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Comprehensive Annual Financial Report (CAFR) that meets the standards set by the <br /> Government Finance Officers Association (GFOA). The CAFR is submitted to the GFOA in <br /> order to be awarded the Certificate of Achievement for Excellence in Financial Reporting. <br /> Orange County has received this award for thirty consecutive fiscal years. The financial report <br /> for the Orange County SportsPlex, as required under the management contract, is included in <br /> the County's CAFR. <br /> The audit results for the fiscal year ended June 30, 2015 indicates a strong financial <br /> position for Orange County. The County received an unqualified (clean) audit opinion on the <br /> financial statements received from the audit. The Chief Financial Officer and representatives of <br /> Martin Starnes and Associates will cover highlights of the report and answer any questions. <br /> FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange <br /> County. The County Board policy is to maintain the unassigned fund balance at 17% of General <br /> Fund expenditures. At the end of FY2014-15 the unassigned fund balance was 18.5% of <br /> General Fund expenditures, or $2.8 million in excess of the Board policy. The unassigned fund <br /> balance policy and target levels enable the County to prevail through uncertain economic and <br /> financial periods. <br /> Marcie Spivey, Audit Partner with Starnes and Associates, made the following <br /> PowerPoint presentation, regarding the results of the 2015 Audited Financial Statements. Many <br /> of the slides are incorporated by reference and this presentation is a part of the permanent <br /> agenda file in the Clerk's office. <br /> Orange County 2015 Audited Financial Statements <br /> Audit Highlights <br /> • Unmodified opinion <br /> • Implementation of GASB68 <br /> Budget vs. Actual- General Fund <br /> Budget Actual Variance <br /> Revenues $ 196,316,799 $ 201,390,558 $ 5,073,759 <br /> Expenditures 200,705,722 192,078,545 8,627,177 <br /> Other Financing Sources (Uses) <br /> Bond Refunding - 605,000 605,000 <br /> Transfers In 1,057,160 1,057,160 - <br /> Transfer Out (8,080,699) (8,080,699) - <br /> Appropriated Fund Balance 11,412,462 - (11,412,462) <br /> Net Change in Fund Balance $ - $ 2,893,474 $ 2,893,474 <br /> Transfers out Summary <br /> Transfers from the General Fund <br /> School Capital Improvements Fund $4,727,236 <br /> County Capital Improvements Fund 460,240 <br /> Nonmajor government funds 516,480 <br />