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Attachment 1 2 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> FINANCE a idADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer gonaldson(I orangecouotync.gov 200 S.Cameron Street,Hillsborough,NC 27278 I 919.245.2151 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: April 27, 2016 <br /> Re: Third Quarter FY2015-16 Financial Report-Period Ending March 31,2016 <br /> The Third 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 and delineate variances attributed either <br /> to performance or timing. <br /> Enclosures to this Third Quarter Financial Report include: <br /> • 2016 Economic Outlook Report by Dr. Michael Walden of NC State University <br /> • Investment Overview and Strategy <br /> Our new Investment Strategy is being implemented in collaboration with our financial advisors with the goal of <br /> optimizing investment earnings in view of an improving interest rate environment. <br /> General Fund Performance <br /> The FY2015-16 General Fund performance through the third quarter is on target with the budget and historical financial <br /> performance. General fund revenues through the third quarter are $179.5 million and General fund expenditures are <br /> $153.5 million. The most notable revenue lag is sales tax which accounts for 10% of General fund revenues. The lag is <br /> attributed to the State remittance schedule for local governments.Notwithstanding the sales tax timing variance, there are <br /> no other anticipated General Fund revenue or expenditure items of concern for the fiscal year. <br />