> • Enterprise Funds (Solid Waste Fund and Sportsplex Fund) <br /> The quarterly report is presented with a detailed comparison of FY2015-16 Budget versus Actual and FY2014-15 Budget <br /> versus Actual indicating year to date revenues and expenditures performance. The primary goal of this quarterly report is <br /> to communicate a concise financial status of the County's major operating funds.Your input and feedback is appreciated, <br /> as enhancements are made to our quarterly financial reporting. <br /> An Economic Outlook Report by Dr. Michael Walden of NC State University for the period ending September 30, 2015 is <br /> included to complement this quarterly financial report. <br /> General Fund Performance <br /> The FY2015-16 General Fund performance is consistent with historical performance. During the first three months of the <br /> County's fiscal year, expenditures normally exceed revenues due to the timing of Property Tax revenues which are due <br /> September 1. The County's cash flow and ability to cover expenditures during this period is attributed to a strong balance <br /> sheet. <br /> General Fund Revenues <br /> First quarter FY2015-16 General Fund revenues total$24.5 million or 11.8% of budgeted revenues,which is consistent <br /> with 1Q FY2014-15 total of$24.5 million or 12.2% of budgeted revenues. This slight decrease of 0.4%is mostly <br /> attributed to a decrease in Intergovernmental revenue, and more specifically, the timing of the receipt of Lottery Proceeds. <br /> For 1Q FY2015-16, $0 Lottery proceeds were received,while in 1Q FY2014-15, $218,775 was received. Lottery <br /> proceeds of$713,239 were received after September 30; these payments will be indicated in the second quarter report. <br />