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Attachment 1 2 <br /> 'RANGL. COUNTY <br /> NOR! t..t t:AR()i.JNA.. <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson @orangecountync.gov I 200 S.Cameron Street, Hillsborough, NC 27278 1 919.245.2151 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: February 16, 2016 <br /> Re: Second Quarter FY2015-16 Financial Report-Period Ending December 31, 2015 <br /> The Second 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 /> A 2016 Economic Outlook Report by Dr. Michael Walden of NC State University is included to complement this <br /> quarterly financial report. <br /> General Fund Performance <br /> The FY2015-16 General Fund performance is consistent with historical performance. Unlike the first three months of the <br /> County's fiscal year,where expenditures normally exceed revenues due to the timing of Property Tax revenues which are <br /> due September 1,the second quarter revenues normally exceed expenditures due to the collection of a large majority of <br /> Property Tax revenues by December 31, 2015. The County's cash flow and ability to cover expenditures during the first <br /> quarter is attributed to a strong balance sheet. <br /> General Fund Revenues <br /> Second quarter FY2015-16 General Fund revenues total$137.7 million or 65.3% of budgeted revenues,which is <br /> consistent with 2Q FY2014-15 total of$134.5 million or 66.1%% of budgeted revenues. This slight decrease of 0.8%is <br /> Orange COW ui y Governmevut www.orangecountync.gov I 919.732.8181 <br />