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3 <br /> 1 1, 2014 through June 30, 2015. Martin Starnes and Associates, a firm of Certified Public <br /> 2 Accountants, audited the financial statements. The financial statements and audit are required <br /> 3 by Chapter 159-34 of the North Carolina General Statutes. The County prepares a <br /> 4 Comprehensive Annual Financial Report (CAFR) that meets the standards set by the <br /> 5 Government Finance Officers Association (GFOA). The CAFR is submitted to the GFOA in <br /> 6 order to be awarded the Certificate of Achievement for Excellence in Financial Reporting. <br /> 7 Orange County has received this award for thirty consecutive fiscal years. The financial report <br /> 8 for the Orange County SportsPlex, as required under the management contract, is included in <br /> 9 the County's CAFR. <br /> 10 The audit results for the fiscal year ended June 30, 2015 indicates a strong financial <br /> 11 position for Orange County. The County received an unqualified (clean) audit opinion on the <br /> 12 financial statements received from the audit. The Chief Financial Officer and representatives of <br /> 13 Martin Starnes and Associates will cover highlights of the report and answer any questions. <br /> 14 <br /> 15 FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange <br /> 16 County. The County Board policy is to maintain the unassigned fund balance at 17% of General <br /> 17 Fund expenditures. At the end of FY2014-15 the unassigned fund balance was 18.5% of <br /> 18 General Fund expenditures, or $2.8 million in excess of the Board policy. The unassigned fund <br /> 19 balance policy and target levels enable the County to prevail through uncertain economic and <br /> 20 financial periods. <br /> 21 Marcie Spivey, Audit Partner with Starnes and Associates, made the following <br /> 22 PowerPoint presentation, regarding the results of the 2015 Audited Financial Statements. Many <br /> 23 of the slides are incorporated by reference and this presentation is a part of the permanent <br /> 24 agenda file in the Clerk's office. <br /> 25 <br /> 26 Orange County 2015 Audited Financial Statements <br /> 27 <br /> 28 Audit Highlights <br /> 29 • Unmodified opinion <br /> 30 • Implementation of GASB68 <br /> 31 <br /> 32 Budget vs. Actual- General Fund <br /> 33 <br /> 34 Budget Actual Variance <br /> 35 <br /> 36 Revenues $ 196,316,799 $ 201,390,558 $ 5,073,759 <br /> 37 <br /> 38 Expenditures 200,705,722 192,078,545 8,627,177 <br /> 39 Other Financing Sources (Uses) <br /> 40 <br /> 41 Bond Refunding - 605,000 605,000 <br /> 42 Transfers In 1,057,160 1,057,160 <br /> 43 <br /> 44 Transfer Out (8,080,699) (8,080,699) <br /> 45 Appropriated Fund Balance 11,412,462 - (11,412,462) <br /> 46 <br /> 47 Net Change in Fund Balance $ - $ 2,893,474 $ 2,893,474 <br /> 48 <br /> 49 <br /> 50 Transfers out Summary <br /> 51 Transfers from the General Fund <br />